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Recent Progressive Tax System questions

I have a condo in San Diego that I have owned since October

I have a condo in San Diego that I have owned since October of 2008. I lived in it from that time until October of 2009 when I joined the military. Upon joining the military I was moved around the country from October 2009 to July 2011. During this time I rented out the condo as a long-term rental.In July 2011 I was stationed back in San Diego and I returned to live in the condo from July 2011 until October 2012 when I bought a single family home and moved there. Since October 2012 until the current time, May 2014, I have been renting out the condo as a short term rental. If I were to sell the condo right now would I be subject to capital gains tax?

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Lane

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Doctoral Degree

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regarding the exceptions work sheet, if adjusted income is

regarding the exceptions work sheet, if adjusted income is $116081 what after standard deductions, what formula would you use to figure deduction for exemptions on line 42?

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Lane

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Doctoral Degree

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I will be working in China. What can I expect to pay in taxes

I will be working in China. What can I expect to pay in taxes on the my income in RMB (Chinese currency) as a U.S. citizen. And, what portion of my income earned abroad will be shielded from taxation by the IRS? Is there a risk of 'double taxation'?

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USTaxAdvising

Partner

Bachelor's Degree

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My husband lives abroad due to a work assignment (less than

My husband lives abroad due to a work assignment (less than 30 days in the US in 2011). I live and work in the US. He pays foreign income tax and I pay U.S. tax. His entire income is under the foreign income exclusion amount, however, if filing jointly, the resulting tax is much higher than what I would have paid filing separately. Can i claim foreign tax credit in addition to foreign income exclusion since we're filing jointly? Or are the two mutually exclusive? If so, can I use his foreign tax to offset my US liability (assuming filing jointly)?

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R. Klein, EA

Tax Advisor

Master's Degree

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I recently have been working 3 separate jobs, and am confused

I recently have been working 3 separate jobs, and am confused on what i should be claiming on my w-4 form. Since i have 3 jobs i dont want to have to owe so much back at the end of the year in taxes. i normally claim 2 on my checks, should i not claim 2 at all my jobs?

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CGCPA

Owner

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Aloha! I am trying to find out who I should go to regarding

Aloha! I am trying to find out who I should go to regarding taxes and financial planning for a trust account. I am the trustee, my son is the beneficiary. I sold my stepdads property after he dies five months ago, and now the money is in the bank and I'm not sure what taxes are dueJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not much else to be aware of. The other beneficiaries have been paid. I still have to pay a few debts, but otherwise my son, who is a minor is the main beneficiary.

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Mark Taylor

Certified Public Accountant

Masters

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I am an ER physician. In 2016 I am taking $500,000

I am an ER physician. In 2016 I am taking $500,000 distributions from my defined benefit account to start a business. I spoke with my accountant, he advised pay the IRS estimated taxes on the distributions (in addition to my regular estimated tax on my earning as an ER physician), 45% of the distributions. To be sure I would be slightly overpaid, I paid the IRS 50% of the distributions or $250,000, hopefully 5% overpaid on the distributions, in addition to the taxes on my regular income. My income for 2016 and 2017 should be about $800,000 for my regular income as an ER physician. My question is, will I have to pay an extra amount of estimated tax on my income in 2017 because of the distributions in 2016? I will not be taking any distribution in 2017 but I am concerned I will have to pay an enormous extra estimated tax, in essence an overpayment, because of my income in 2016.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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I received a letter from he IRS telling me I owed $538.00 on

I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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An LLC was formed in the State of Florida. Articles of

An LLC was formed in the State of Florida. Articles of Organization read its an LLC . Received the SS-4 letter which states form 1065 is to be filed. The owners of this new LLC are calling themselves gen ptr and not members. Asked for the Operating Agreement and received a Partnership Agreement that they created themselves. Question is for the 1065 question on the partners , are they General Partners or LLC Manager, Limited Partner (I don't think so) or LLC Members? What is the difference

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
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