Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Premium Tax Credit
I have health insurance thru the ACA. My employer contributed $217 monthly. I paid $42. My AGI is $31,728. I used free tax usa to file and it did the Premium Tax Credit but it increased my taxes my $399. Why? Also, I accidentally said no to the question about household members having insurance. Should I amend to fix that?
Asked Sunday, February 25, 2024 by Catherine V.Sign in to Answer
Filing late
i need to file my 2022 tax forms that were due october of last year, is there a way to do it online without sending them in the mail or buying turbo tax which is $80 for the software alone? I used turbo tax online for this year but they said I would have to buy software to do the previous years taxes. Thanks
Asked Saturday, February 24, 2024 by Christopher J.Sign in to Answer
How do you fill out a 8962 with alternative credit
I can't figure out how to make the adjustment for a person who got married during the year when she was on marketplace.
Asked Friday, February 23, 2024 by Angel M.Sign in to Answer
1099 MISC for NY paid family leave
I received a 1099-MISC for New York paid Family Leave. I live in New Jersey and work in New York and file a NJ resident tax return and NY non-resident tax return. In box 17 for State/Payers State # it has NJ. In box 18 for State Income it has the amount. Is this table in New York, New Jersey, or both? Thank you. I asked this question yesterday and scheduled a 4:30 phone call (908-241-3819) but did not get a call. You can call or text me on my cell at 908-400-6869. the other number is a landline.
Asked Thursday, February 22, 2024 by Marie L.Sign in to Answer
How to account for co-mingled business and personal Treasury Direct purchase?
I opened a Treasury Direct account in my wife's name and purchased (then redeemed) I-Bonds with the account. Unfortunately, I linked the Treasury Direct account to our business bank account by mistake. So the Treasury Direct account is registered to a personal social security number, but the business account shows a debit and credit for the purchase and redemption. How should I account for this for both the business and our personal taxes? My original intention was for it to be a personal investment, not a business investment. Thank you for your help. This has been a confusing topic to research.
Asked Thursday, February 22, 2024 by Michael B.Sign in to Answer
1099-MISC NY Paid Family Leave
I received a 1099-MISC for New York Paid Family Leave. I live in New Jersey and work in New York and file a NJ resident tax return and NY non-resident tax return. In box 17 for State/Payers State #, it has NJ. In Box 18 for State Income, it has the amount.. Is this taxable in New York, New Jersey, or both? Thank you.
Asked Thursday, February 22, 2024 by Marie L.Sign in to Answer
Inicial investment
How much initial money can I put in a bank account to make a payment for merchandise to another country and is this tax applicable? If so, what percentage? We are going to operate in Wyoming
Asked Thursday, February 22, 2024 by Isaac C.Sign in to Answer
LLC Tax Filing
Hello, I opened an LLC in may 2023 in Wyoming and had no incomes nor expenses last year. Can you please advise me if I need to present tax documentation anyway? It is a 2-member LLC (with 99%/1% share).
Asked Wednesday, February 21, 2024 by Mauro P.Sign in to Answer
About taxes in New Mexico
In May 2023, I formed an LLC in Albuquerque, New Mexico. In December 2023, I received an EIN number. Our company works in the software industry and provides software services to clients in Europe. For the services provided by our company, our clients in Europe will pay to the company account. What kind of taxation will apply in this case? For example, if a total of 50.000 usd is invoiced for 1 year, how much tax do I have to pay? Also, how much tax rate should I reflect on each invoice?
Asked Tuesday, February 20, 2024 by ahmet k.Sign in to Answer
Is tail insurance premium for employed physician tax deductable?
In 2023, I terminated my contract as an employed physician to seek a new opportunity. As such, I was required to pay the premium for tail insurance (extended liability insurance covering the previous employment). Am I able to deduct this as a business related expense or similar?
Asked Monday, February 19, 2024 by Michael C.Sign in to Answer
