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Recent Personal Tax questions

I have a single member LLC. I do online sales, as well as

Hi, I have a single member LLC. I do online sales, as well as in-person sales at a market in Washington, DC via the Square app. I have not actually "paid myself" yet from my business checking account. I know there are several ways to do this as an LLC. But what is the best way to track this, and should I be taxing that income when I "pay myself"?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
I install floori g for a living and for the 1st 15 yrs

I install floori g for a living and for the 1st 15 yrs worked for a.company and received a 1099 at the end of the yr .I recently Incorporated myself, S Corp . what changes in taxes will happen now and what changes if any do I need to do?

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
In 1990 my grandmother created a trust. She at that time put

In 1990 my grandmother created a trust. She at that time put her home in the trust.My father and her sister, (no other siblings) were the original partners in the trust.My father died and then my mother. In their wills their interest in the trust were given to me and my brother. My grandmother died recently and because my parents died, my bother and myself inherited from the trust the 50% interest in trust. My aunt who is still alive retained her 50% share of the trust.The house was last month and will close this month.No one has any idea what the house cost to build in 1950 or any cost for updates, etc.Do my brother and I have to worry about paying capital gains tax on what we receive or do we owe anything in taxes?

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
I had a call today from someone representing themselves as

Hi, I had a call today from someone representing themselves as the IRS. He told me to take down a case number: FA781C53. What is this all about? Usually, tax issues with the IRS are communicated in writing.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I just want to find out what this is all about.

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
A company I represent as an independent contractor (1099

A company I represent as an independent contractor (1099 status) is asking to see a copy of the last two years of my tax return Schedule C for years 2014 & 2015, because they claim the state labor board is reviewing their business practices. In my opinion, this is my personal tax information. If the labor board wants it, shouldn't they be contacting me directly?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
I am the executor and sole trustee of my parent's Living

I am the executor and sole trustee of my parent's Living Trust. I am one of three beneficiaries. My dad had an IRA held by TDAmeritrade and managed by a local brokerage frim. In order to disburse those funds we have to pay the tax on it. I have asked that the funds be wired to the estate account I set up for distribution that has it's own EID--minus the withholding for the taxes. The brokerage firm is set to do that, but they are using my personal social security number, instead of the EIN...so that it will be on my personal tax return. They tell me this is the only way they can process my request because they claim the wording of the trust document is poorly done. My question is, is there a way for me to show all of this on my personal tax return and not be unfairly penalized for having agreed to be my father's trustee? It makes me nervous.

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PDtax

Owner

Master's Degree

6,868 satisfied customers
I set up a irrevocable living trust, funded it with tax free

i set up a irrevocable living trust, funded it with tax free munis, question do i have to pick up the interest from the trust, tax free interest, on my personal 1040 .... for AGI purposes for medicare payment amount.... or is this tax free interest just that tax free reflected on a 1041 sch B and thats it

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PDtax

Owner

Master's Degree

6,868 satisfied customers
I could potentially inherit real estate property which is

I could potentially inherit real estate property which is located in India. what are the taxation surrounding such inheritance? I reside in Massachusetts?Are there any inheritance tax, income tax or estate taxes when I inherit it and what are taxes when I sell the property and bring the money back to USA?Can I continue to hold the property in India and do I have to show such property when filing tax return in USA? Also when I sell the property I will be paying taxes in India do I have to pay taxes in USA as well if the taxes are already paid in India? if so what kind of taxes do I incur?

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Robin D.

Vocational, Technical or Trade School

20,962 satisfied customers
We want to withdraw funds from investments. 1 account is a

We want to withdraw funds from investments. 1 account is a roth IRA The other is a regualr investment account. I am 66 years old I want to witdraw 7000. One avcount the Roth is making a lot more interest than the other account which has had small losses. Each account has around 9000. in them. What is best tax wise?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
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