I inherited a traditional IRA from my mother, so my IRA is a
I inherited a traditional IRA from my mother, so my IRA is a Decedent's IRA. I am 61 yrs old. If I take an on demand withdrawal from the IRA and have the money wired into my business account, at the end of the year, will I be able to take business related expenses as a deduction from the income tax I will pay on the IRA withdrawal? I am self employed.JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: ok that's fine
Vocational, Technical or Trade School
My wife used to work for Wells Fargo Bank full-time. She
My wife used to work for Wells Fargo Bank full-time. She left her job using personal leave/family leave to help take care of her aging parents that live in Kentucky. We currently live in Delaware. Initially, she only planned on spending 3 months down there and then coming back, however, she is now staying down there on an ongoing basis and has been there since December 2015. Her father started paying her $1800/month starting the end of January 2016 for her to help him take care of her mother who has severe Alzheimer's and is living in a nursing home. Is there any legal way to claim the income as gift income so that I do not need to pay income taxes? If not, are there any other suggestions for minimizing tax liability? I also work full-time for a local company in Delaware. She has since been terminated from her job at Wells Farg due to the length of stay in Kentucky.
On the corporation balance sheet, client has made a category
On the corporation balance sheet, client has made a category in the Equity section called "Non-deductible items accumulated". This is where he puts the "federal tax paid". Is this the correct place to put this category?Thank you,Fred
I received an audit letter from NY state for 2012 stating I
I received an audit letter from NY state for 2012 stating I did not file a return and need to do so or explain why I did not need to. I did not file that year because I had just become disabled and lost my employment. In the audit information it lists a reduction amount of my principal balance of a mortgage that was done after a loan modification because of my loss of income. Is that correct that this reduction of my mortgage principal is considered income? Do I now have to file a regular tax return as if I had received that as income? I still own and live in the home.
The Irrevocable Trust, located in State, bought and later
The Irrevocable Trust, located in Washington State, bought and later sold the vacant land. Profit is 37K (but not included expenses like Escro or Agents commission). Do we need to pay to government? How could we minimize this payment?
Facts: A Inc. is S corporation with revenues of less than $
Facts:A Inc. is S corporation with revenues of less than $ 850,000.00. It has only one shareholder Mr. B.For the tax year 2012 valid extensions were filed of both A Inc.and Mr. B extending the due dates to Sep15 2013 and Oct 15 2013 respectively. The original returns were filed by respective due dates.Question:Until what date, the amended 1120s can be filed - Is it Sep 15 2016 or October 15 2016.If possible please quote the basis for your answer.
I MOVED TO TEXAS FROM MASSACHUSETTS AND STARTED WORKING IN
I MOVED TO TEXAS FROM MASSACHUSETTS AND STARTED WORKING IN TEXAS IN 2013. I FILED MY TAXES FOR 2013 AND I DID NOT RECEIVE MY TAX RETURN. I FILED MY TAXES FOR 2014 AND 2015 AT H & R BLOCK AND HAD NO PROBLEM WITH MY TAX RETURN. I ASKED THEM BOTH TIMES IF THEY COULD FIND OUT FOR ME WHY I DID NOT RECEIVE MY RETURN FOR 2013 AND BOTH TIMES THEY SAID THAT THEY WOULD LOOK INTO IT AND GET BACK TO ME WITH AN ANSWER YET I STILL HAVEN'T RECEIVED ONE. I WAS WONDERING IF YOU COULD HELP ME GET THE ANSWER AS TO WHY I WAS DENIED MY TAX RETURN FOR 2103
It is LLC Units question can you help? My question is
It is LLC Units question can you help?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My question is regarding LLC unitsMe and my wife has LLC (partnership) and we are the only members. We started this business in 2011. We have operating agreement in 2011 which reflect that my wife has 72% share and mine are 28%. Until this time we did not issued any LLC units certificates to each of us.The last 5 years in tax return we showed different number of shares between me and my wife without any selling and buying agreement.In 2011 tax filed wife has 72% and mine is 28%.In 2012 tax filed wife has 82% and mine is 18%.In 2013 tax filed wife has 77% and mine is 23%.In 2014 tax filed wife has 77% and mine is 23%.In 2015 tax filed wife has 84% and mine is 16%.Now we need your advice that how we can issued the LLC units certificates in past dates to make the record straight. What other document we need? Need detail solution from year 2011 till nowJA: Is there anything else the Accountant should be aware of?Customer: no
Sr Financial & Tax Consultant
I am finalizing my 2015 U.S. tax Return. I have received
I am finalizing my 2015 U.S. tax Return. I have received some dividends from a Spanish. Company. I dividend was $100, however withholding tax of 16% ($16) was deducted by the company so I received $84. I know I should report dividends of $100, and claim a FTC of $16 through Form 1116, however, for other reasons, the FTC I am due is reduced to $5. So it make more sense to me to take the withholding tax of $16 as a tax deduction rather than a credit. How do I do this. Do I simply report the net dividend received of $84? Or do I report $100 and then where on the Return can I take a deduction for the $16 withholding tax?
Vocational, Technical or Trade School