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Do you know about taxes for selling a business, I am selling

do you know about taxes for selling a businessJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am selling my business in Mexico for $300,000. I am a US citizen and the person buying my business is a US citizen. They will be transferring $100,000 at first and then $50,000 every 4 months until it is paid off. All the money will be transferred from a US bank account to my US bank account. Will the IRS know about the sell if I don't file that I sold it based on the large deposits into my account?JA: Is there anything else important you think the Accountant should know?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
I am wondering if something is pending from the IRS. My

I am wondering if something is pending from the IRS. My transcripts show file processed on feb 13, 2017( was jan 17 but had to wait feb 15). Then they pre dated code 570 with a date of 3-6-17 reason of additional account action pending. It has been this way for a few days. My mail gets stolen often as my paycheck just did and i cant get ahold of the IRS. So i was wondering if i should be ready for questioning( which is fine)JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that i can think of. The IRS has not amended anything on the transcript at all.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
My 83 year old mother has come to live with me in August of

My 83 year old mother has come to live with me in August of this year (2016). I live in Westminster, CO and my mom owned her home in Arkansas before moving with me. The home is on a lease to own type contract. The home was to be owned by the new buyer when they sold their Texas home. Anyway, my mom has not received the full amount of the house but received monthly payments of $371.00. She is of course retired and gets Federal benefit credit of $1272.00 per month and $88.35 metlife pensions. She has not paid any taxes since she retired. She found out she has diabetes last July is why I have her living with me now. Her medical expenses are quite high but Medicare and United Health help with these. Does she need to pay taxes now? She has quite a bit in moving expenses also. Thank you for your help on where to begin with her tax situation. - BevJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I can't think of anything else.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,840 satisfied customers
If Isell home for 75,000 wil it affect my benifits, I am

If Isell home for 75,000 wil it affect my benifitsJA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I am selling to pay bills I AMAJA: Is there anything else important you think the Retirement Accountant should know?Customer: a am a widow

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Mark D

Master's Degree

1,008 satisfied customers
Can I deduct from my taxes monies i had to pay to an inhome

can I deduct from my taxes monies i had to pay to an inhome care facility that was ordered by my doctorsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I kept falling in my home and was in an emergency room. the Doctor would not let me go home. I was placed in a Inhome board and care facility for 5 months at personal expense to me. It was not covered by medicare or TriCare or the VA. Can I claim the expenses on my income tax return as a medical exemption?JA: Is there anything else the Accountant should be aware of?Customer: Yes, I needed to have a fiduciary company assigned to handle all my affairs. I signed a contract with them. I paid them from my checking account also.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,172 satisfied customers
I filed my taxes last night with turbo tax on credit Karma.,

I filed my taxes last night with turbo tax on credit Karma. , I live here in texas, I filed a lousiana state tax, but I think I used the wrong form, I usedform IT-540 form instead of the IT- 540B form, will that make a difference on the state tax I,m suppose to receive.JA: What kind of computer do you have?Customer: I have a hp pavilionJA: Have you installed any updates recently?Customer: just windows 10JA: Anything else you want the computer expert to know before I connect you?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
If I am a 1099 sub-contractor and the contracting company

If I am a 1099 sub-contractor and the contracting company that pays me carries the workers compensation deducting 6% from each of my pay applications, am I allowed to deduct those values, or can I only deduct it if I take out my own policy?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: that's it

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
My daughter was an auto accident victim and received a

My daughter was an auto accident victim and received a settlement which included wages lost during recovery time. Will she need to claim any of the settlement on her taxes?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you need to know?JA: Is there anything else the Accountant should be aware of?Customer: no

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I am trying to figure out if our health care premiums are

Hello,JA: Hi. What seems to be the problem?Customer: I am trying to figure out if our health care premiums are taken out pre or post taxes. The gross amount on my husbands 1099-R is roughly the same as the taxable amount ($300 difference, as opposed to the $15,000 or so that we paid in premiums). His retirement is from Calpers, but they said they cannot answer the question. We itemize, but I am not certain about the pre/post payment.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I am aware of. What will be the cost to get an answer, and how long might it take? Thank you!

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
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