Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
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Asked onMonday, July 17, 2023 by GavinI earn income by playing apps do I have to file taxes? If so, how
Why my refund is small amount after working so long
Asked onMonday, July 17, 2023 by SheratonJust wondering why I worked for so long and only said I would get 100 back this last year.just trying understand my refund status and why it's what it is and not more
Do ira distributions count towards annual max in regards to retirement benefits
Asked onMonday, July 17, 2023 by CynthiaI have recently retired early at 62. My benefit is half of what I was bringing in as earned income. My plan is to take withdrawals from my Ira to supplement my income. Is the Ira distribution figured into my max income for the year as far as messing with my retirement benefit? I'm a resident of ks.
Trader's Tax Advantages as a Bona Fide Resident of Puerto Rico
Asked onSunday, July 16, 2023 by MARTAHello, I'm looking for advice from a tax firm that has expertise in taxation of futures' contracts, as relating to Puerto Rico tax laws. 1. Does a trader who trades futures' contracts for a living, declaring their earnings on a personal income tax, enjoy the federal capital tax gains exemption as a bona fide Puerto Rico resident? 2. If a trader also trades for a firm and gets a 1099 from that firm, will that trader enjoy any federal tax breaks as a bona fide Puerto Rico resident? 3. To enjoy capital gain tax breaks in Puerto Rico, do I need to make a $10,000 annual tax donation there and buy residential real estate within 2 years of moving? Are there any other requirements? 4. What will my local tax rate be for the 1099 earnings? Are they subject to 15% self employment tax in Puerto Rico? 4. Does your firm prepare tax returns for traders in my situation (futures traded under my personal name and a 1099 received from a trading firm)? How long have you been in business and what the estimated cost of my tax return would be? Thank you kindly for your response.
Tax break / credit for AC upgrade in 2023.
Asked onSunday, July 16, 2023 by VincentIf I update my home AC unit to a 16 SEER system this year, how much of a Tax break will I recieve? How about for a 14 SEER? I have read the IRS.gov pages about this, but it is not really clear to me what I would recieve... Thank you so much for the information!
Advice on how two owners pay themselves from the business
Asked onFriday, July 14, 2023 by JamieI'm co-owning a business curious on the best way to pay myself and other advice on setting in place a system that helps me get the most taxes breaks.
inherited stocks JTWROS
Asked onFriday, July 14, 2023 by GrangerMy mother passed away in nov22 She had a raymond james brokerage account JTWROS Her and Me (her son). I understand that jtwros will only get a 50% step up in basis however, i thought there was an exception as i am not a spouse and never contributed to the joint account...?
Ev Tax Credit
Asked onFriday, July 14, 2023 by ScottI am looking into purchasing an electric vehicle and have a question about the $7,500 tax credit. I know that it is a non refundable credit. Does this mean that anyone who would normally receive a refund at the end of the year would not benefit from the credit since we don’t have to pay anything?
Selling a jointly owned lake house
Asked onFriday, July 14, 2023 by DebbieMy sister and I own a lake house we want to sell. We know we will have to pay long term capital gains. Will we only pay tax on each of our portion of the profit from the sale?