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Recent Reduce Taxable Income questions

Do I have to pay for this advice? I really only have one

Hello there. Do I have to pay for this advice? I really only have one question so I hope not. :-(JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I work full time at a non profit, but also do some independent contact work on the side. I read that paying into a retirement account will help me reduce the amount of taxes that I owe on my self-employment income. However, instead of opening up an individual 401k, I think it would be easier for me to enroll in the 403b retirement plan at my non profit organization. If I make contributions to the 403b will this still help me reduce the amount of taxes I will owe on my self-employment income? From what I understand 403b plans and 401k are technically the same thing.JA: Is there anything else the Accountant should be aware of?Customer: Right? No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,400 satisfied customers
Which is better from a tax perspective....make a charitable

Which is better from a tax perspective....make a charitable contribution directly from MDA IRA account thus reducing taxable income or to take the MDA amount as taxable income but then make a tax deductible charitable contribution?

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I live in California. My tax situation is relatively

I live in California. My tax situation is relatively straightforward. I'm trying to estimate my tax bill for 2016 assuming I earn ZERO between now and the end of the year and any expenses mentioned below are what I'll have incurred by 12/31/2016.SingleNo dependents$57K self employment income$3K long term capital loss carryover$0 HSA contributions$0 IRA or other retirement contributions$12 Schedule A deductions$3K state tax REFUND...also, if you could please estimate my CA tax liability that would be great also.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,400 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

20,400 satisfied customers
I am on social security but just this year took a part time

I am on social security but just this year took a part time job. I am 67. My ss before the part time job was 1336 with 100 being withdrawn for medicare. I estimate I will probably make 35 to 40,000.I am an independent contractor selling jewelry for a company. they do not deduct any withholding. What should I start putting away for in Taxes?

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
If you are a US citizen and move to England how does

If you are a US citizen and move to England for work how does it work and get reported tax wise and what do you need to do as far as filing a US tax return?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,182 satisfied customers
I own a condo in Italy. It is rented 100% of the time. Because

I own a condo in Italy. It is rented 100% of the time. Because I get to deduct the depreciation (although across 40 years) plus italian real estate taxes, I end up with passive loss. However, I still pay rental income taxes in Italy (about 20% of the yearly gross rental income) because there is no such a thing as deductible depreciation overthere. Having said all of that, can I get a foreign tax credit for only the income tax paid in Italy (not for the property taxes!!), or do I have to add another deduction which increase the passive loss, but has virtually no effect on the US tax return?

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
I own a business that makes 220k a year. I only have 1500

I own a business that makes 220k a year. I only have 1500 dollars a month in expenses. Should I be taking the rest as my salary? It is an s corp and if I paid myself a "reasonable" salary it would only be about 75k a year to do the job im doing. What's the best way to do this tax wise? Pay myself a reasonable salary and keep the rest tied into the business or pay myself more?

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
If I add an automatic, monthly, charitable donation to a qualified

If I add an automatic, monthly, charitable donation to a qualified sec 501c3 organization,,,may i offset this by lowering my monthly withholding taxes by an equal amount?Example: I enroll in A monthly automatic donation to Children's Hospital of $250.I then instruct my company's HR dept to lower my withholding tax by $125 each bi-weekly pay period. Any problem with this idea?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,400 satisfied customers
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