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Recent Deductions questions

I have my ex husband living with me again after 15 years due

I have my ex husband living with me again after 15 years due to his illness. Can I deduct him in someway on my income tax filing?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: He lives with me for free as he has no income because he can't work. Is this deductible in someway? Can I claim him as a dependent?JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
Forgot to make a cash deposit in 2015 and made it in 2016

forgot to make a cash deposit in 2015 and made it in 2016 for my business How do I explain this to the IRS and what are the ramificationsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: That's my question no moreJA: Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
What is the deduction for one person? Last years was 7,850.

What is the deduction for one person?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Last years was 7,850. is it the same now?JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I received a letter from an auditor with the state of

I received a letter from an auditor with the state of Montana asking for documentation of $15,709 I claimed for Medical Expenses in 2015. I did my taxes with TurboTax and it looks like I didn't subtract what was paid for by my insurance. I paid a $5,000 deductible and 20% of $10,709. What am I obligated to do?JA: Has anything been filed or reported?Customer: I filed the 2015 taxes in January 2016JA: Anything else you want the lawyer to know before I connect you?Customer: I talked to the auditor on the phone last week and he asked me if I needed more time. This morning I sent him an email asking for 30 more days from the deadline of 1-28-17

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Please help me understand how my final win/loss amount

Please help me understand how my final win/loss amount should read.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: 2016 total for several W2G = $60,250.JA: Is there anything else important you think the Accountant should know?Customer: 2016 total win/loss statement = $ 20,100. Is there any loss that would be realized (i.e. $40,150) since it is less than the total winnings recorded on the W2G's.

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I have a small business in state which is pretty much a

I have a small business in Washington state which is pretty much a hobby. I go to people's home on occasion and take care of their cats aka "the Catbutler." I don't sell anything . I need to file an excise tax return by Jan 31st and I have no idea what , if anything, I owe the state.JA: The Expert will know what to do. Is there anything else the Expert should be aware of?Customer: i don't think so

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taxmanrog

Master's Degree

1,006 satisfied customers
Tax question, ohio Capitol Gains involving selling my

Tax questionJA: What state are you in? It matters because laws vary by location.Customer: ohio Capitol Gains involving selling my business but I lived there for 3 years. The "buildings" of the businessJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: I can explain a bit more directly

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ABC Accounting Group

Bachelor's Degree

512 satisfied customers
I am in Michigan with a L2 visa.We are going for a card

I am in Michigan with a L2 visa.We are going for a green card soon. If I inherit in the following 5 years in Mexico 600000 usd from property and bank account. What tax ($) should I pay once resident?

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
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