Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questionscan a owner of a job take taxes out of paycheck even if they don't have my social security number?
Asked onSaturday, June 17, 2023 by irmai 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?
Donation
Asked onFriday, June 16, 2023 by JohnA 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?
Are annual, unpaid interest payments compounded with principal if promissory note language excludes compounding clause?
Asked onFriday, June 16, 2023 by AlanInterest 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.
Selling mutual funds
Asked onFriday, June 16, 2023 by CharlesWhat tax implications would there be if I sold some mutual funds to get some cash to pay off debt? Is there any way to mitigate the effect on next year's tax return?
Change withholdings to recoup solar credits
Asked onFriday, June 16, 2023 by TomMy normal withholdings are $6,500.00, the solar credit will be $12,000.00. Can I increase my withholdings from my IMRF retirement by $1,000.00 per month, for 6 months? Will I get all of my solar credit back when filing 2023 tax return?
W4- Married filing jointly
Asked onThursday, June 15, 2023 by CourtneyHi, I was recently married and I switched my filing status from single to MFJ. I was under the impression that when you switch from single to MFJ the amounts that are taken in taxes from my paychecks would go down. But they are the same as my single filing status. Why? Did I fill out the w4 incorrectly? Can someone please help me understand this Thank you š
Solar tax incentive
Asked onThursday, June 15, 2023 by ChristopherIām trying to understand how installing solar and taking advantage of the 30% tax incentive will affect my return.
Payments received
Asked onThursday, June 15, 2023 by KyleI'm a local contractor just starting out. Haven't received my contractors license yet. I see other small companies taking on larger jobs than myself. They too do not have licenses. How are they able to receive higher paying jobs and not having to remain under the $500 job requirement. How or what allows me to take in more money without having a license at the moment?
Inherited 401K (Spouse)
Asked onWednesday, June 14, 2023 by SarahI am under the age of 59 1/2 and inherited a 401k from my deceased husband, who passed away at age 55 in 2023. Can I withdraw funds within the next two or three years, as needed from the account, without required minimum distributions (RMD) or 10% tax penalty imposition?
Short Term Capital Gain Taxes
Asked onWednesday, June 14, 2023 by ThomasMy father Quitclaimed his house/land to himself and me last year, he has since passed away and I have just sold the house/land. I understand I will owe a short term capital gain from the sell of the house/land in my 2023 taxes next year. Since the quitclaim said that the property was to him and me am I just obligated to pay only 1/2 of the capital gain taxes or all of it?