Unanswered Tax Questions

Miscellaneous

Crypto

I purchased roughly 65 dollars of bitcoin to conduct an online purchase. I never sold any just used it to make a purchase. Will i need to report this on my taxes.

Deductions and Write-Offs

How mileage deduction works

Hi. I am exclusively doing gig work (1099) so far this year. I've made $16,000 so far and have a mileage deduction of $7600 so far. Yes, I drive that much. How does that work? Does mileage deduction come off earned income total before tax or off the amount of taxes owed? In this case, earning $1000 week a driving 1000 miles per week, what % should I save for taxes? I'm in Michigan. Thanks

Miscellaneous

Tax Reporting Liability - Group Facillitator

Hello, I will be running a craft table where several artists will have their art for sale. I am collecting and distributing the money, but we are all just individuals. Am I liable for the whole table as the person counting and splitting the money (ie. do I need to make 1099s for everyone?), or is it ok to just say everyone is responsible for their own income reporting/sales tax paying once the money from the table is divvied up?

Frequently Asked Questions

Can I claim myself as a dependent

Family Issues

25,651 received from death in family

My wife received an IRA benefit of 25651 from her mother she wants to withdraw either all of it or portions of it as she was given a time frame to dissolve it. Will this affect us negatively next year.

Investment and Finance

Retirement Accounts Beneficiary Selection

I live in Texas. My goal is to avoid probate. My beneficiaries are my four adult children and a 501(c)(3). Are there any disadvantages to naming my Living Trust as the beneficiary of my retirement accounts? I have an IRA, a Roth IRA, and a 403b.

Retirement

Retirement Accounts Beneficiary

I live in Texas. Are there any disadvantages to naming my Living Trust as the beneficiary of my retirement accounts? I have a Traditional IRA, a Roth IRA, and a 403b.

Bookkeeping & Write-up

How do I report items purchased for resale in one year but are not sold until the next year?

Credits

Is a refund to me considered income

I purchased inventory for my business. I later returned some of it to the supplier I bought it from, and received a partial refund. Is that refund money considered income?

Tax Forms

K-1 1041 form

K-1 1041. There's an amount in 1, 5, 11d, 12a and j, 14 e and h. What do I need to do for 2023 taxes. I tried looking for what I need to do with it. Some things said to file, some said not to. I won't have any other taxes to report as I have and will be unemployed for this year. How do I figure out how much I might need to pay?