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I am going to start working as an Uber Driver. It is

I am going to start working as an Uber Driver. It is considered an independent contractor and I understand that I will be subject to double taxation from the Self Employment tax. Are there options for me to avoid/minimize that additional tax (i.e. form a business entity...), and is there an income threshold I would need to meet in order to see any savings?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
Form 1041 6/30/15 fiscal year end estate has not yet

Form 1041 6/30/15 fiscal year end estate has not yet received 1099R for distribution from a 401(k) plan (plan had no named beneficiary). Distribution was received in February 2016. 1041 return is due 10/15/16. 1099R will not be received until January or February of next year. When should this distribution be reported on form 1041?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
As part of our estate planning we want to put our home in

As part of our estate planning we want to put our home in our daughters name. She is 50. We will maintain the payments and taxes. This to avoid those monies for medicad assessment when or if needed. I am 68 my husband is 71.

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
With a 1031 exchange, as I understand it, you have to

With a 1031 exchange, as I understand it, you have to identify that its a 1031 before closing, be in contract within 45 days, and close within 180 days. Is there any breathing room on this?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
I am planning to start an e-bay business selling books. I

I am planning to start an e-bay business selling books. I have about 2000 books as initial inventory, which I have accumulated over the years. The cost of the books is roughly 20k. Say I would only sell books the first year for $2500. In addition to other business expenses would I also be able to deduct the remaining inventory of books (18k) as a business expense in my first year of operation for IRS purposes?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
If I use some of my IRA to purchase a home for myself

if I use some of my IRA to purchase a home for myself (manufactured home) will I be taxed on the full amount that I withdraw from my IRA ?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
ACA question - If an individual is receiving alimony but the

ACA question - If an individual is receiving alimony but the alimony is not taxable to the person receiving it, does it have to be included when calculating what your income is to figure out what your premium should be.thank youJeannette

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Robin D.

Vocational, Technical or Trade School

20,940 satisfied customers
My Mom is turning 90 years old. She needs to cash out a

my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
Does the IRS keep copies of tax returns indefinitely. If

Does the IRS keep copies of tax returns indefinitely. If not, how far back do they go?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am filing for my social security and my statement says that I have no income for 1984. I know that is inaccurate. How can I get a copy of my tax returns for 1984 or is that too long ago.JA: Is there anything else the Accountant should be aware of?Customer: NO

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
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