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

Recent Income Tax questions

I retired in July, 2015. Since then I have withdrawn approx.

I retired in July, 2015. Since then I have withdrawn approx. $50,000 from my IRA. When I first filed my taxes with my accountant, she told me that I will be getting a refund check. I'm not sure why but she filed for an extension and finally, it's done. However, she now say's I owe $6,000 due to my IRA withdrawals. My question is: I thought this money was already taxed. Since a gross amount is withdrawn and a net amount is deposited that the difference would be to pay my income tax. Who is holding that money and where does it go?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I have a questions regarding the following situation.- I

I have a questions regarding the following situation.-I have an S corporation business that we prepare small income returns , very simply returns and also in the same office i do insuranceIm the owner of the S corporation , and i do have two bank accounts one for the money that comes in from the ... view full16 September 2016 01:11this is the response that im getting from an enrolled agentIncome taxes are not deductible, the only tax you would deduct is the $60 paid to the state each year with the corporate returnYou can ‘nominee' the income from the Schedule C to LT&ES Inc – or simply claim the income on the Schedule C and expense it all to LT&ES as “outside services” so the Schedule C shows $0 income - then in turn claim that income on the Corporate return, it will flow through back onto your personal taxes on the K-1, hope that helpslet me know if you'd like us to review the returns before you file, that is part of what you're paying for, so we're happy to do it!

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I have a questions regarding the following situation.- I

I have a questions regarding the following situation.-I have an S corporation business that we prepare small income returns , very simply returns and also in the same office i do insuranceIm the owner of the S corporation , and i do have two bank accounts one for the money that comes in from the tax preparation services and one for the money that comes from the nationwide insurance ,but the money that is from the insurance company at the end of the year they issue to me a 1099 i mean because its paid out to me on my name and i do deposit that money on my personal checking account every two weeks because they paid me commission , so what can i do to report that income i was planning in claiming the income on the schedule C because this is a 1099 and then expense it all out as an outside services , then i will claim that income on the S corporation return, and then bring the income back minus all expenses that i have in total on the schedule K , it's legal to do it like that ? or do i just need to report the income from nationwide on the schedule C, please advise

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,982 satisfied customers
I have inherited paintings through probate. I have had a

I have inherited paintings through probate. I have had a fire in the house and paintings are lost due to fire. I understand that for casualtyy loss - I should use cost basis of the painting at the time of the person death (unless paintings price decreased over time - -which is not the case here). The paintings at the time of death were appraised, say at 100k, without the sales tax. When I claim a causlaty loss should I add state sales tax to 100k? I presume I should as everything else that I lost in the fire (my clothes, furniture, etc) has a sales tax added to it? Please advise - would like ot see some IRS ruling or other authorizative document regarding this.

Read more

PDtax

Owner

Master's Degree

6,966 satisfied customers
I am considering the purchase of a vendor route that

Hello. I am considering the purchase of a vendor route that delivers food products to grocery stores such as Snyders pep ridge farms etc. I am hoping that someone can give me some insight into routes and any real take home figures they might have. I am also interested in the process to purchase etc. any advice from someone with first hand experience would be greatly appreciated.

Read more

PDtax

Owner

Master's Degree

6,966 satisfied customers
I have been working as a self-employed real estate

I have been working as a self-employed real estate appraiser. I am currently set up as a DBA (Appraisal Solutions). I am looking to higher an office manager. The business will bring in about $140,000 year. What is the best set up for my business? LLC? S Corp? Of course, my goal is to save as much money in taxes as possible. Should I put myself on payroll or just take draws as I need to?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
My cousin baby sit since last April. Her employer file

My cousin baby sit since last April. Her employer file extension for their taxes for 2016. My cousin didn't file the baby sitter tax. Her employerasked for her SS and they're giving her a 1099. She's worried what she can do. Please advise.

Read more

Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I am years old, employed, and $40,000 in debt. My gross

I am 69 years old, employed, and $40,000 in debt. My gross income last year (after working countless hours) was $45,000. A recent Social Security benefit letter projected $2,000 per month. I can't retire until I'm debt free. A friend advised me to work & collect Social Security at the same time, for the extra income. Is that advisable? Will my Social Security be taxed so highly or throw me into a higher tax bracket that it'll offset any advantages of a higher income in the long run. Also, by applying for Social Security now, I'd lose the 8% extra that I'd get by waiting a year longer. Help!

Read more

TaxRobin

Vocational, Technical or Trade School

21,184 satisfied customers
My husband and I are sole owners of S Corporation. Can we

My husband and I are sole owners of S Corporation. Can we give the yearly gift amount of $14,000.00 to each of our grandchildren, and others? Can the amount we give be used as a deduction on our taxes?

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,982 satisfied customers
View more finance questions
In The News