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My wife and I are in teh process of divorcing, we have filed

My wife and I are in teh process of divorcing, we have filed etc.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we owned 2 seperate properties and have split them whe got the one worth 320k , and I the one wirth 200k. The one she wond up with we both agreed I had 75% ownership of (because of an inheritance to me about 4 years ago)JA: Is there anything else the Accountant should be aware of?Customer: Her property market 320k was purchased originally for 265k and I invested an additonal 45k into

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ABC Accounting Group

Bachelor's Degree

504 satisfied customers
My wife is a US citizen. I am a Danish citizen. We have been

My wife is a US citizen. I am a Danish citizen. We have been residents in the UK since 1990 and hold UK dual citizenship, allowing us to inherit from each other without any tax due. We are considered domiciled for inheritance tax purposes in the UK. From a US taxation perspective it is our understanding that my wife (the US citizen) can inherit unlimited up to US$ 5.49 million times two, taking advantage of the marital deduction. Now the question is what is the tax position for me (Danish/UK citizen) if I inherit from my wife (US)/UK Citizen), will I also get the $5.49 exemption?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Dont think so

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I was just researching nevada as a possible place to have a

I was just researching nevada as a possible place to have a domicile while out of the countryJA: Has anything been filed or reported?Customer: ie deciding between nevada and texas nopeJA: Anything else you want the lawyer to know before I connect you?Customer: i have an s corp and am planning a move to mexico

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I am on disability $12960, job income $5k and now collect

i am on disability $12960, job income $5k and now collect allimony since June. $1550 monthly. Never filed single return for 35 years. I'm scared I'm going to owe a bunch. .JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you needJA: Is there anything else the Accountant should be aware of?Customer: I just bought my home from my ex. Closed in late March. Now head of household, just me. House value $80k, mort $64k. Even with that low amount, I am struglling to pay bills. A tax bill would be really bad.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
December of 2016 I was employed by a company that didn't

For February-December of 2016 I was employed by a company that didn't offer a retirement plan. I was laid off from a company in December of 2015, but technically still worked there for the first week of January, and then given severance. That company did offer a retirement plan. I would like to open a traditional IRA so I can take advantage of the tax deduction since my current employer does not offer a plan. Does the fact I worked for one week in 2016 for an employer that offers a plan disqualify me for the entire year from taking the traditional IRA deduction? I make too much to qualify under the normal terms (MAGI <$61k). Thanks!

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I am an owner of an LLC S-corp and would like to take full

I am an owner of an LLC S-corp and would like to take full advantage of the SEP IRA,I know I can write off the company contributions as a deduction of 25% of the salary I take plus my contributions through my salary, but can I also make personal contributions (which I will take as distributions) into the same Sep Ira for the difference to reach the $53,000?If not what are my limits to the sep ira contributions for tax deferral contributions?

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38,828 satisfied customers
My husband and I have been contract employees working

My husband and I have been contract employees working freelance for multiple marketing agencies for the last several years. We are moving into a position with one agency (both of us) and are wondering what the best solution would be - use our LLC or get on a W2?This is a trial period where we will receive a small salary for 1/2 a year, then move into a form of profit sharing once we start bringing on new clients. The agency has posed it as our division being a 'separate entity' where their agency would offer support and the name, but we'd run the main show.Starting out with minimal pay, will it be more advantageous for us to get on a W2, or bill through our LLC?PS- We currently bill through our LLC but only as of recently and it hasn't amounted to much to worry about come tax season.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I am 65 years old. I have not owned a home in the last 7-8

I am 65 years old. I have not owned a home in the last 7-8 years. If I use some, or even all, of one of my retirement savings, is there any possible tax advantage or disadvantage to doing so?

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
How does this work? I have a S-corp that I run out of my

How does this work?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a S-corp that I run out of my vacation home in Florida, but I do all of the administrative and marketing functions out of my spare bedroom of my main home in Georgia.JA: Is there anything else important you think the Accountant should know?Customer: How do I take the most advantage of the two places.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
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