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Recent IRS Regulation questions

I'm a grandfather Who has raised two of his older

I'm a grandfather Who has raised two of his older grandchildren for the last two years the parents count the deduction but they asked me to go ahead and count the earned income credit because I've been taking care of them, is that something that can be counted on my income tax. For some reason they have not filed the earned come on them, something about their income that it would not do them in a good.

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Lev

Retired

Bachelor's Degree Equivalent

25,386 satisfied customers
Second opinion] Just found out how much I will owe IRS for

Second opinion] Just found out how much I will owe IRS for living off of 401k after losing my job...I had to pay my mortgage and car payments and health premiums, Is there any deductions that can help and I can't even afford to pay IRS now since I can't find a job at 58.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.Customer: Where do I pay?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not sure...just got off phone with H

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Arthur Rubin

Doctoral Degree

1,850 satisfied customers
My ex-wife and I have joint custody of our two sons. In

My ex-wife and I have joint custody of our two sons. In divorce degree it states she claims on and I claim one. Our divorce was in 2014. But she claimed both children. We have equal time share and we provide equal support. How can I fix this and file my taxes.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Only that she claimed she had them more but that was because I had to go to training for my job for five weeks. It was not a volunteer basis it was a have to so I could keep my job.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,012 satisfied customers
Thank you for this oppportunity. I need a 2nd opinion. I

Hi, thank you for this oppportunity. I need a 2nd opinion.I sold an investment vacant lot (owned it for 15 years) and made a profit of $345KI read in the IRS regulation, that we will not have to pay capital gains because our joint filing income bracket is 15%. Are we missing something here? Is it possible that the IRS will add the profit to our ordinary income and put us in a larger bracket? Help!Margy

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,012 satisfied customers
I have a single member LLC that owns a working interest in a

I have a single member LLC that owns a working interest in a oil well (salt water disposal well) and the loss reflected on Schedule C primarily from depreciation has not been allowed by an IRS agent-who claims that the activity is passive because a SMLLC has limited liability-Is that correct?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: my email is***@******.***

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PDtax

Owner

Master's Degree

7,908 satisfied customers
I have a complex tax situation. My spouse cares for me in

I have a complex tax situation.My spouse cares for me in the home.There are 2 programs (one VA, one state)that pay her to care for me.Both of these programs area medical benefit for me.The VA program utilizes a nursing careagency to pay my spouse. The Stateprogram uses a fiscal intermediary topay her, although I am listed as theemployer on tax forms. This arrangementhas been ongoing for years now. Unfortunately,we did not know that my spouse is essentiallytax exempt.According to IRS Pub. 926 a spouse's incomeas a household employee is not taxable forincome, social security or medicare taxes. Theproblem is that I am not sure if my spouseneeds to be a 1099 contractor to qualify forthe exemption. I asked the agency if theycould change her to a 1099 contractor, butthey had reservations because they providedinsurance and bonding for her, which accordingto tax law would preclude her to be an employeeand not a contractor.I would also like to go back 3 years and amendthe prior returns to get the taxes paid refunded.Please advise on what our best options are andhow to get a refund for prior years.

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PDtax

Owner

Master's Degree

7,908 satisfied customers
Union IBEW Electrician state of FL homestead. No work, BA of

HelloUnion IBEW Electrician state of FL homestead. No work, BA of the local Union hall searches for Electricians out of work...right to work state, hard to find union contractors in FL. Local hall BA calls out of state BA's to see what their locals are doing to put workers out to work. Workers then go travel to different states to work to maintain their employment, health & welfare, dues etc...some electricians work 2 weeks, some work if lucky for 6 months or so. When their is a reduction of labor, they go back to the hall to sign books, travel to in search for more work. Some are eligible for unemployment, but continue to search. Now, question, during the time in another state, for lodging, meals, work search, etc....is it deductible?

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Lev

Retired

Bachelor's Degree Equivalent

25,386 satisfied customers
Great. This year I paid off my sons student load of 106,000

Great. This year I paid off my sons student load of 106,000 dollars. (I was co-signer).JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: When I filed my taxes, the accountant told me I made too much money to retrive the interest from that account. My son was 20 years old living in our house in 2004 when he went to school. All im trying to do is off set my tax bill with the interest from his school account paid in full.JA: Is there anything else important you think the Accountant should know?Customer: Yes. My funds came from my 401k account (she already knows that) and she also already knows I used some of the money to pay off my second mortgage. The total that I withdrew was 203,000 dollars.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,572 satisfied customers
I am a 3D printer technician, every day I go to visit

I am a 3D printer technician, every day I go to visit clients to fix printers in all California. The company paid me last year mileage at 49 c per mile and give me reimbursement for meals.Can I claim in my personal income tax the difference in pay between what the company paid and the IRS (54 c for 2016)?Can I go retroactive two years, since they paid me in 2014 at 10 c per mile and in 2015 20 c per mile?What kind of backup info should I have for the mileage claim? (I only have the reports I sent to my company every month of every customer visited during that month)Can I claim DOT hours of services meals allowance since I am everyday on the road in my personal car? The company don't have any particular rule in this area, they just paid me what I say I spent in meals every day.Can I claim depreciation in my new Prius (bought it in May 2016)?What else can I claim since I am on the road and maybe I go once a month to the office?Thank you.

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39,598 satisfied customers
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