I am an ER physician. In 2016 I am taking $500,000
I am an ER physician. In 2016 I am taking $500,000 distributions from my defined benefit account to start a business. I spoke with my accountant, he advised pay the IRS estimated taxes on the distributions (in addition to my regular estimated tax on my earning as an ER physician), 45% of the distributions. To be sure I would be slightly overpaid, I paid the IRS 50% of the distributions or $250,000, hopefully 5% overpaid on the distributions, in addition to the taxes on my regular income. My income for 2016 and 2017 should be about $800,000 for my regular income as an ER physician. My question is, will I have to pay an extra amount of estimated tax on my income in 2017 because of the distributions in 2016? I will not be taking any distribution in 2017 but I am concerned I will have to pay an enormous extra estimated tax, in essence an overpayment, because of my income in 2016.
Tax advisor and Enrolled Agent
For accts What tax would I have to pay if I sold my
for acctsWhat tax would I have to pay if I sold my brownstone to my 2 daughters and their husbands? I would need to give a gift of equity of 750k , Can that be not taxed and used instead as part of my estate tax write-off if I have room? I Also have a capital gain of one million. I'm in the 33% tax bracket
JD, MBA, CFP, CRPS
Investment property tax? - depreciation recapture -
Investment property tax ? - depreciation recapture - Purchased home for 220K in 2006. Took depreciation on taxes for 8 of 10 years. Land value 20K. Paid 220K, 4K in closing costs. 10K in capital improvements. Selling at a loss for 185K. How much tax will I pay because of the depreciation recapture?
Vocational, Technical or Trade School
A certain taxpayer received a refund of 10,000.00 for a tax
A certain taxpayer received a refund of 10,000.00 for a tax year beyond the statute of limitation.. As per his calculation, this is erroneous refund. He returned the check. But the IRS sent it again. Then, he returned second time. Then IRS returned second time. He thought that he would not cash the check and kept it at home instead of tearing it. His wife accidentally cashed it. The check belongs to year four years back. Can the IRS demand the check if they come to know their error?
I would like to acquire a 6000+lb SUV for 90% business use.
I would like to acquire a 6000+lb SUV for 90% business use. I understand my lease agreement to be a lease-rental v a lease-purchase (to lower my monthly lease payments). What are my deductions?1. Down payment (spread over the three year lease?) *0.92. Lease payments *0.93. Actual expenses (gas, maint, etc) *0.94. Anything else?5. How do I calculate the carryover value (if any)?
Dr: Thanks for your great help. Have do have another
Dr Chen: Thanks for your great help.Have do have another questions.At one time I had several business entities. A couple of LLC were formed in 1998 and dissolved in 2004. Final returns were filed the following year.Question: can I get rid of (shred) all their records including the returns?We are downsizing considerably and I need the space.
I have a client who recieved a letter from a State tax
I have a client who recieved a letter from a State tax authority showing they had a bill for 2012. They had left the state in 2012 and never filed a return for that year. I got a copy of their IRS transcripts, and discovered they had unreported 2012 federal income of about 30,000 dollars. This was not intentional on their part. They apparently never got a 1099 that the IRS got. Now, the state is threatening levy, no return was filed, and State has the the 1099 income record. And it file the state return, I have to attach federal return. I have done the correct state return, and amended the federal returnn to do so, and told the client about the debt they now have. The returns have not been filed. The client is unhappy and does not think they owe the money. They do not think they got the 1099 income reported. This seems rather unlikely. I think they would like to avoid amending their 2012 federal return. I just assumed amending would be correct and the safest thing for my client. I suppose they could pay the state amount if it is calculated for them without filing a return (which is inflated as it was not all state income) and cross their fingers that the IRS never notices. Maybe I am too honest, but I just assumed they would amend and pay the correct federal figure. If they do not, what are the likely consequences? The IRS transcripts show they made more money then they reported. IRS has done NOTHING about it .... YET. Have they already gotten away with it? Or is IRS likely to find out. If found out at a later date? Are extra penalties for fraud possible? As the income was not reported, there is no statute of limitations running, so the IRS could find out about this at any time and come after them, correct? Am I being too hard on my client, in wanting ot amend the federal return? Or is this very much in their best interest, when is all is considered?
JD, MBA, CFP, CRPS
I worked 30 years and i got injured on job and i now receive
good evening...i worked 30 years and i got injured on job and i now receive ssdi...i paid into social security for 30 years but the money i get monthly from ssdi....is it ONLY the money i paid into it OR am i receiving money paid into it by others or other entities?if others contribute to my ssdi....what percentage do they give and what percentage have i paid? and is it the same with a 3/4 disability retirement pension?