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Recent Direct Tax Law questions

I am a legal us resident non citizen and will be receiving

I am a legal us resident non citizen and will be receiving a inheritance from Canada no properties involved strictly cash only what will be the tax if any Canada does not have an inheritance tax imposed on citizens or non residents

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I got married in 2016 and I'm wondering if I should file

I got married in 2016 and I'm wondering if I should file with my husband. He got his taxes taken last year because of school loans and I'm afraid if we file jointly, then they will take mine to.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that is all.

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
My wife and I own a residence in Connecticut and one in

My wife and I own a residence in Connecticut and one in South Carolina. Can one of us be a resident of each state and if so How does that affect both our state and federal taxesJA: Has anything been filed or reported?Customer: We are both Connecticut residents currently, however we are thinking it would an advantage if each of us claimed separate state residencyJA: Anything else you want the lawyer to know before I connect you?Customer: No

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
When a state has approved the production of marijuana for

When a state has approved the production of marijuana for medical purposes is the income from being employed with this type of company considered taxable income? Or because marijuana is a controlled substance under federal law does the IRS consider income derived from trafficking in controlled substances is not be considered income even if approved under state law?

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
Do I need to file a state return if I earned $1,408 GEORGIA

Do I need to file a state return if I earned $1,408 GEORGIA ADJUSTED GROSS INCOME (AGI). Is there an income threshold under which you do not need to file a return for that state?

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
I am helping a friend of my submitting his corporation tax

Hi,I am helping a friend of my submitting his corporation tax return (Form 1120). His formed/ incorporated his company on 3/30/2016 (during the tax year) and the corporation operates on a calendar basis. When filing out the header of the 1120 Form, should we fill out the beginning date as 3/30/30216 and ending 12/31/2016 or don't fill out these date and leave it blank."For calendar year 2016 or tax year beginning 3/30, 2016 ending 12/31, 2016".Our concern that if we fill out these dates, then the IRS will think that we are on a fiscal year and not a calander year.Is it correct? Also, should we indicate the beginning and ending dates?

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
I have a 23k in my wife's IRA. Due to financial issues we

I have a 23k in my wife's IRA. Due to financial issues we need the money. What would be some options to get the money while minimizing taxes etc.Also when the IRS is broken does the money have to come to her account or can it come to my bank account

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
I submitted a 1096 to the IRS for some 1099-misc's. I

I submitted a 1096 to the IRS for some 1099-misc's. I realized I forgot one 1099. Do I just send in a new 1096 with the updated total amount of the 1099's on there? I do not see any where on the 1096 to check corrected. I also could not find any clear answer on the IRS website. Thanks,

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
What are the tax advantages of moving into a life plan

What are the tax advantages of moving into a life plan community? IE initial fee and monthly fees? How are they reported on tax forms?JA: The Accountant will know how to help. Please tell me more, so we can help you best. Is there anything else the Accountant should be aware of?Customer: We are considering moving into Royal Oaks (royaloaks.com) in AZ and have been told that parts of the initial cost and monthly charges can be tax deductions. We are wondering where we can find more information about that.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,404 satisfied customers
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