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Recent Personal Exemptions questions

My daughter has spent the last 6 years in Kabul working as

Hi Hi,JA: Hello. What seems to be the problem?Customer: Hi, My daughter has spent the last 6 years in Kabul working as an independent war correspondent covering the war and human interest stories. Unfortunately , she loves what she does and does not make much money in a very dangerous job.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: As an independent contractor, in a foreign country, in a war zone must she file federal income tax? and what support forms must she include in the filing? Many Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,898 satisfied customers
I'm hoping to adjust my W-4 withholdings up so that I reduce

Hi, I'm hoping to adjust my W-4 withholdings up so that I reduce withholdings throughout the year. Goal to have zero liability and significantly less refund at the end of the year.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My gross salary is $115,000, I'm married and she makes $30,000/year. We are pregnant, expecting at the end of the year (not sure 2017 or 2018). We'll file Married Jointly.JA: Is there anything else important you think the Accountant should know?Customer: We will take advantage of student loan and mortgage insurance deductions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,898 satisfied customers
My husband started a new job. They want him to register an

My husband started a new job. They want him to register an llc to avoid any liability on them. We don't make much and normally get a hefty tax return thanks to the eic. I'm wondering if i register the llc in my name can i still get the eic (i do work part time) and can i write off a salary for my husband as subcontractor or labor costs and then he could claim the eic as well?

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I have a net profit from my business of about 60k i was told

i have a net profit from my business of about 60k i was told i am going to owe 30k in taxes!JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: what else do you need to knowJA: Is there anything else important you think the Accountant should know?Customer: not really I mean i am the sole proprietor and i netted 60k about and i went to my accountant and she said she thinks we are going to owe 30k in taxes! we didn't pay any quarterly so i showed her my P&L and she is telling me we will owe 30k in taxes that just sounds ridiculous

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I am filing my form 4686 federal tax extension and I need to

I am filing my form 4686 federal tax extension and I need to determine what my estimate of total tax liability is for 2016. I have a social security benefit statement, a w-2 from my full time job, and a w-2 from a part time job. I need assistance in determining what figures I enter for Lines 4 and 5 on the form 4868. Help!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not sure I know what you are looking for re: additional information?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,898 satisfied customers
I cannot find files for my 2015 taxes. How can I check if I

I cannot find files for my 2015 taxes. How can I check if I actually filed?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am sure I filed but we have moved twice and most of our stuff is in storage still. No telling where I put the 2015 taxes but I did not put them in my filing cabinet where they belong.JA: Is there anything else important you think the Accountant should know?Customer: no

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Anne

Master Tax Preparer

3,334 satisfied customers
Our daughter filed her own taxes this year for the first

good morning. Our daughter filed her own taxes this year for the first time. But she is a college student and we were claiming her but when she filed her taxes she checked that no one else could claim her. Could she do an amendment so we can still claim her.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no I dont think so

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Robin D.

Vocational, Technical or Trade School

25,318 satisfied customers
We set up a Supplemental Needs Trust (Third Party) for our

We set up a Supplemental Needs Trust (Third Party) for our disabled adult daughter at the first of 2016. The principal balance is only $500 and it earned just $0.04 interest for 2016. It does qualify for Disability Trust for tax purposes. I am confused on whether it is a Grantor Trust of Non-Grantor Trust. It was funded by parents for full beneficiary of our daughter. She has absolutely no control over the funds. Wells Fargo, who holds the funds, has the Trust listed as the one responsible for the tax and lists our daughter's SS as the TIN. My first question is do we even need to file since there was only $0.04 interest income? 2. If we do, do we file on the Form 1041? Thank you!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of. It was set up with the wording "be used to supplement, not supplant, impair or diminish, any benefits or assistance of any governmental entity", it can not be terminated, and distributions do not HAVE to be made.

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PDtax

Owner

Master's Degree

7,968 satisfied customers
Last year I ended up owing around 300 on my federal taxes

hi, last year I ended up owing around 300 on my federal taxes and I'm trying to avoid that next year. I just received an annual increase of around 2500, so trying to figure out how to best adjust my allowances on my W4.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: currently I have 2 allowances.

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
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