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This is a two part question, recently in July and then again

This is a two part question, recently in July and then again this Monday, the California state tax board took everything out of my bank account for unfiled taxes. I didn't file 2011-now, but once I do, I will be owed a refund for every year. I have always got a refund and never had to pay. In 2013, they also garnished my wages for one pay check to take out what they said I would owe for 2011. So as of now, they have taken money for 2011-2014. When I called the California tax board they said when I file, I will then get my refund plus what they took, but the process is anywhere from 2-6 months. Is there any way to speed this up? Also is there any statute of limitations on getting the refund and/or the money they took from the wage garnishment or the 2 bank levies?

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Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
Is there a law that says an insurance agent can't sell

Is there a law that says an insurance agent can't sell duplicate coverage to someone who has Medi-Cal? My mother has both Medicare and Medi-Cal, and an insurance agent is trying to sell her a Medicare supplement, which is duplicate coverage because between the State and Federal Governments, most of her health insurance needs are covered. She lives below the poverty line, and I think this agent is trying to take advantage of her.

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PDtax

Owner

Master's Degree

6,990 satisfied customers
I half own an S Corp that my annual W-2 is over $200k and my

I half own an S Corp that my annual W-2 is over $200k and my half of the company profits range around another $100k or so that goes on my tax return. Been a W-2 employee there since 1990 and have a good book keeper and accountant. This job also provides a company car and my health insurance.I have several rental houses in my personal meme that produced income.In addition, on the side I dabble with flipping houses. Since I'm short on time about 1/4 or so of the 5 or 6 houses a year that I sell a year I hold for over a year. No rents. They just sit. Busy.I have always reported the sales on Schefule D except for in 2013 I included two sales on C and 2015 I included two on C. The reason at the time I reported those on C was that they were the only houses I carried in my LLC. The others were in my personal name. Income from the sales are around $100k a year.This year my pay from my normal job will remain the same as well as the company profits rolled to me. Sales of the houses, 2 being held for over a year with one rented for six months to the eventual buyers come Dec.What I want to do is just report all from here on out on Schedule D. I have a full time well paying job outside of real estate. I also am contemplating amending those two other returns to switch the sales from C to D. Do you think this would throw up red flags?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,016 satisfied customers
I own and operate an S-corp and am the only shareholder.

I own and operate an S-corp and am the only shareholder. Late last year, I accepted a job as a freelance writer and accepted payment individually rather than through the company. What I thought was a one-time project has turned into regular contract work (I produce written content for the client roughly once a week). Now I'm thinking I should have taken the job as my corporation, rather than individually. So two questions: 1). Is there any advantage to reporting this income as S-Corp income as opposed to personal income? and 2). Can I change the designation to corporate income? Even though I took the assignment last Oct. I did not receive any payment until January so none of the income has been yet reported.Thanks.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Don't think so.

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PDtax

Owner

Master's Degree

6,990 satisfied customers
I want to pay off credit cards with my 401 K. I have

I want to pay off credit cards with my 401 K. I have approximately $62K in the fund with an outstanding $15+K loan against it. I am 63 and retired receiving RSDI and a state pension. My wife is retired receiving a pension. Our yearly income is approx. $59K. What is my tax liability?

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Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
I have a house (single family dwelling) that I converted to

I have a house (single family dwelling) that I converted to a rental property. I am now in the process of selling the property. Extensive maintenance was needed, as well as upgrades in order to offer the property for sale at a reasonable sales prices.What expenses may I claim as part of the rental property? Can any expenses be claimed to offset capital gains that will accrue with the sale? How should I derive the point in time where the rental ended and the improvements to sell the house began?

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ABC Accounting Group

Bachelor's Degree

192 satisfied customers
C Corp business owner here. Can I take myself off payroll

C Corp business owner here. Can I take myself off payroll for the last four months of the year and declare my income as self-employment, even if it does come from the same place?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,016 satisfied customers
Does money in a Suntrust checking account accumulate

Does money in a Suntrust checking account accumulate interest? If I kept 5000 dollars in a checking account, would it accumulate any interest or do only savings accounts accumulate interest?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
I am amending tax returrns for 2013, 14 and 15 and am going

I am amending tax returrns for 2013, 14 and 15 and am going to owe IRS money. I would like to avoid penalties. Is it to my advantage fo offer them the interest paymetn when I pay. Also, below 10,000 I can get an automatic installment agreement without having to do a big financial report. Is this correct?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
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