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Due to the nature of my job I am able to claim around

Due to the nature of my job I am able to claim around $34000+ in deductions year after year. Currently I claim 6 allowances on my W-4 and still get a refund back. At 34k+ in deductions, I can actually increase my allowances to 8 so that I break as close to even as possible at tax time...and I want to do this.However, Ive heard that if you claim 7 or greater allowances on your W-4 that you will catch the attention of the IRS (bc your paying very little in federal taxes throughout the year) and they will tell your employer to drop your allowance to 0. Is this true?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Need someone to look at the NJ withhold w4 form to choose

Need someone to look at the NJ withhold w4 form to choose the best tax scenario to take out less taxes before I start new job.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
I am a pet sitter consultant & make about $12-$15,000/year.

I am a pet sitter consultant & make about $12-$15,000/year. My husband makes about $100,000/year & we file jointly. My husband says I should be paying taxes quarterly.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My pet sitter friends claim I don't make enough to have to pay taxes. Who is correct?JA: Is there anything else important you think the Accountant should know?Customer: We live in NC.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
I was divorced in march. I just remarried. My spouse is a

I was divorced in march. I just remarried. My spouse is a non resident alien with a daughter who is 9 and is a us citizen.I have to fill out my work tax forms- it says if you are married to a non resident alien to claim single.I claim 2/3 of my kids for my taxes.I am a home owner. How do I claim head of house hold if possible---But file married filing separately? I read that if I do this he has to report world wide earnings (none but bank interest) and I don't think he has much earned income this year here. He is working on getting green card reissued. He also has a ssn.Help! I want to make sure it's fine correctly the first time.Also- is he eligible to get benefits through my job? Hr says as long as he has ssn then yes.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
First, we have used Turbo Tax to do our income tax returns

First, we have used Turbo Tax to do our income tax returns for last two years. For tax year 2015, we owed $6000 in taxes, which we paid when we filed our return electronically. But Turbo Tax said our estimated taxes due would be $1850 per quarter, instead of $1500.(which is $6000 divided by 4). I thought the estimated taxes were calculated on the amount due at the time of filing the return, which was $6000. Is this true?I am paying the $1500 amount, instead of the $1850, but not on the schedule exactly laid out by Turbo Tax, but by Jan 2016, the total amount (which will be $6000) of the estimated tax will be paid. Anyway, if I have not paid the estimated taxes exactly on time, will we get penalized when we file our 2016 tax return? If so, how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,378 satisfied customers
I am a widow and my husband had a pension, i did not know

I am a widow and my husband had a pension, i did not know about until they notified me, long story short i received a lump sum plus a small monthly payment.My question do I file an estimated income tax for the amount received ? or do I count it as income on next years taxes.Thank youHelen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
I have an LLC that is registered as a foreign corporation in

I have an LLC that is registered as a foreign corporation in the State of Maryland, because I bought a house in Maryland for investment purposes. What tax forms and other paperwork do I need to file for the 2015 tax year in Maryland?

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Robin D.

Vocational, Technical or Trade School

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I am a the single owner and employee of an S corp. I have an

I am a the single owner and employee of an S corp. I have an established salary, and my accountant provides the service of paying my FICA/payroll tax on a monthly basis. However, he does not do any Federal income tax withholding for my monthly salary, and says that I can just do quarterly estimated tax payments. Is this correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
If you are a single male living in an apartment can you

If you are a single male living in an apartment can you claim 3 for dependents ( 1 single 1 head of household and 1 automatically ) or what do you claim

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,378 satisfied customers
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