Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsMom is my dependent
Asked onSaturday, November 23, 2024 by JustinMy mother moved in, in June and is my dependent. Should I update my W4 now? Can I claim her through June when I file early next year?
Profit & Loss Statement
Asked onSaturday, November 23, 2024 by PATRICIACost of Goods, Business Loss Due to Crime Civi Suit
I am renting my property to a family member. I am renting this property below market value. Do I have to declare this as income?
Asked onFriday, November 22, 2024 by PaulI am renting my property to a family member. I am renting this property below market value. Do I have to declare this as income?
Sale of business, owner financed, pay all tax upfront??
Asked onFriday, November 08, 2024 by MelissaWe are selling our business as a Membership Interest Sale (according to the attorney). We are seller financing - collecting a 20% down payment on Jan 1 2025 and will collect monthly payments for the following 6 years, amortized over 9.5 with a balloon payment due at the end. Our local CPA tells us that we will owe taxes in 2025 on the full sale price amount, even though we won't collect that money in 2025. Is this correct and/or is there a way to not have to pay so much up front? Sale price is 300k, down payment is 60k and he is telling us that the majority of that down payment will go straight to taxes. If it's helpful, we have structured it as 50k assets, 250k goodwill, but can change that in the documents that have yet to be signed..
EIN update with IRS
Asked onWednesday, November 06, 2024 by AzizHello, I have formed single member LLC in Wyoming now i need to change it to multi member LLC. Please advise how to update EIN with IRS.
Taxes return
Asked onTuesday, October 29, 2024 by JonasI have a business license, I run my own business through Amazon.com as a seller, and this year I have been breaking even on my sales and advertising cost most of the year. Would I be able to to deduct that advertising cost for a return?
Closing C-Corp with IRS
Asked onWednesday, October 23, 2024 by DEVENDRAHello, Need Help Closing a C-Corporation with the IRS. Tax Details: • Formation: 2012 • Filed Tax Returns & Paid Taxes: 2012, 2013 • No Tax Returns Filed: 2014 to 2023 • Business Activity: No transactions from 2014 to 2023 • State Status: o Administrative Dissolution: 2017 o Formal Dissolution Planned: 2024 How to properly close your C-Corporation with the IRS by fulfilling all federal tax obligations, including filing all required tax returns and forms, and addressing any potential penalties?
Can a person on H4 EAD who is present in US from the past 10yrs can elect LLC as Scorp?
Asked onThursday, October 17, 2024 by RaghuI'm current on H4 EAD and have a small business and residing in US from past 5 yrs. As I'm a non citizen/green card holder, i will be considered as a Non resident alien but I meet the substantial presence test. So in that case, I can elect my LLC as S Corp?
Prop trading firm
Asked onTuesday, October 15, 2024 by FredI tried getting into trading through a prop firm and it didn't work out for me. I invested about 4900 between subscriptions and tools and would like to write these off as a loss. The prop firm company normally issues a 1099misc for those that receive income however, I never received a positive income and wasn't issued a 1099. I typically file my own taxes using an online tax software and would like to get advice on how to report this loss on my taxes. Thank you for taking the time to read and assist. It is greatly appreciated.