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Recent tax questions

I am preparing a estate tax return. I need to calculate the

I am preparing a estate tax return. I need to calculate the value of future retirement benefits I will receive as the beneficiary of my spouses retirement payments and will include on the estate return. Is this something that you can calculate for me if I give you the necessary information?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I am selling a bakery business for $160K The APA agreement

I am selling a bakery business for $160K The APA agreement prepared for buyer allocates the sale of assets as $150K FF&E, $5K goodwill, $5K non compete covenant. Our bakery is owned by a single partner llc and files an 1120S annually. How is the income from theFF&E treated? Shouldn't that number be much lower?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
My elderly mother put me and my brother's name on her

My elderly mother put me and my brother's name on her property in Oregon. When she passes on, what rights do I have if I want to sell. The taxes are a lot and he is living there already not keeping them up. I payed them for years myself does that benefit me in any way?

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Anne

Master Tax Preparer

 
3,084 satisfied customers
I am preparing form 1120 using Turbo Tax business and cannot

I am preparing form 1120 using Turbo Tax business and cannot get the NOL worksheet and NOL Summary schedule to calculate properly. I have completed an Excel spread sheet folr tax years 2008-2014 so know what the numbers should be. My FYE is 9/30/15 for Tax Yr 2014. I have filed for 6 mo extension which was due yesterday.

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
An LLC was formed and registered in NYS. The business is

An LLC was formed and registered in NYS. The business is located in NJ. Does a NYS tax return need to be prepared or just NJ? Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I got a letter from the IRS concerning m 2013 tax returns.

I got a letter from the IRS concerning m 2013 tax returns. They want proof of my deductions for medical, home office, and contributions. I don't have any of that. We had a tornado touch down two weeks ago and there is water damage in my attic. My father-in-law (who lives with us) accidentally threw away all of our records. Worse case scenario, what can I expect?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Will I have to worry about my other returns being audited? I lost everything to prove my expenses.JA: It's hard to know for sure. The Accountant will figure it out. 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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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I have not filed our income taxes last 3 years, which is not

I have not filed our income taxes for the last 3 years, which is not good. The first year (2013) was b/c my husband lost all of our deduction records esp. the medical ones. I have to had some of them re-sent to me. Since then, my computer has lost everything that I had finished through Turbo Tax, so I have to try to re-create it--I have decided to just send it in anyways. We would get back about $3,100. Now in the following year (2014) we were told that a credit card "forgave" our debt of $13,000 to them so this is now considered income (if we had the money to pay the credit card--we would have and the credit card balances were so high due to a fraudulent business that I tried to do on-line to help us pay our bills--I am on disability and working out is hard for me, so I try to make income as best as I can to pay the bills and I was taken advantage of by unscrupulous company(ies) of the amount of $25,000 on several credit cards). In addition to it looking like we made a lot more income because of the discharged cards that had to now be listed as income (ha, ha--how does that work??), we also lost the ability to claim my mother, who we support as a dependent as the income limit for a dependent changed to a low of not more than $3,500 for that tax year. We also could not claim any medical expenses since the medical percentage to income limits was raised. Triple whammy!! So when all was said and done we owed the IRS about $1,700. which we cannot afford. How can the government think that we can pay taxes on a bill that we could not afford to pay?? I presume that the banks were able to convince congress that an unpaid bill is equivalent to income, but not so. Since the big banks were no longer able to charge inordinate amount of interest and other fees, they have found this other way to collect. Well, let me tell you that with all the interest, late fees and other fees that they charged us, we did pay the initial principle back. So this is just a way to steal from us, poor American citizens. So I did not file since we cannot pay or even make payments on an "unfair" and "unjust" law that allows Americans to be punished for being poor. Again if, we were wealthy, we could afford lawyers to defend us, but alas, we are not. In the past when we owed the government for a lost business that my husband had--he owed about $3,000 in employee taxes of some sort, the government put us on forbearance, but continued to charge us interest--even though they had over $3,000. of my unfiled refunds for taxes due to me in their coffers.

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Barbara

Enrolled Agent, Paralegal

 
4,688 satisfied customers
What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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