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Recent tax questions

I am self-employed and have set-up a 401-K. I currently have

I am self-employed and have set-up a 401-K. I currently have small loan against it. I am allowed to borrow up to 50% of the 401-K asset value. I have $15,000 that I was going to use to pay down a second mortgage.Question: Can I make a $15,000 contribution to my 401-K for 2016 and then borrow $18,500 in the from the 401-K in the form of a loan? It seems like a no-brainer to get the tax advantage of the $15,000 contribution and then use the proceeds of the 401-K loan to pay down my second mortgage.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I am trying to decide the best way to claim my home state

I am trying to decide the best way to claim my home state for tax filings. I recently took a job in NYC - I still have my house in MA and go back and forth on weekends. Can I claim as a full time MA resident? Should I claim as a part-time resident in each state? What is the best from a tax advantage perspective?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
I have a federal tax lien, and I am about to set up payment

I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up the payment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,524 satisfied customers
Are you there, Ok can you answer any questions, Ok, I have

Hi,JA: Hi. How can we be of help?Customer: are you thereJA: No. I'm the Accountant's Assistant.Customer: Ok can you answer any questionsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: helloJA: Hi. What do you want help with?Customer: OkJA: Is there anything else the Accountant should be aware of?Customer: I have questions about goodwill in business assets sale.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
932 satisfied customers
I own commercial real estate which I use to operate a mini

I own commercial real estate which I use to operate a mini storage business. Can I treat the rental business as one entity and the real estate as a separate investment for tax and estate purposes?

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PDtax

Owner

Master's Degree

 
6,664 satisfied customers
An LLC is created. This LLC is purchasing a property

An LLC is created. This LLC is purchasing a property renovating it, using some of it as an office and then renting the rest out. The owner is considering having his single member S-Corp own the LLC. I know the LLC is a disregarded entity and the income and expenses of the LLC will be on the 1120-S of the S-Corp. Is it still required to keep separate books for the LLC and have the income and expenses listed separately on the 1120-S? If neither the S-Corp or the sole member are real estate professionals will any losses resulting from the LLC rental property business be deductible on the member;s individual return or is it the same passive income limitations that apply as if it where owned directly by the individual?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have not filed our income taxes last 3 years, which is not

I have not filed our income taxes for the last 3 years, which is not good. The first year (2013) was b/c my husband lost all of our deduction records esp. the medical ones. I have to had some of them re-sent to me. Since then, my computer has lost everything that I had finished through Turbo Tax, so I have to try to re-create it--I have decided to just send it in anyways. We would get back about $3,100. Now in the following year (2014) we were told that a credit card "forgave" our debt of $13,000 to them so this is now considered income (if we had the money to pay the credit card--we would have and the credit card balances were so high due to a fraudulent business that I tried to do on-line to help us pay our bills--I am on disability and working out is hard for me, so I try to make income as best as I can to pay the bills and I was taken advantage of by unscrupulous company(ies) of the amount of $25,000 on several credit cards). In addition to it looking like we made a lot more income because of the discharged cards that had to now be listed as income (ha, ha--how does that work??), we also lost the ability to claim my mother, who we support as a dependent as the income limit for a dependent changed to a low of not more than $3,500 for that tax year. We also could not claim any medical expenses since the medical percentage to income limits was raised. Triple whammy!! So when all was said and done we owed the IRS about $1,700. which we cannot afford. How can the government think that we can pay taxes on a bill that we could not afford to pay?? I presume that the banks were able to convince congress that an unpaid bill is equivalent to income, but not so. Since the big banks were no longer able to charge inordinate amount of interest and other fees, they have found this other way to collect. Well, let me tell you that with all the interest, late fees and other fees that they charged us, we did pay the initial principle back. So this is just a way to steal from us, poor American citizens. So I did not file since we cannot pay or even make payments on an "unfair" and "unjust" law that allows Americans to be punished for being poor. Again if, we were wealthy, we could afford lawyers to defend us, but alas, we are not. In the past when we owed the government for a lost business that my husband had--he owed about $3,000 in employee taxes of some sort, the government put us on forbearance, but continued to charge us interest--even though they had over $3,000. of my unfiled refunds for taxes due to me in their coffers.

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Barbara

Enrolled Agent, Paralegal

 
4,696 satisfied customers
I have a vehicle Turbo tax is requesting my prior year

I have a vehicle for which Turbo tax is requesting my prior year depreciation. Looking back at prior tax returns, I incorrectly claimed no depreciation for this vehicle. Should I indicate the depreciation value this year, or the "zero value" I indicated on my prior returns.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
My wife owns a sole proprietor photography business. She is

My wife owns a sole proprietor photography business. She is looking to contract a PADI certified scuba photographer to shoot underwater sessions of models during a contracted shoot this weekend. The scuba contractor is looking to have her cover material travel, per diem meals (on shoot days), and rental / dive expenses associated with the specific shoot.How should she document these contractual expenses / receipts and ensure the appropriate documentation is collected to ensure she is covered tax-wise? I feel she was slightly taken advantage of and do not want tax-related penalties for poorly documenting these business obligations.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,524 satisfied customers
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