Unanswered Tax Questions

Miscellaneous

QBI Deduction Calculation

When calculating QBI Deduction for form 2210, Schedule AI, part 1, line 9, I know it is 20% of the smaller of your business income minus half self employment tax, or your taxable income excluding capital gains and qualified dividends. I am assuming it is figured on income for each period that has already been annualized because it is after line 3 where income for each period is annualized. Am I assuming correctly?

Home Ownership

Inheritance tax

My husband and I live in Vermont and inherited a house with a mortgage when probate finalized last fall. When the mortgage is paid we will get $350,000 from the sale. The house was bought for $280,000 in 2016. Do we have a specific timeframe to reinvest and use the profits from the sale to avoid the inheritance tax, or do we come below the threshold to owe any?

Payments and Penalties

Quarterly tax payment

I started as a door dasher in February of this year, I would l Iike to pay my taxes quarterly but when I look into it, everything suggests having my 1099 to file. This is the first year in over a decade that I have had taxable income so I think I am exempt from having to pay quarterly (according to the exemptions paragraph on the 2023 1099 form I found online) I would like to anyway. It would be more managable for me. Can you help me?

Deductions and Write-Offs

Personal & Business Miles tracking in same trip using an app

I perform music for senior living facilities during the week. Sometimes I perform close to where my daughter is at college (further away than my gig), and so I go visit her after my gig and then drive home. Obviously I don't deduct miles going to her place and only compute how much I drove to the gig, and then double that for the way back. If I get an app like MileIQ, is there an easy way to figure this out in the app, or is there another way to do it? Simply curious, that's all. Trying to make things easier on me for the rest of 2023!! Thanks, Jay

Personal Taxes

My state income tax is more than federal income tax.

My husband and I filed for the first time together(jointly). We don’t have any dependents. My federal income tax is less than my state(CO) and his federal is higher than his state. Is this normal? I’ve resubmitted my W4 once already. Is this normal?

Retirement

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I am physically disabled, 61 years old. Can I make tax free withdrawals from a regular IRA

Tax Filing Tips

section179

I just started my real estate business this year and we are looking at buying a Tesla Model X. does this qualify? I tried looking up but got nothing and also my husband said we can't claim my real estate on our taxes for 3 years.

Small Business

Can I deduct the Paid in Capital of $60,000 when closing my sub s corp?

Personal Taxes

Why such difference

We recently filed one w2 income being 42280 in state of NC. Over paying taxes, medicare social security etc. Now we have a second w2 for 6311. Same, over paid. Any calculator says 0 fed owed. But when I put into amend it says we now owe over 1200 . How is it possible to owe more if amending to add??

Tax Filing Tips

Taxes and a pass-through arrangement with family member?

I had to put my YouTube channel in my mother's name. She receives the payouts on my behalf. I need to be sure that I am responsible for the taxes. Will this affect her taxes at all, or just mine? How can I ensure that I am the only person responsible for the income and taxes?