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Recent tax questions

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

 
3,524 satisfied customers
I sold my house and it closes the first week of June. I will

I sold my house and it closes the first week of June. I will have a long term capital gain of approx. $350k after the $500k exclusion for married couples. Do I need to estimate my long-term capital gains tax and pay quarterly estimated payments beginning June 15?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Lane. I have a question about form 941. Are you

Hello Lane. I have a question about form 941. Are you available?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
How do I find out if an inherited annuity is taxable or not?

How do I find out if an inherited annuity is taxable or not? We inherited 26,000 in annuities from my father in law. We went ahead and filed 1040 ES right away and paid federal and state taxes. We are older and don't want any troubles with the IRS.However, my in laws are now telling me that the annuities were in a trust and we were beneficiaries of a trust so no taxes are due.This doesn't seem to make sense. My father in law was earning "interest" over the cost of the annuities. Someone has to pay taxes on the earnings it would seem, and my father in law passed away leaving all the money untouched.It's not much , but we did pay nearly taxes upfront.Any advice? It's not so much money that we'd want to spend thousands to find out we owed the taxes or didn't.Thank you. We simply got a check in the mail as beneficiary of the annuities for the estate of my father in law.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have a question about personal income taxes

I have a question about personal income taxes and estimated tax payments. Do you have a telephone service or just an online chat module?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I previously got an answer from Lev about the following. I

I previously got an answer from Lev about the following. I am an ER doctor and I work at freestanding ER's. I have partnership interests of 3 % and get profit sharing. I also get 1099 income for the work I do as an ER doc. This year taxes were bad because self employmeny taxes applied to my income were 58%. so I asked him if I could save on self employment taxes by putting an s corp in effect. He ran some projections with $200K income and $120K salary and showed $12,400 tax savings. More realistic numbers, the numbers for 2015 are:$700,000 income divided as follows:$500,000 1099 income$200,000 distributionsHe ran projections where I took $120,000 salary. A more realistic salary is $300,000 with $400,000 passed through. Using an s corp with that salary, how much self employmeny tax would I save if I went to an s corp next year.It does not look like I can do it this year as I have too much money to pay in to retirement accounts before the October deadline to handle the withholding.Also, how early in the year do you have to begin taking taxes an an s corp and, I already have a PLLC, can I elecet taxation as an s corp and how do I do that.The latter question is moot if, as I suspect, I do not save enough money with the $300,000 salary to make it worthwhile.Dr Konjoyan

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
If I don't pay quarterly estimated taxes during the year can

If I don't pay quarterly estimated taxes during the year can I still be entitled to a refund due to expenses and depreciation of equipment

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I receive a 1099 pay. I just found out that I must

I receive a 1099 for my pay. I just found out that I must make an estimated tax payment quarterly to the IRS. How do I send this into the IRS?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Thank you Lane response. It is helpful. My

Thank you Lane for your response. It is helpful. My Financial advisor informed me that, per IRS rules, a federal 10% withholding of my SEPP payments applies. Also, as a resident of the state of Maryland, how much needs to be withheld? i.e. what percentage should be assessed from my SEPP payments? Is there a website that will assist in this regard? I'd prefer to see the MD withholding numbers beforehand.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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