Oh cool. I am writing a business plan for school and need to
Oh cool. I am writing a business plan for school and need to know how much to enter in the financial section for federal taxes on $30,000. I live in Texas.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm estimating an annual gross income of $30,500 and need to estimate the Federal income taxes on that amount. Out of that will come $10,124 in expenses with a total net profit of $20,376. I'm taking a class in entrepreneurship and we are writing our own business plan. I am going to start my own business so this is just an estimated number I'm looking for.JA: Is there anything else the Accountant should be aware of?Customer: No, I don't think so.
Sr Financial & Tax Consultant
Have you had any distributions from a retirement plan after
Have you had any distributions from a retirement plan after 2013 and before the due date of your 2016 return?....... the due date is that the deadline of April that they are referring to when asking that question? And does that apply for a first time loan that I took from my 401K?
My 83 year old mother has come to live with me in August of
My 83 year old mother has come to live with me in August of this year (2016). I live in Westminster, CO and my mom owned her home in Arkansas before moving with me. The home is on a lease to own type contract. The home was to be owned by the new buyer when they sold their Texas home. Anyway, my mom has not received the full amount of the house but received monthly payments of $371.00. She is of course retired and gets Federal benefit credit of $1272.00 per month and $88.35 metlife pensions. She has not paid any taxes since she retired. She found out she has diabetes last July is why I have her living with me now. Her medical expenses are quite high but Medicare and United Health help with these. Does she need to pay taxes now? She has quite a bit in moving expenses also. Thank you for your help on where to begin with her tax situation. - BevJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I can't think of anything else.
Sr Financial & Tax Consultant
I am filing as an independent. I had obamacare last year
Hello, I am filing as an independent. I had obamacare last year under my mother's plan. My mom has 1 dependent my brother. So there were 3 people on the healthcare plan. On my independent filing, the question asking "What percentage of the following policy amounts do you want to claim on your tax return?" "Your Premium Percentage" and "Your SLCSP Percentage" and "Your Advanced payment of PTC Percentage". What percents would I put, 33% on mine or what? Thanks
My husband received a check last fall from the US Treasury
My husband received a check last fall from the US Treasury for back pay when he was employed by the IRS. There was no explanation with the check. We think it was for back pay from a settlement concerning nighttime differential settlement pay. However, we never received a W-2 form for this check. I don't know how to handle this. The check was for just a little over $150.00.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No. Just trying to do our taxes as accurately as possible.
I have a question regarding federal income taxes. Illinois,
I have a question regarding federal income taxes.JA: What state are you in? It matters because laws vary by location.Customer: IllinoisJA: Has anything been filed or reported?Customer: Yes.JA: Anything else you want the lawyer to know before I connect you?Customer: A friend of mine filed a return claiming she had two (2) children when the children belonged to someone else who did not work last year. My friend was trying to help the other person out. My friend received a letter from the IRS asking for proof that the two (2) children are hers and indicating that if the IRS does not receive the proof within thirty (30) days, my friends tax refund will be affected. My friend is wondering if she should submit an amended return now minus the two (2) children?
Vocational, Technical or Trade School
I think that my question is pretty simple. So far in 2017,
Hello - I think that my question is pretty simple. So far in 2017, my gross earnings are about $49,000 and about $39,000 came from severance, retention bonus, 2016 bonus, 2017 bonus, vacation and PTO pay out - my job was eliminated on January 27th. I've paid about $15,000 in Federal Taxes and $3,000 in State Taxes and about $600 went into my 401(k). I just started a new job with an annual salary of $58,000. I've always rented and have processed my own taxes since they're not complicated. The $39,000 in severance, retention bonus, 2016 & 2017 bonus, vacation and PTO payout were taxed at 40%. If I were to continue to claim '1' on my W4 for the remainder of 2017, can you tell me what I could expect as far as a tax refund in 2018?
Bachelor's Degree Equivalent
On a joint return, one spouse had health insurance through
On a joint return, one spouse had health insurance through the marketplace and spouse had insurance through employer. The combined income is less than 400% of the poverty line. Can the premium health insurance tax credit be taken?
JD, MBA, CFP, CRPS