I have drawn social security since I was 62. I have worked
I have drawn social security since I was 62. I have worked throughout that time but would like to know if I can get increased benefits now that I am fully retirement age (66). I do not make enough income to qualify to buy a home. I just sold my home so I could downsize and even with a sizeable down payment I cannot qualify for a loan. What can I do now?
My father passed away and left a collection of collectible
My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?
Sr Financial & Tax Consultant
How much can I use as a credit for the money I pay for his
How much can I use as a credit for the money I pay for his care at a memory care facility?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: where do I see page 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is in a memory care facility as prescribed by his doctors. Is there a tax creit I can file under itemized deductions?JA: Is there anything else important you think the Accountant should know?Customer: He has parkinsons and lewy body disease and requires observation and care of ADl's
I got an extension and am trying to file thru Taxslayer. I
I got an extension and am trying to file thru Taxslayer. I usually get back around $2,200. This past year I had a significantly larger amount of mortgage interest that I paid, but the refund is only $2,500. I've gone back and added my medical deductions and some charity and property taxes I had overlooked, but the refund amount stays the same. I know I'm above the standard deduction. Does this sound normal?
Sr Financial & Tax Consultant
Do I have to pay taxes on an inherited piece of property if
Do I have to pay taxes on an inherited piece of property if I am not selling it?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My father passed away last year and his estate has just been released from Probate - they valued the real estate total which is comprised of several properties, my property is valued at 100,00.JA: Is there anything else the Accountant should be aware of?Customer: I'm trying to determine what taxes if any would be do if 2 of the 3 properties were sold at FMV
I am doing a tax return for a client. I just finished his
I am doing a tax return for a client. I just finished his 2015 1120S based up on data from Bookkeeper. I have not efiled yet.Then I got his 2014 1120S and the ending assets on 2014 are different from what the bookkeeper has as his starting assets. In reviewing his 2014 return, accounting method is check off as "cash" on Schedule B 1120s. On Schedule L 1120S line 2a Trade Notes and accounts receivable is over 3000. This means the person who did the return made a flat out mistake, in that if you are doing cash you cannot count this as an asset, correct? This is simply an error or his 2014 return, right?I have not submitted his 2015 1120S. Is there a legit way to fix this? What is my best course? Do I simply do hte 1120S based on Bookkeepers data? Or can I take the asset figures he submitted at end of 2014, start out from here, and balance it out from there? Is there a way I can force it to balance without being guilty of something?Or do I need to do 2015 and file an amendment for 14?Or do I do 15 based on what I have from bookkeeper, and wait, and amend 14 only if I have to?Any tips would be appreciated. I have inherited this error, and would llike to correct it as simply as possible. It is not a large magnitude error, just a few thousand bucks. And I ha ve to file 15 tomorrow.
I formed an LLC IN 2014, purchased logo creation and
I formed an LLC IN 2014, purchased logo creation and developed a website, but didn't writeoff any expenses, nor earn any income. I now want to establish my business. Which is better. To start a new company name or reinstate my LLC? In terms of startup expenses, can I use the expenses I have now as a startup if I reinstate the business?