Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsFICA and federal tax credit
Asked onWednesday, June 14, 2023 by MuthuI do not have FICA tax taken from my payroll and I have $7500 on federal tax credit. Can I use federal tax credit to pay my FICA tax at the end of the year?
Estimated taxes
Asked onWednesday, June 14, 2023 by SusanLived in wva but now living in Pennsylvania assisted living. Where do I pay estimated state tax… wva or pa
W4 info
Asked onWednesday, June 14, 2023 by JeffreyWhen filling out a w4 wich option takes out more taxes from a paycheck? Married filing jointly or married filing singley?
Cost Basis Step-up, 50% or can I apply to 100% of position
Asked onWednesday, June 14, 2023 by AlisaFather had a brokerage account solely in his name, a new account was created to include daughter (myself) JT WROS. The new account was set up the same month of my father's passing. I made no $ contribution to the account or exercised any trading. The account was only created so that the beneficiary would not be my elderly mother as my father was ailing. Can I justify that this was an inheritance and step-up 100% for cost basis?
Wholesale
Asked onTuesday, June 13, 2023 by AnthonyI would like to start a resale business, but am in need of advice. I know I need a Georgia Resale Tax Exempt Certificate, but what else and what should the business be listed under?
Standard deduction for estimated tax worksheets
Asked onTuesday, June 13, 2023 by LoisI retired in2022, for 2023 I am figuring estimated federal taxes using worksheet 2-4 in the 1040-ES instructions. Since my line 3 is smaller than the standard deduction in line 1, do I really lose out on the $13,850.00 single filer deduction and only qualify for the over 65 exemption and the earned income exemption (line 3? Ouch!
Proper Accounting for Product Sponsorship
Asked onTuesday, June 13, 2023 by KeithWe are an S-Corp Manufacturing company. We are starting to contract individuals as "sponsors" of our products. We have their W9 to provide them a 1099 at the end of the year for the total amount we sponsored them. I need to understand on the accounting side (QuickBooks Pro) how to account for the sales discount in this situation. I have currently set it up as a Marketing expense. In this way it shows the full value of the sale on our books even if we collected nothing but then that value as a marketing expense. I just need to know if that is correct or if we should account for it differently.
Do we file together or seperate
Asked onTuesday, June 13, 2023 by DanielleI was out of work for some time last year due to a surgery and I have a 14 yr old didn't make alot should I claim her or my sig. Other claim her
Foreign property tax declaration
Asked onTuesday, June 13, 2023 by MehrdadHi, I am a non US citizen - non green card holder living in California. I was wondering if I should declare a foreign property when I file my taxes (or even via an amendment) even though I don't have any income from the property?
How to sell my house to my sons...
Asked onTuesday, June 13, 2023 by LindaIs there a way to sell my house to my oldest son and divide the profits between the 3 sons without anyone paying taxes on it?