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The most frequently asked tax questions, answered by our network of licensed accountants.
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HSA question
Asked Friday, September 05, 2025 by AdamI've had an HSA since Feb '22. I'm over 55 and been making the maximum contribution. I've had no medical issues in this time and not spent any of the funds. I didn't realize I was supposed to leave unspent funds in the HSA account so at the end of each year I moved the accumulated funds to my general savings. Do you think I still received my tax credit for my yearly HSA savings? Is there a way to restore the 15k back into my HSA account for interest, investment, and other purposes?
Quick Answer:
Family member moved into our home
Asked Thursday, September 04, 2025 by BlakeMy mother-in-law just moved in to our home; she has health issues and unable to care for herself now. She only has SS as income. We pay for all her needs. She wants to pay something to help out and contribute and not feel like a burden. We don't need her help but she insists. What is the best way to structure her giving us some money (ex. $500/M). Have been told if considered rent it would be taxable.
Quick Answer:
Tax Implications of Family Funding for EB-5 Visa
Asked Wednesday, September 03, 2025 by AbhishekHi All: I am trying to understand the tax implications around borrowing vs receiving as a gift, half a million dollars from my family (brother). I am exploring options to apply for an EB-5 visa and need $800,000 to do so. I am partially funding it through my savings, and the rest will be covered with help from my family. I want to understand what the most tax-efficient way of doing so is (both for my brother, who will be gifting the money, and me, who will be receiving it). Thank you, Best, Abh
Quick Answer:
Mileage
Asked Wednesday, September 03, 2025 by HeatherHi! My company either pay for gas when I travel for site visits or mileage reimbursements. They said if I do the gas option I can claim my mileage on my taxes and get more money back verses having the company pay for my mileage. Which is better
Quick Answer:
Gift tax on donor and receiver
Asked Friday, August 29, 2025 by TianxueIf a donor writes me a $900,000 check and I deposit it into my personal bank account, do neither of us need to pay taxes? Does only the donor need to file a Form 709 with the IRS because the amount is below the $13.99 million lifetime exemption, so it won’t trigger any tax for the donor? Also, since this money is not considered income for the recipient, does that mean the receiver doesn’t need to report or pay taxes on it? Additionally, for a gift of this nature, is it better to have written doc
Quick Answer:
How to fix an excess contribution to a SEP IRA
Asked Thursday, August 28, 2025 by LisaIn '25, I contributed too much to my personal SEP IRA for '24. I had part of the excess recharacterized as a trad. IRA contrib for '25 and am using a form to withdraw the remaining excess. All seems clear except I have to choose a correction method- IRC404(h) or EPCRS. Which do I choose? What happens if I choose incorrectly? Will there be other documents or forms required later depending on my choice? (I filed for an extension for '24 taxes. I will not have any self-employment income in '25.)
Quick Answer:
Receiving income as Contracted status
Asked Wednesday, August 27, 2025 by ChrisI have contracted with a company for services and am receiving an income. I need to find out my tax liability for this income. Does it become part of my other income and reported with my income taxes? Do I owe quarterly taxes on it? It is not my only source of income. I am over 72 years old.
Quick Answer:
Due To Due From
Asked Tuesday, August 26, 2025 by TheoHello, I have 2 companies with frequent inter-company transactions ranging from payments to vendors to xfers to cover payroll. Company A has both a Due to and Due From accnt for Company B and vice versa. I have been told that this is unnecessary and that I only need a Due To account and am able to record all transactions between the two companies under the Due To. Is this correct?
CPA Answer:
It isn't necessary to have both, but if you prefer to see them separated out like this it is fine. That is just an accounting preference. It is more important to make sure the Due to Company B on Company A matches the Due from CompanyA on Company B. The mistake with most inter-company loans is that a transaction is only recorded on one set of books and a deduction or revenue is missed.
Stephanie Adams
Is there a tax efficient single member patent holding company structure?
Asked Monday, August 25, 2025 by EarlI am creating a patent holding co. responsible for monetizing my patents. I plan to create a single member LLC and assign the patents to the LLC. If the LLC sells the patents or enters an exclusive license, I will be able to take advantage of capital gains tax rates. But the more likely scenario is a non-exclusive license with a lump sum royalty taxed at ordinary income tax rates (37%) plus SE tax, etc. Is there a better structure that will let me keep more of the royalties?
Quick Answer:
Non-resident Tax
Asked Tuesday, August 19, 2025 by KoyoI am a non-resident LLC owner with my agency residing in Wyoming. I would like to hire CPA for the following documents: Form 5472, Pro Forma Form 1120, and W-8BEN-E (to file for U.S.–Japan tax treaty). I would like to know how much hiring one would cost; does it depend on the person? Since I am non-resident, I am wondering how I can best find the person. Thank you very much for your support and looking forward to hearing back. Best, Koyo Asakawa