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Recent Income Tax Liability questions

I have a new client who is a 70% partner in a privately

I have a new client who is a 70% partner in a privately owned manufacturing outlet in Bangladesh. My client is a US Citizen due to which I have advised him to file form 5471.When I prepare form 5471 is it true that I would take the line 5D number and report it on 1040 Other Income?Would I have my client pay taxes on 70% of his Income?Also for Depreciation for foreign assets would I calculate using ADS with Plant Equipment for 7 years and Real Property for 40 years?Thank you,Prashant

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I have two related questions. 1. We live in VA. My husband

Hello,I have two related questions.1. We live in VA. My husband is employed and in his taxes claims himself, me and our son. His salary 52K. I am starting my job soon. My salary will be 58K. This year we will be filing our taxes jointly as permanent residents. Previous years we were filing separately and we were on student visas. My question is how we can maximize our tax returns by filing jointly?2. Our son is a USA citizen. How can we maximize our tax returns having a child in a family. How can we benefit from child care tax credit and child tax credit? He will be going to a day care and we will pay about 400 weekly (so that I can work).Thank you.

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Dr. Fiona Chen

President

Ph.D.

242 satisfied customers
I am taking 2686 net, 1062 fed and 500 state a month. The

I am taking 2686 net, 1062 fed and 500 state a month. The fed penalized me because I was having too much withheld. Please advise me what my tax rate should be. I have it listed as 25%. This is my total income.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,962 satisfied customers
My client incurred tax liability after payroll audit.

Hello,My client incurred tax liability after payroll audit. Recently he was working with IRS agent to get an installment agreement so he can pay his debt in installments. All requested information was provided to the agent. Agent did not mail any notice why the client do not qualify for installment payments and filed a tax lien. Please advise how we can get that lien removed and get installment agreement.Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
We recently had my Aunt pass away and my mother became the

We recently had my Aunt pass away and my mother became the executor of her estate. We have sold her home and taken care of her 401k which the taxes have been removed from that. We are at the point where we need to divide the amount that is left among my mother and her 2 siblings. The question is what is the tax rate that we need to take into consideration from the total amount so that we have the money we need to pay taxes next year?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
My elderly mother has a savings account on which I am

My elderly mother has a savings account on which I am co-signer. If she passes away, what would be my income tax liability for the substantial amount of money that is in that account?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
What's the tax burden following conditions? 1. Gross annual

What's the tax burden for the following conditions?1. Gross annual income $130,0002. House sale for $1,600,000 with $285,000 previous purchase price, $200,000 mortgage balance, 6% realtor's commission3. Divorce five years ago, ex-wife has occupied house since then (with possession structured as joint tenancy). Proceeds of house sale to be divided 50-50 between ex-spouses.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
My wife and I together draw 34,377.60 in social security. If

My wife and I together draw 34,377.60 in social security. If we just claim the standard deduction and ourselves as dependents how much more money can we make in a year before we have to pay any taxes?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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