Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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additional tax on excess contributions to roth iras
i made an excess contribution to my roth ira in tax year 2021. i amended my 2021 and 2022 returns to add schedule 2 and form 5329 to pay the penalty for excess contributions. i made an untimely corrective distribution yesterday, and i am now preparing my 2023 return. because i had an amount in my 2022 form 5329 line 25, do i have to file a schedule 2 and form 5329 with my 2023 and pay the penalty again? or is it not necessary because i made the correction before 2023 taxes are due?
Asked Friday, February 16, 2024 by Kevin B.Sign in to Answer
Non- collectable judgement tax deduction
I have a judgement against a contractor for for non payment of a down payment. Can I deduct that from my taxes?
Asked Thursday, February 15, 2024 by David F.Sign in to Answer
ERC
I believe I am eligible for the ERC for some qtrs in both my businesses and am looking for someone to help me file for it, if indeed I am eligible.
Asked Thursday, February 15, 2024 by Stuart L.Sign in to Answer
Deductions
i was in a car accident. are there any deductions i can use related to medical expenses, uber rides to doctors appointments/physical therapy? otherwise i will be using h&r block online tax prep. my income is straight forward.
Asked Thursday, February 15, 2024 by mia s.Sign in to Answer
Retroactive S Corp Status
Hello - in Sep 22 I set up an LLC for my new consulting business. I wasn't sure how things would go, so did not file for SCorp status at the time. I am wondering if I can file retroactively to apply to the 2023 tax year and if there are other considerations I should make (specific to retroactive filing). Thank you Brian
Asked Wednesday, February 14, 2024 by Brian S.Sign in to Answer
Form 7205: Energy Efficient Commercial Buildings Deduction - can a renter qualify to file, or only a building owner?
We are a retail bookshop that RENTS our space from our landlord. Last year, we spent $30,000 installing new LED lights and a new HVAC system to replace old, energy inefficient equipment. Can a renter qualify to file form 7205, or only a building owner? The form instructions say only the owner and the designer qualify. But IRS Notice 2006-52 includes the word "lessee". If we don't qualify for this credit, is there any other credit available for us?
Asked Wednesday, February 14, 2024 by Anaya G.Sign in to Answer
Filing an S-corp that never filed
I recently acquired an s-corp that never filed an 1120s or initial election. The company started in Nov of 2019, so it’s beyond the 3yr 75 day mark. Is there a way that I can file without being penalized?
Asked Wednesday, February 14, 2024 by Shane R.Sign in to Answer
1099 nec deductibles
I love your content!!!! I was wondering if I could possibly ask you a question ? I won a settlement of 40k last year the company that payed that settlement payed me $19500 as 1099 nec independent contractor and $6500 a w2 and $14000 for my lawyer fees. Can I deduct my lawyer fees on my 1099 as an expense ?
Asked Wednesday, February 14, 2024 by Flavio L.Sign in to Answer
What type of business should I establish for my new venture?
I am looking to become a home inspector. Many home inspectors are Sole Proprietors, but are encouraged to form LLCs to protect themselves personally. I have a desire to work with another local inspector who has an already established business, but I want to be able to write off my own expenses, and I assume working as a w-2 employee for them will not allow that. My wife is a disabled military veteran, and we considered forming a business together for the military owned designation benefits. I will have to have my own general liability insurance and Errors & Omissions insurance. If i were to form an LLC with my wife, will we be seen as one individual, and can the other company just hire me as a subcontractor?
Asked Wednesday, February 14, 2024 by Cody W.Sign in to Answer
Own
I have a Texas license because I have Texas address and home there . I own my business in Georgia that where I work at and also I have house too . Where will I file my company taxes for this year ? Will it be Georgia or file ? Because I received in the mail the tax form for my new house I purchased in Texas but the house is in my name only. I have spouse who lives in Georgia that she don’t live at that house at all and I have 3 dependents that lives in Georgia that I take care of .
Asked Wednesday, February 14, 2024 by Eddie C.Sign in to Answer