Unanswered Tax Questions
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Which Tax Form is required for my LLC ?
Hello, I hope this message finds you well. As the owner of our LLC, I would like to inquire about the required tax forms for our company. Specifically, I would like to know if we need to file Form 8832 or Form 2553. Could you please provide guidance on which form we should file? Any information regarding the eligibility criteria or necessary steps would be greatly appreciated. Thank you for your attention to this matter. I look forward to your prompt response. Mr CHAPLAIN Sole MBR of Smart Money LLC Sheridan Wyoming 82801
Asked Friday, June 23, 2023 by CHAPLAIN Y.Sign in to Answer
inheritance tax and ira account
For PA Rev-1500 schedule E do I JUST put my brokerage acnt that was already taxed or do i also put the traditional IRA that has already been given out to the beneficiaries? I think the trad IRA part is NOT taxable on the inheritance part but I am not sure.
Asked Friday, June 23, 2023 by Elizabeth W.Sign in to Answer
How to fix,taxes that have been red flaged
I do taxes for my xi husband I figure all recipes, get the totals broke down Take to CPA I help her with the file information Taxes have been done, sent off. My problem is she passed away and the next day it came back red flag
Asked Friday, June 23, 2023 by Lisa S.Sign in to Answer
Purchasing asset under the business
Hi we have a unique business where we attend a lot of outdoor airsoft and paintball events and sell as a vendor. In that environment we often camp on the grounds and claim food and mileage. We have used an RV owned by us personally, but never claimed anything for it's use. We are in a situation where we need to purchase a new RV and I am wondering, since it is used exclusively for business, is it better to buy it under the business and have it as an asset or buy it personally and rent or lease it to the business? If we were to purchase as a business asset, can you rent out the RV for additional business revenue like we were doing personally before?
Asked Thursday, June 22, 2023 by Jennifer B.Sign in to Answer
EV Credit vs. Section 173 Self-Employed in Tennessee
I am trying to figure out how to qualify for a tax write-off or deduction on the purchase of a new Tesla model Y. My husband has W2 income that is over the threshold to qualify for the personal EV $7,500 write off. However, I am a part-time real estate broker in TN, and I will be earning at least $25K in income (commission from a real estate sale) in 2023. Could my self-employment brokerage business qualify for the $7,500 tax write off? If not, would I want to consider a section 173 write off? My only concern there is depreciation recapture as well as the reality that business use of my vehicle is very minimal (vs. personal use) due to my part-time work. I'm also considering going back into employment full time next year (vs self-employment). Please advise! Thx
Asked Thursday, June 22, 2023 by Caitlin R.Sign in to Answer
How to assign cost basis on inherited stocks
I retired the same month I inherited stocks from my dad (this timing was not planned!) Dad's stocks were well-chosen, mostly decades ago, and paid him good dividends. This has also been a volatile time in the stock market, and some of them have lost value since he died in June 2022. I understand that I can assign the cost basis for individual stocks to be either the day he died or 6 months after. What should my strategy be? Do I want a lower cost basis or a higher one? Dad did an excellent job with his investments, but I will definitely be changing some of them, once I get my footing in all this. This is the last year I will have an income from employment, which I believe will be about $75,000.
Asked Thursday, June 22, 2023 by Sandi G.Sign in to Answer
How to know if you need a new EIN
If a single member LLC sells their company to a new owner, will the new owner need a new EIN, if the original owner is filing as a disregarded entity. The IRS told me you can only transfer the EIN to the new company if the old company is filing as an S corporation, but there has been some confusion/disagreement. And in this example, if a new EIN is gotten a few months after the sale, is there a different way to file taxes the next year for the few months when the old EIN is being used, since it would be two separate people filing with the same EIN. One last part, if an IRS form 8822B is filled out for change of responsible party, I believe that only changes who controls the LLC, it does not transfer the EIN to the new person. Thank you for your help.
Asked Thursday, June 22, 2023 by Tracy K.Sign in to Answer
Business Law in Accounting
Hello, I just wanted to know how big of a role does Business Law play in Accounting, and how has it affected you in your role?
Asked Wednesday, June 21, 2023 by Josiah D.Sign in to Answer
Married but filing single
My husband and I are separated, not legally. His choice was to file this way. He claimed me as a dependent on his taxes without asking me. I've already done my taxes and I don't even know if I could have claimed myself or not because I owe in $95 to the IRS I just want to make sure that it's legal that he claimed me. We do own a house together. So maybe he could do that as head of household.
Asked Wednesday, June 21, 2023 by Kellie P.Sign in to Answer
Hardship withdrawal from my 401k
I'm thinking of taking a medical hardship withdrawal from my 401k. I am in New York state. Principal (the 401k holder) claims that they withhold 10% to pay taxes on the withdrawal and will 1099 me in January. Will this 10% null any increases to my state and/or federal income tax for 2024?
Asked Wednesday, June 21, 2023 by David R.Sign in to Answer