Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsMultiple Business Setups
Asked onMonday, June 26, 2023 by MichaelI 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?
Need help with W-4V form
Asked onMonday, June 26, 2023 by CarolynHow much taxes/percentage should be withheld for SS income? Right now it's my only source of income. I'm a single filer.
Can sole proprietorship OPEX be deducted against separate partnership K-1 income (same industry)?
Asked onMonday, June 26, 2023 by MaurieHi, 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
What do i claim on my taxes
Asked onMonday, June 26, 2023 by ReneeI’m married, my spouse and I both work, we file jointly, do we each claim 1 or 2 on our taxes?
Client pays me $100 per week for fuel
Asked onSunday, June 25, 2023 by AliciaSo 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
EV federal tax credit
Asked onSunday, June 25, 2023 by TungHi 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.
Retirement withdrawal
Asked onSaturday, June 24, 2023 by KennyIf I make $60000 how will it effect my return in 2024 if I withdraw $9000 from retirement
What forms do I need to file for the Recovery Rebate Credit ?
Asked onFriday, June 23, 2023 by KATIEI 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.
Which Tax Form is required for my LLC ?
Asked onFriday, June 23, 2023 by CHAPLAINHello, 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
inheritance tax and ira account
Asked onFriday, June 23, 2023 by ElizabethFor PA Rev-1500 schedule E do I JUST put my brokerage acnt that was already taxed or do i also put the traditional IRA that has already been given out to the beneficiaries? I think the trad IRA part is NOT taxable on the inheritance part but I am not sure.