User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsHow to use my personal gift tax exemption
I heard every citizen or maybe even greencard holder has a gift tax exemption of $12.06M, is it right? I am thinking about giving a gift to my relative as a gift to his wedding, and the amount will be more than the annual gift tax exemption ($16K in 2022 I believe) . I believe some of them might involves with the gift tax exemption. I would like to know if I the giver (also the recipient) needs to tell IRS that I am using my gift tax exemption. What is the typical way to claim the gift tax exemption? Thank you. Johnson P.S.: please don;t call, SMS or email is preferred.
Asked onMonday, June 26, 2023 by JohnsonCPAs - Sign in to Answer
Multiple Business Setups
I have several LLCs and a non-profit. I am trying to set up the business structure so that each of my companies can share resources . Is a CPA professional the right person to talk to about this?
Asked onMonday, June 26, 2023 by MichaelCPAs - Sign in to Answer
Need help with W-4V form
How much taxes/percentage should be withheld for SS income? Right now it's my only source of income. I'm a single filer.
Asked onMonday, June 26, 2023 by CarolynCPAs - Sign in to Answer
Can sole proprietorship OPEX be deducted against separate partnership K-1 income (same industry)?
Hi, I was wondering what the GAAP procedure would be for me to apply my sole proprietorship OPEX against Schedule K-1 income from a partnership. I maintain my sole proprietorship to retain ownership of my truck, tools, etc. and maintain a general liability and commercial auto insurance policy so my proprietorship remains viable in the event the partnership dissolves. We distribute net proceeds at the end of each project and our partnership agreement provides that we are each responsible for our own OPEX (COGS, with the exception of tools, is deducted from the contract amount to determine net proceeds). Essentially my partnership distributions go to me personally but my sole proprietorship bears the cost of allowing me to get to and complete my job responsibilities. Is it better (more accurate or preferred for tax reporting purposes) to record my sole proprietorship business overhead as a non-passive loss against my partnership Schedule K-1 income or should I invoice my business partner's LLC from my proprietorship for 50% of net proceeds per job and record it as income in my sole proprietorship? Thank you in advance for any professional opinion you can provide, Maurie
Asked onMonday, June 26, 2023 by MaurieCPAs - Sign in to Answer
What do i claim on my taxes
I’m married, my spouse and I both work, we file jointly, do we each claim 1 or 2 on our taxes?
Asked onMonday, June 26, 2023 by ReneeCPAs - Sign in to Answer
Client pays me $100 per week for fuel
So I have a client that has me clean their home 5 days a week sometimes it's 3 or 4 days per week however they pay me $100 per week for fuel as they live 30 miles from where I live how does that work with their taxes and mine
Asked onSunday, June 25, 2023 by AliciaCPAs - Sign in to Answer
EV federal tax credit
Hi all, I bought one new Rav4 toyota EV+hybrid+gas car in 2021, claimed $7,500 credit tax refund. I still keep that car now. If this year 2023 I buy a new Tesla model 3, will I still claim $7,500 credit when i do tax refund 2023. Thank you in advance.
Asked onSunday, June 25, 2023 by TungCPAs - Sign in to Answer
Retirement withdrawal
If I make $60000 how will it effect my return in 2024 if I withdraw $9000 from retirement
Asked onSaturday, June 24, 2023 by KennyCPAs - Sign in to Answer
What forms do I need to file for the Recovery Rebate Credit ?
I received the first stimulus check in 2020 but not the second or third checks. Im confused as what I need to file in order to receive the Recovery Rebate Credit. Do I file 2020 and 2021 tax forms and mail them in? Or do I just file 2023 taxes? 2019 was the last year I filed taxes, will my rebate be based on that information? I need help, please I don't know what to do.
Asked onFriday, June 23, 2023 by KATIECPAs - Sign in to Answer
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 onFriday, June 23, 2023 by CHAPLAINCPAs - Sign in to Answer