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Recent Income Tax questions

I am starting a show company and I believe I need an LLC but

Hello, I am starting a show company and I believe I need an LLC but I'd like advice to be sure.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am starting a shoe company... an apparel company. There are only two of us for now. Do I want an LLC or a Corp.?JA: Is there anything else the Accountant should be aware of?Customer: That's all for now.

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ABC Accounting Group

Bachelor's Degree

1,314 satisfied customers
My ex-husband has an IRA that I want to liquidate for money

My ex-husband has an IRA that I want to liquidate for money that he owes me for a morgage.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need to know what the penalty and taxes would be.JA: Is there anything else the Accountant should be aware of?Customer: My income is only $726 a month and the IRA is for approximately $27,000

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TaxRobin

Vocational, Technical or Trade School

25,020 satisfied customers
I have written a book and am in the process of getting that

I have written a book and am in the process of getting that published. There are expenses that have been incurred for publishing, marketing, etc. and there will be revenues from the sale of the book.i dont expect the book to be a major money generator, but should i start a company to deal with the expenses/revenues/taxes from the book?i currently file taxes jointly with my wife, and we both get W2s from our employers.what is the most tax optimized thing for me to do, especially in light of Trump administrations tax proposals released today.Thanks!

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I'm a full-time college student in California and just filed

Hi, I'm a full-time college student in California and just filed (and was granted) a tax extension prior to April 18. In the course of filling out the tax extension, I put down that I owed $0. I'm almost completely certain , however, that I qualify for a tax refund (to the degree of over $1130 according to taxcaster) and I wanted to find out what the next steps are for preparing my returns properly in order to receive the refund. Also, I have (federal) student loans, which I haven't started paying back yet, and was wondering if these fall under the category of income. Lastly, what are all the items pertaining to my school expenses that I can ride off, and do you have any advice pertaining to the education credits that are available.Thanks so much,Dan

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I don't have a tax question. I have an issue with cash being

I don't have a tax question. I have an issue with cash being overstated on my balance sheet.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I just started working at a small company where the previous accountant stopped doing the books. The cash account shows close to 800k as 12/31 but there was only 68k at the end of the year. How can i fix this? i tried to do a JE crediting cash and debiting an expense account but that didn't seem to be accurate.JA: Is there anything else important you think the Accountant should know?Customer: I've only been there for 2 weeks and the ceo wants it cleaned up but I'm clueless he need this report for a loan.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
I will move this year from a state with no income tax to New

I will move this year from a state with no income tax to New York. I'm self employed and expect to receive a large consulting fee for a transaction that will close in April but might slip until May or June. We have sold our house with a closing on May 1. How does NY state look at income earned in another state but received after moving to NY? Would I be advised to rent an apartment and not move to NY until after I receive my fee?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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TaxRobin

Vocational, Technical or Trade School

25,020 satisfied customers
I own my own company which is an LLC (I am the sole owner).

Hello I own my own company which is an LLC (I am the sole owner). My question is if I have monies sitting in savings within my company, could I make a loan to myself towards another business venture, sort of like being my own hard money lender,if I paid the money back to the business in full. I don't necessarily just want to take the money out as a bonus and use it directly towards the business venture, because I am taxed at the highest tax bracket. Is this a feasible thing to do, or might you have other options in mind? ThanksTony

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I live in the US and my single 19 year old daughter who

I live in the US and my single 19 year old daughter who lives at home earned $9,600 in 2016. My daughter is being claimed on my wife's and my tax return as a dependent, but my daughter apparently will need to file her own federal and California state income tax return. I'm guessing she cannot claim a deduction for herself on the federal or perhaps the California state return. Is that correct?

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Emilee Weaver

Controller

Masters of Professional Accounting

104 satisfied customers
I am no longer a resident nor live in California but sold a

Hi! I am no longer a resident nor live in California but sold a house there this year. I had zero gain on the sale and checked the box on line 3 of form 593C. It says I must complete form 593E. On the form 593 E instructions it says I must complete the form and keep it for my records for 5 years if requested by FTB, but it does not say I need to file it. I want to know if I have to, by law, file 593 E for the sale of my home in California as a non-resident with having zero gain on the sale? Thank you!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Form 593C was submitted before the close of escrow during the sale.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
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