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Recent tax questions

I am getting my sales tax cert. revoked due to unpaid sales

I am getting my sales tax cert. revoked due to unpaid sales tax from 2013. I was working with a local tax agent and when i hadn't heard back from her i called and she said her boss wouldn't give me a payment plan she sent it to revocation.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The amount is $14,000 and i am about 3 months behind currentlyJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
936 satisfied customers
I am self-employed and have set-up a 401-K. I currently have

I am self-employed and have set-up a 401-K. I currently have small loan against it. I am allowed to borrow up to 50% of the 401-K asset value. I have $15,000 that I was going to use to pay down a second mortgage.Question: Can I make a $15,000 contribution to my 401-K for 2016 and then borrow $18,500 in the from the 401-K in the form of a loan? It seems like a no-brainer to get the tax advantage of the $15,000 contribution and then use the proceeds of the 401-K loan to pay down my second mortgage.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I am 66 and am considering if I should start taking SSI but

Hello, I am 66 and am considering if I should start taking SSI but continue to work to the end of the year. The combined income might put me in a higher Tax Bracket. I could use the Social Security monthly payments to pay the extra tax and bank the rest. How do I calculate the best time to retire and start taking SSI? Thanks, Regards

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PDtax

Owner

Master's Degree

 
6,668 satisfied customers
I started an s-corp over legal zoom but never did anything

i started an s-corp over legal zoom but never did anything with it and never operated and forgot about it. it has been a year. i want to get rid of it. what is the estimate of penalties i will pay?i also worked as an independent contractor for a few months as a job, but never filed taxes on the 1099 because it was only for a few months. Will i get penalties, if so, how much, it's been a year since then. Also, is there a way i can resolve this conflict? Is there a timeline i can re file and include those in my tax filings? Is it fraud to not file this, i do not want this trouble and want to resolve completely.

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37,564 satisfied customers
Prior to 2006, I accumulated contributed both pre-tax and

Prior to 2006, I accumulated contributed both pre-tax and after-tax funds to a 401k. At the time I stopped making contributions to this plan when I left that employer, I had contributed $20,000 after-tax.In 2006, I rolled over this 401k to an IRA. I have a statement from the 401k administrator that shows that, on the day of the transfer, the plan contained $20,000 in “tax-free” funds.Today, I still have that roll-over IRA plus a second 401k plan into which I can roll-over new funds even though I am no longer employed by the company that sponsors that fund. I have made no contributions into the roll-over fund. I have no other IRA except one that I inherited from my father. This second 401k plan also contains about $25,000 in after-tax contributions made between 2000 and 2015My goal is to move all the tax-free fund in the IRA and the 401k to a Roth IRA and the taxable funds to a traditional IRA.My plan is1. Roll-over the taxable funds from the IRA to the second 401k using a trustee-to-trustee transfer.2. Roll-over the tax-free funds from the IRA ($20,000) to a Roth IRA.3. After transaction (1) clears, roll-over taxable funds in the second 401k to a traditional IRA and the tax-free funds to a Roth IRA.Questions:It is my understanding that transaction #1 is tax-free only if because the destination is a “qualifier retirement plan”, i.e., the second 401k.; in other words that moving the taxable funds to the 401k is required to avoid any taxes I might otherwise incur with transaction #2. Is this correct or is there an easier way to accomplish my goal?It is my understanding that while certain types of roll-overs between IRAs are limited to one per year, this limit does not apply to trustee-to-trustee transactions or to transactions between an IRA and a 401k. Is this correct or do I need to wait twelve months between transaction #1 and transaction #3?

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37,564 satisfied customers
Tax Return, Schedule C Losses I am retired, with retirement

Tax Return, Schedule C LossesI am retired, with retirement income, and interest from investment incomeI wish to operate a rental business,(Large mobile RV Vehicle rentals to actors/actress's) and anticipate first, and second year losses.How much loss can be used to offset retirement and interest revenue to lower tax liability

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have a scorp and probably did only one billing this year

I have a scorp and probably did only one billing this year for 10k few days . what would be right way to run payroll and the options i have if there is going to be no billing for the rest of the year.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,534 satisfied customers
Tax Advance Advisor and knowledgeable: Fresh Start

Tax Advance Advisor and knowledgeable: Fresh Start Initiative IRS Program: I need to know how to apply for the Fresh Start Initiative Program. The IRS says I owe $31,000 and it has affected everything. They put a lien on everything and I do not know how to remove it. They now have said they will take 15% of my social security which I get $2,000 and they plan to take $300 per month leaving me with $1,700 left per month and there is no way for me to pay my rent and cost of living. I am 63 years old and have no other income I also owe student loans of $121,000 and credit debt of $30,000. All of my assets are in storage and the movers are trying to auction them. Please help and give me good knowledgeable direction.This information is urgent for me so I really need someone who is knowlegeable on this program and what I can do.

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PDtax

Owner

Master's Degree

 
6,668 satisfied customers
Getting a second opinion on this question, as I have

Getting a second opinion on this question, as I have received conflicting information.I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up thepayment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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