ACA question - If an individual is receiving alimony but the
ACA question - If an individual is receiving alimony but the alimony is not taxable to the person receiving it, does it have to be included when calculating what your income is to figure out what your premium should be.thank youJeannette
Vocational, Technical or Trade School
I am looking to sell my home (first timer here!) and have
HI! yes - i am looking to sell my home (first timer here!) and have been researching capital gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I purchased the home in 2007, lived there until late 2012, and started renting it in nov. 2012JA: Is there anything else the Accountant should be aware of?Customer: i don't think so.. but IDK! lol
JD, MBA, CFP, CRPS
How do I reflect or report adjustments made by Palmetto
How do I reflect or report adjustments made by Palmetto (Medicare) on my income on the Tax Returns? I have a Home Health Business. They reported on the 1099 to the IRS a higher amount paid than what they actually deposited in the account.
Vocational, Technical or Trade School
My mother-in-law died in April and we are settling her
My mother-in-law died in April and we are settling her estate. Beneficiaries are her son (executor) and her daughter (my wife), and 4 grandchildren (one by her son, and 3 by her daughter). The son and daughter each get a third of the estate, and the third third is divided equally amongst the grandchildren. The estate is roughly $1,000,000, all in cash and securities.A significant amount of deferred income (about $20,000) will be unlocked by cashing in HH bonds that in the past were obtained in exchange for EE bonds in order to defer tax.The estate itself has a tax rate above 40% for investment income. My thought is to disproportionately distribute the investment income via K-1 to the beneficiary with the lowest tax rate (a non-dependent grandchild in the 15% tax bracket) along with cash to pay the tax. The net cash payment to this beneficiary would be offset by paying out less from the corpus of the estate, so that, in total, all beneficiaries get their prescribed proportion of the entire value of the estate. In this way, income tax is minimized on behalf of all the beneficiaries and everyone thus receives a bit more.The question is: does treating income payments to beneficiaries in this disproportionate way, though offset through corpus payouts, violate any estate tax law?
Is a private practice Licensed Professional Counselor
Is a private practice Licensed Professional Counselor considered a restricted business? I am not a psychologist, but a Licensed Counselor in PA.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am filing for an LLC and I am not sure how to answer the question asking if my business is a restricted business. I am a Licensed Professional Counselor - not a Psychologist.JA: Is there anything else important you think the Accountant should know?Customer: No - I don't think so.
I am an instructor in the alternative health & wellness
I am an instructor in the alternative health & wellness industry. People have started giving donations to help support the spread of the modality that I teach. This is not money for me as an income, but rather it will be used to offer scholarships for students, and pay for expenses aspt the many volunteer events we hold (which have expenses without income).How should I handle this money in my paperwork/tax reports?
NC real estate tax question: I own a condo with someone else
NC real estate tax question:I own a condo with someone else (unrelated), however i'm the only person on the mortgage note. I'm thinking about buying the other person off the title. I'm assuming this would be done with a quitclaim deed. What are the tax implications of buying their portion of the title for say $10,000 versus working out a situation where no cash in exchanged? From a tax perspective what do I need to know or consider?
My Mom is turning 90 years old. She needs to cash out a
my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.