Join the 9 million people who found a smarter way to get Expert help

Recent Generation Transfer Skipping questions

I recently had a car run thru the front of my business. The

I recently had a car run thru the front of my business. The damage sustained was to the building itself and nothing inside belonging to my business was damaged. I rent the building and my property manager handled the insurance claim. The insurance company despite being told to do otherwise sent the settlement check to me made out to my business. I was going to simply deposit the check then write out the same amount on my account to the property manager ( a contractor ) who is overseeing all the repair work to the building. My question is : Will there be a tax implication for me if I handle the check this way. Repairs are rolling, and trying to get the insurance company to cut a new check will delay everything. Your advice please??JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not that I know of. Thank you.

Read more

Mark Taylor

Certified Public Accountant

Masters

2,658 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.

Read more

Mark Taylor

Certified Public Accountant

Masters

2,658 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

Read more

Robin D.

Vocational, Technical or Trade School

22,410 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?

Read more

Robin D.

Vocational, Technical or Trade School

22,410 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?

Read more

Robin D.

Vocational, Technical or Trade School

22,410 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?

Read more

Mark Taylor

Certified Public Accountant

Masters

2,658 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

Read more

Robin D.

Vocational, Technical or Trade School

22,410 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,

Read more

Mark Taylor

Certified Public Accountant

Masters

2,658 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.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,410 satisfied customers
View more tax questions
In The News