Unanswered Tax Questions

Deductions and Write-Offs

ACA Insurance or Company Insurance

My S corp pays all of my medical insurance for my wife and I . We have no employees. I've semi-retired and moved to FL. Would I be better off expenses my medical cost with the business or getting a private policy through the market place, ACA? Example Blue Cross Insurance $1600 a month with the government crediting $1200 a month, net cost $400 a month.

Retirement

Quarterly taxes

We live in Indiana and my wife and I are both now retired, our combined income, which includes Soocial Security and a Pension is around $52,000 annually. Should we pay quarterly taxes?

Payments and Penalties

i got a settlement do i have to pay taxes

i got a settlement do i pay tax on $13,999.00 dollars

Business Formation

Opening up LLC for gambling business

I have a gambling strategy that I’d like to use as a side business for a few hours everyday. (My actual job pays 110,000 and I am in New York City. I am a 22 year old single). Would it be tax efficient to open an LLC to avoid increasing my adjusted gross income? (Does increasing my AGI by $10,000 even make a difference in taxes?) If so, is it beneficial to open one out of state (to reduce annual filing fees)?

Personal Taxes

IRS Form 8594

If I buy a business for 1,000 and the cash in the bank is 25,000 and the inventory is worth 50,000 do I pay tax on the difference?

Deductions and Write-Offs

Deductions for 2 jobs

I work a full time job at a gas station. How do taxes work of I start doing doordash? Can I still take the standard deduction from my first job and then deduct the mileage from doordashing as well?

Personal Taxes

I am full retirement age and need to know how much additional income can I make this year without paying taxes on my social security income

Home Ownership

which is the right way?

I JUST STARTED A LLC FOR HOUSE MY MOM GAVE ME IN MAINE. I LIVE IN NY. LLC FORMED IN MAINE. MY QUESTIONS IS THAT I JUST TRANSFERRED THE PROPERTY FROM MOM TO ME. I HAVE TO GET LENDING AND SHOULD I TRANSFER PROPERTY FROM ME TO THE LLC? WHAT IS THE BEST WAY TO DO THIS AND THIS IS THE ONLY PROPERTY THAT IS GOING TO BE IN THIS LLC AS IT IS A FAMILY HOUSE THAT WILL BE RENTED FOR INCOME. SHOULD i TRANSFER TO LLC AND KEEP AS A LLC? OR SHOULD I MOVE EVERYTHING TO A FAMILT TRUST NOW. AND ALSO CAN i MOVED ALL THIS INTO A FAMILT TRUST LLC LATER. WHICH WILL HAVE LESS TAX IMPLICATIONS KCEMLLC@YAHOO.COM

Credits

EV tax credit

I bought Tesla mode Y in June-2023 and want to understand if I am eligible for the $7500 tax credit. For 2023(current year), AGI will be more than $300k (filling jointly) Tax will be due at filing >$7500 For 2022, AGI was $220k (filled jointly) Tax due was 0 (got refund) As per IRS ev credits are Jon-refundable but you can use AGI of the previous year. Please help me to find out if I can get this credit or not. If we can then I would like to schedule a call with you so we can prepare my taxes for this year. Thanks.

Family Issues

Ex-husband's debt took my tax return

My ex-husband and I divorced in 2022. The tax debt was ruled by the court for him to pay because it was his debt. I filed Head of Household for my 2022 taxes. The IRS took my refund and applied it to my ex-husband's debt. It sounds like when reading about Injured/Innocent Spouse, that I have no recourse because we did not file jointly. Is that correct and can I file anything else to try and retrieve my refund?