Accountants Start Here

Ask a CPA

The most frequently asked tax questions, answered by our network of licensed accountants.
Can't find the answer to your question? Ask a tax question.

Unanswered Tax Questions Bookkeeping and Write Up Business Formation Credits Deductions and Writeoffs Education Family Issues Frequently Asked Questions Health Care Home Ownership Investment and Finance Miscellaneous Non Resident Tax Issues Payments and Penalties Personal Taxes Retirement Self Directed IRA Small Business Tax Forms Tax Law Changes Tax Tips Terminology All Questions Ask a New Question

Health Care

Business expense

Asked Wednesday, April 15, 2026 by Cherilee

I have an S-Corp and provide home health care in patients homes. My drivers license is up for renewal and they are requiring a vision test that costs $120. Does this qualify as a business expense?

Quick Answer:

Yes, the $120 vision test for your driver's license renewal likely qualifies as a business expense for your S-Corp. For an expense to be deductible, it must be both ordinary and necessary for your bu...
Read More

Personal Taxes

Inheritance tax question

Asked Tuesday, April 14, 2026 by Stephanie

I need to know what to complete for an inheritance I received. (It was land split with family members) and sold in 2025. I received a 1099-S and am filing on my own but do not know where to go to add this information in my taxes.

Quick Answer:

For the sale of inherited land reported on Form 1099-S, you will need to report this transaction on your tax return. First, establish your cost basis for the inherited land. For inherited property, t...
Read More

Retirement

Application of IRS §72(t)(2)(A)(v) does it apply to All 401(k) plans

Asked Friday, April 10, 2026 by Jeremy

My plans SPD states ARTICLE VII BENEFITS AND DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT When can I get money out of the Plan? You may receive a distribution of the vested portion of some or all of your accounts in the Plan for the following reasons: • termination of employment for reasons other than death, disability or retirement • etc. Does this mean that if my employment is terminated in the year I turn 55 I am not subject to any extra penalties on withdrawals

Quick Answer:

Based on the information provided, if your employment terminates in the year you attain age 55 or later, distributions from this Plan due to that separation from service are generally exempt from the...
Read More

Deductions and Write-Offs

Returns

Asked Wednesday, April 08, 2026 by Stetson

This is my first year doing taxes ever for my business or personally. I started my business just a year ago and have spent $1400 in it this year $1000 of that being in a business computer. since I have zero taxable income is there any way that I can do my taxes in which this business computer is a depreciating asset or some way that I could get some money return this year or the $1000 in total that I spent on this computer or is there no way to do that and I have to roll it over to next year?

Quick Answer:

The $1000 business computer is indeed an asset subject to depreciation. For tax purposes, you have a couple of primary ways to deduct its cost. One method is Section 179 expensing, which allows you t...
Read More

Deductions and Write-Offs

529 tax deductions

Asked Wednesday, April 08, 2026 by Peter

Hello I live in Connecticut and work in New York. I have an NY 529. Can I deduct my contributions from my taxes? Thank you.

Quick Answer:

Contributions to a 529 plan are not deductible on your federal income tax return. For New York State income tax purposes, you can deduct contributions made to *any* state's 529 plan. As someone who w...
Read More

Tax Forms

TaxFillings

Asked Wednesday, April 01, 2026 by Ana

Hi, I formed a single-member LLC in November 2024 and it has had no revenue since then. With the tax deadline coming up, I'm looking for affordable help with the filing. I believe it should be a straightforward case — likely just a Schedule C with zeros. I wanted to ask if this is something you handle and what your fee would be for a simple case like this. The phone number provided is only on WhatsApp so thats the best was to comunicate with me or per email Looking forward to hearing from you!

Quick Answer:

Thank you for reaching out regarding your single-member LLC. For federal tax purposes, a single-member LLC with no revenue is typically treated as a disregarded entity. Its income and expenses (even...
Read More

Personal Taxes

Capital gains for forfeited security deposit

Asked Tuesday, March 24, 2026 by Bharadwaj

I listed a home for sale in California where I lived for the last 3 years. First buyer paid earnest deposit of 3% and decided to back out from the contract by forfeiting the security deposit. I received 100% of the deposit. Within a week, i got another offer and ended up selling the home. My total gain (home sale gain+ forfeited deposit) is less than $500k from this transaction. Can the forfeited deposit be considered as capital gain or should it be considered as an ordinary income?

Quick Answer:

The forfeited earnest money deposit, in this scenario, is considered additional proceeds from the sale of your home. Since the property was ultimately sold, the deposit is not treated as ordinary inco...
Read More

Small Business

Double Taxation - UK & US

Asked Monday, March 16, 2026 by Hannah

Do we need to file quarterly tax returns in the U.S. if our company is UK-based? The only reason we created a U.S. LLC was to access the Klarna payment method, as they require a U.S. entity. Since our primary company is in the UK, filing taxes in both the UK and the U.S. could potentially result in double taxation for us.

Quick Answer:

Yes, a U.S. LLC generally has U.S. tax filing obligations, regardless of its ownership or the primary company's location. If the LLC is expected to generate U.S. taxable income, estimated income tax p...
Read More

Tax Forms

IRS FORMS

Asked Monday, March 09, 2026 by selma nur

hello, i opened an llc in new mexico almost a year ago. i havent made a sale yet but apperantly i still have to file some reports to IRS. Can you help with that?

Quick Answer:

For federal tax purposes, how your LLC files depends on its classification. If you are the sole owner (a single-member LLC), it's typically treated as a "disregarded entity" by the IRS. This means it...
Read More

Nonresident Tax Issues

Taxes listed an earned in another state

Asked Friday, March 06, 2026 by Amanda

I worked remote in de. My co. Listed me as working in n.c. for about a week (less than 2 k). I received tax documents for n.c and de (where I live and work). I was in n.c. for 3 days for an all hands meeting. Should I file in n.c.?

Quick Answer:

Based on the information provided, if you were physically present in North Carolina for 3 days for work-related activities and earned income during that time, that income is generally considered North...
Read More
  1. Home
  2. Ask a CPA