asked
I received a CP2000 notice for the year 2021, indicating unreported income from my business and unemployment. I had filed my 1065 for my business, and the income was reported there. I believe my personal tax return was also filed that year. What should I do about this discrepancy, and how can I obtain a copy of my return to verify the reported income?
September 11th, 2023
I used TurboTax Business for my LLC taxes in the prior two years, and the depreciation for a stove purchased in July 2021 ($644) doesn't match the expected values from the IRS tables. TurboTax depreciated it at 18%, 32%, and 19%, while the table A-4 for 5-year property suggests 15%, 34%, 20.4%, etc. Additionally, I'm unsure if I should be using a 5-year or 7-year recovery period for the stove, and if I should amend my returns for 2021 and 2022 due to incorrect depreciation calculations.
July 11th, 2024
What is the taxable amount of Social Security benefits for a 73-year-old single individual who has no other sources of income besides Social Security, and how is this determined?
May 24th, 2024
I am 70 years old, soon to be 71, and married with no dependents. I live in Eastern Tennessee and have a $1M traditional IRA. My income sources include $30k from Social Security, $15k from my spouse's Social Security, and $10k from taxable interest. I am interested in making charitable donations from my IRA to minimize the size of Required Minimum Distributions (RMDs) when I turn 73. Specifically, I want to know the general rules regarding charitable distributions from Traditional IRAs, including how to handle a $200,000 distribution for qualified charitable contributions and the necessary documentation and IRS forms involved.
January 15th, 2023
My brother, sister-in-law, wife, and I started an LLC together to operate two mobile home parks we are in the middle of purchasing. Both families will be putting down a down payment of $52,000 each totaling $104,000 out of our personal accounts. Will the down payments from our personal accounts be personal tax write-offs at the end of the year?
April 16th, 2023
I live in the United States and sell physical products to the UK and EU, with a supplier based in China. My products are under 40 British pounds and euros, and I have applied for a VAT number but am not registered yet. Who pays the VAT if I am not registered, and what about customs and import duty fees? I read that customs and import fees are waived if the goods are under 135 pounds and 150 euros, but what about VAT?
January 25th, 2023