User Submitted Tax Questions

Read Questions Asked by Users and the Answers Provided by CPAs.

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Tax Law Changes

Will insurance Paypal payment be taxed?

I was involved in a car accident in 2023, and the insurance payout for my car was sent to me through Paypal. I understand any payments higher than $600 will be reported to the IRS, but have also read insurance payouts aren't taxed. I withdrew the money to get my replacement car and the parts needed to repair it, but now I'm unsure how it will affect my taxes next year. I do not run a business through Paypal, it is only for personal purchases.

Asked onMonday, June 19, 2023 by Nikki
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Personal Taxes

Federal taxes

Why don't my employer take federal taxes out of my checks?

Asked onMonday, June 19, 2023 by Alicia
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Personal Taxes

Can a wife as her tax transcipts independently from her previously receive joint file

I need assistance with a tax-related question. In a scenario involving a husband and wife, they have jointly filed their 2022 tax return. The wife has been requested by a federal office to provide her tax transcript. However, the husband is uncooperative and unwilling to submit a joint transcript. I would like to know if the wife has the option to independently request a copy of her own federal tax transcript from the IRS, which she can then submit to the federal office while maintaining confidentiality.

Asked onMonday, June 19, 2023 by Abdolrahim
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Deductions and Write-Offs

Gig tax advice

I am an online gig worker. Need to report to social security.

Asked onMonday, June 19, 2023 by Darrin
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Deductions and Write-Offs

How to write off time spent at rentals

I keep track each time I go to work at the Rentals iPhone. What is the best way to do that? Can I only write off mileage? Or the time spent working? Do I pay myself for work done?

Asked onSunday, June 18, 2023 by Beth Ann
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Frequently Asked Questions

How many children do I have?

2

Asked onSunday, June 18, 2023 by Kristy
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Payments and Penalties

Audited, claiming kids

I've claimed all 3 of my children since they were born, the eldest being 6. I complied with the requests for extra documentation and waited. They're now saying I can't claim them or the earned income credit and owe 1,000 + with interest, even though they're just now saying I owe something. I have been waiting since I filed in February and do not understand how they can claim that these children are suddenly not mine.

Asked onSaturday, June 17, 2023 by Gage
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Payments and Penalties

can a owner of a job take taxes out of paycheck even if they don't have my social security number?

i started working and realized that the owner of the company were i work is taking taxes out of my paycheck, but they don't have my social security number, so is it legal? and what can I do about it?

Asked onSaturday, June 17, 2023 by irma
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Miscellaneous

Donation

A person wanted to donate $4000.00 from their IRA to my church. At the same time, they wanted the church to give them $2000.00 so they could save on taxes. Is this legal, or is this a form of money laundering?

Asked onFriday, June 16, 2023 by John
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Bookkeeping & Write-up

Are annual, unpaid interest payments compounded with principal if promissory note language excludes compounding clause?

Interest rates and payments are specified in a promissory note secured by a deed of trust. However, no interest or principal payments have been made and the property is about to be sold. The promissory note lacks a clause that specifies that unpaid interest shall accumulate to principal and compound year-by-year, so need to know if unpaid interest due should be compounded annually or not.

Asked onFriday, June 16, 2023 by Alan
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