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Recent Flat Tax questions

What is the section of the IRS that allows to deduct

What is the section of the IRS that allows to deduct receipts from other sources, income that is necessary in the operation of a nonprofit business, and to offset that income by ordinary business expenses?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am talking about a H O A, that files 1120H. HOA dues.Tower Rents from Sprint, Verizon and Cable TVJA: Is there anything else the Accountant should be aware of?Customer: Is it better to file 1120H, or 1120

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Married filing jointly, taxable income 190,000. My wife is

Married filing jointly , taxable income 190,000. My wife is taking a severance package which includes $200,000 cash incentive. We can take a lump sum this year and the rest next year.If my employer uses the flat tax rate of 25% , does this effect the rest of our income in terms of a higher tax tier? We will take $80k this year.

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ABC Accounting Group

Bachelor's Degree

504 satisfied customers
My daughter works in NJ. She now lives in DE but is

my daughter works in NJ. She now lives in DE but is considering moving to Phil. PA. Will her State and Federal taxes go up? She makes ~$45k annual.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: She is single with no children.JA: Is there anything else important you think the Accountant should know?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,688 satisfied customers
I am typically taxed at around a 25% rate -weekly

I am typically taxed at around a 25% rate for my bi-weekly pay. I just received my severance payout (one month after the end of employment and after my final payback). The payout contained partial bonus and partial severance. The total payout was taxed close to 50%. This seems very high. I was not expecting so much to be withheld. Will this be accounted for during tax season next year?

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
Wondering if you can help. I used to work organization in L1

Customer: Hi - wondering if you can help. I used to work for an organization in L1 status and changed jobs in February 2014. When I left I got my 401k put into a traditional IRA. I am now in G4 status and want to find out if it would be possible to put this money towards a home purchase and if so what is the best way to do this and avoid penalties and minimize any taxes. My understanding from the last time I filed taxes was that I had until the end of this year to get the most out of that money since I only had to file taxable income for two months in 2014. JA: Thanks. Can you give me any more details about your issue? Customer: What more details would you like? The total amount is $27k if that helps It is currently in a traditional IRA JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit? Customer: How long will I need to wait? JA: OK. 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. Customer: Ok

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
I am an employer in NYS and want to pay severance to my

I am an employer in NYS and want to pay severance to my employee of 30 years. Do I give a lump sum based on years of service with no withholding taxes? Or do I withhold state and federal taxes in the sum?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,922 satisfied customers
Barbara My tax client is a US citizen and pays alimony

Hi BarbaraMy tax client is a US citizen and pays alimony to his wife in Japan. She is not a US citizen. Can he take the alimony deduction on his taxes?

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
I received $250,000. in a age discrimination case, How can

I received $250,000. in a age discrimination case, How can I not pay the $50,000 in federal taxes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,922 satisfied customers
If a required minimum distribution is sent to a trust account

If a required minimum distribution is sent to a trust account from an inherited IRA, located in California, and amount to be 80,000 what would the tax rate be

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
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