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Recent tax questions

I am a Non-Resident of CA. I own and rent out real property

I am a Non-Resident of CA. I own and rent out real property in CA. On my 2015 federal taxes I show a taxable loss of $128,958, but on my CA From 540NR I show a total gain on the same property of $349,892.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Capital Gains on stock transactions show $138,447. I am NOT a resident of CA and never was. Why is CA state adding additional $587,129. to my gross Income??JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
My husband makes $111,512 per year. We are married and he claims

My husband makes $111,512 per year. We are married and he claims me and our 3 children. We have no other tax exemptions or credits. What would be our tax rate for both Federal and State. For instance would our tax rate be 15, 20 or 25% specifically?

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Angie

Bookkeeper

 
460 satisfied customers
Both my wife and myself live in Australia and we have an LLC

Both my wife and myself live in Australia and we have an LLC in the USA. We are both members of equal share. My accountant has completed the 2015 tax return in the USA.The LLC has a net profit of $63,052. My accountant is asking me to pay a tax liability of $24,969 (39.6%).Therefore we have each earned $31,526 and are each paying 39.6% tax on this tiny profit.This appears to be a very high tax rate for such a low income.I would like to know if my accountant is correct.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Like Kind Exchanges JA: Thanks. Can you give me any more

Like Kind Exchanges JA: Thanks. Can you give me any more details about your issue? Customer: New equipment $190,000 Trade in Value $38,000 Paid in cash balance of $153,750. Old equipment exchanging for $125,000 fully depreciated. Trying to set up on Tax return and on financial statement what journal entries to do JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Jason M. Tyra, CPA

Principal

Master's Degree

 
362 satisfied customers
JA: . What is your issue regarding? Customer:

Hi JA: Hi. What is your issue regarding? Customer: I own an LLC that I started last year. I plan on taking most of my income and investing in other projects, which will each be in the form of another company. I was thinking I should create a holdco over all these companies. Can I be the single owner of the hold co and all opcos? JA: Tell me more about your problem so I can decide what kind of lawyer you need. I'm sorry I'm feeling very dense today, I just don't understand what variety of lawyer you are looking for. Could you please name the kind of lawyer you want to see? Customer: Did you not understand the question I described? JA: We'll do all we can to help. Is there anything else important you think the Accountant should know? Customer: the basic question is, can I single handedly own the Holdco and all opco? JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two. I'll let you know when it is your turn.

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37,522 satisfied customers
My wife and I want to purchase a condo in San Diego for

HIMy wife and I want to purchase a condo in San Diego for $1.3 million. This will become our main resident where we will spend 10 months a year.Our income will be from.a foreign business in Tanzania that generates $420,000 in salary and dividends per annum. We pay 30% taxes in Tanzania. We have heavy expenses in UK where two of our children go to school.Please can you advise what taxes if any we would be charged in USA whilst we live here?If we bought now but moved in two years time would we have to pay any taxes on existing income?Appreciate your advice.Regards Nick

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I have an opportunity to do some consulting work and would

I have an opportunity to do some consulting work and would like to know what my tax liabilities would be as a small business before I make a quote.I live in Colorado and would be working on a project in Quebec Canada.What would my state, federal and international tax burden be ?I would like to know what my tax liabilities would be before I quote a price for the consulting work in Quebec, Canada.Thank-you,Gary Malasky

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
What is the take home salary (after self-employment taxes)

What is the take home salary (after self-employment taxes) I would expect being a 1099 contractor at $90 per hour at a full time rate. I don't need to account for insurance, deductions or 401K in this number. Please account for the fact that I will not be being paid for holidays or 2 weeks of vacation.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I am interested to know the rate of tax in State of Texas on unsold inventories at the en

I am interested to know the rate of tax in State of Texas on unsold inventories at the end of accounting year and how it is valued.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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