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Recent Personal Exemptions questions

My adjusted gross income is 62,000.00. How much should I

My adjusted gross income is 62,000.00. How much should I have taken out of my check so I don't have to pay at the end of the year? I have no deductions so it is a straight 1040. Can you tell me approximately how much I should be paying?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
Question....being paid 40k for mural job....expenses are

Question....being paid 40k for mural job....expenses are approximately 15k....what is tax is due federal and state..reside in nj

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
My wife is on disability s.security. she is 62yrs old. I am

My wife is on disability s.security. she is 62yrs old. I am on ss age 66. She has 148k in ira and I have 178k. We want to buy a house cash for 120k using our iras. Our present home is on market for 250k and we own outright. Can we take 120k out of her account w/out paying a lot of taxes? I figure lowering her income in case she needs to go into assisted care facility

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
Can we apply for tax ID for a dependents of a USA citizen

Hi,Can we apply for tax ID for a dependents of a USA citizen who lives overseas. The kids live with the taxpayer all year long but just not in the USA. The don't have social security numbers and the both spouses file separately.

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Robin D.

Vocational, Technical or Trade School

21,216 satisfied customers
My wife and I are retired. Our monthly income combined is

My wife and I are retired. Our monthly income combined is 3500 from social security and 2000 from fully taxable pensions. How much should we be withholding? I have no idea what taxes we actually owe in this situation. The irs calculator doesn't seem to cover our situation. This is our first year relying totally on this income. We are 65 and 69 years old.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I did not file 2015 taxes because my income was

Hello,I did not file 2015 taxes because my income was significantly low at the time and the company for which I paid rent, went through a merger which required all contractors to become employees if we were to remain on board, and if we remained, our income would be significantly delayed and different. I decided to change to another location and thus lost clients with the change. I have now in 2016 regrouped, but did not see the need to file for 2015.My children's school is requesting an "advice letter" from a CPA on their suggestion of what I need to do for 2015 since I did not file and did no request an extension. I have provided them the 1099's for 2015, but they want to know what steps I need to take for 2015.Please advise.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I live in New Hampshire and I will be starting a software

I live in New Hampshire and I will be starting a software consulting company and I have the following questions:1- Should I go for an S-Corp and provide myself a salary so that I can save on FICA or should I just go for an LCC and be taxed 15% + profit tax?2- Should I register the company in Delaware (flat state annual fee of $300 + registered agent fee of $50) or should I do it in NH but I will have to pay %8 on the corporate profit?3- I will be working in all the states and probably not in NH. If I were in a state that has state tax, I will probably get double taxed but will get a credit from my state but in NH there is no state tax, so there is no way to get a credit.4- do I have to pay taxes in all the states where I work?thanks

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
I have a pension from being a school teacher (32 years) in

I have a pension from being a school teacher (32 years) in Wyoming, i am 65, have lived in Wyoming since I was 10 years old. I am going to relocate my 89 year old mother and myself to Utah. Utah since my daughter is there and can help me with my aging mother. Will I have to pay Utah state taxes on my pension?I am going to work maybe 2 days a week (substitute teacher) until my mother needs constant care, state taxes will be taken out of my pay check will that affect whether I will have to pay state taxes on my pension or not?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
Im selling my primary residence in Oregon. Ive lived there

Im selling my primary residence in Oregon. Ive lived there less then two years.Will I have to pay capitol gains tax on this sale?

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Mark Taylor

Certified Public Accountant

Masters

1,262 satisfied customers
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