As a residential general contractor in Texas, I only do fixed-based contracts. I have questions about taxes related to services provided by vendors. For example, when I hire a window company to build and install a shower door, the invoice usually includes the cost, no tax, and the final cost. I add a percentage markup on their product and installation, which is included in the overall contract. I understand that the window company pays taxes at their end. However, when I buy building materials from Home Depot, I pay taxes immediately. I do not pay taxes on my overall profit, unlike on a commercial project. Can you clarify the tax implications for these scenarios?
October 13th, 2023
I am an S Corp owner planning to dissolve my business. I have already sold some assets and plan to keep one personally. I need guidance on the correct order of steps to dissolve the S Corp, including filing final tax returns, transferring assets, and handling remaining cash, while ensuring compliance with IRS regulations.
May 14th, 2024
I'm filling out a W-4 and a DE-4 (California) for a new job. I don't owe any taxes from last year and I don't expect to make over $10,000 total in 2020. Should I claim exempt on these forms or fill them out normally and potentially file for tax returns in April?
December 3rd, 2023
I received a CP2000 notice in December stating that some settled student debt was cancelled in 2017 and I didn't include it in my income. I responded to the CP2000 by the deadline and paid right away. Today, I received another notice with the code NOBOD at the top. Does this mean I'm going to get audited? Do I have to sign this and mail it in? What does the code NOBOD mean?
December 26th, 2023
I am confused about when I need to file Form 8283. I have over $500 in non-cash donations, but no single item is worth $500. Do I need this form?
April 23rd, 2024
I have two tax papers, one from retirement and one from social security disability. The retirement had taxes taken out, but the social security disability did not. I receive $46,548 in disability benefits with no taxes taken out. Am I in trouble? I also receive $1200 a month from retirement. Are there other sources of income (wages, interest, dividends, etc.)? Is there anything else the Accountant should know before I connect?
August 10th, 2024