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Recent tax questions

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 My ss before the part time job was 1336 with 100 being withdrawn for medicare.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

 
24,192 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

 
3,516 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

 
24,192 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

 
24,192 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

 
16,276 satisfied customers
A couple has been filing their taxes as "married file separately&

A couple has been filing their taxes as "married file separately": One spouse earned much higher than the other. Mortgage and home equity loans are under both names but mostly with the higher earner's name first, and the SS#. Property taxes are with two names, no SS# *****However, for the past a few years, they had the lower earner claimed ALL of the mortgages, home equity loans, and property taxes, although most of the time showing negative taxable income while the higher earner was paying taxes. The lower earner and kids are living in the property they own, all tax documents (1098's and property taxes) were coming to the home address, so the spouse who received them claimed them.Realized the issue, can they switch this year to have the high earner to claim the deductions of the mortgages, loans and property taxes? Or should they just do 50/50 of everything? Or should it be 50/50 for just property tax, then each claim the mortgage and/or loans if it is under his/her SS#?Do they need to file corrections for previous years' returns, as all deductions were on one person, and that person didn't have enough income to cover the deductions?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
We lost a good sum of money from a Ponzu scheme (Black

We lost a good sum of money from a Ponzu scheme (Black Diamond) that just was settled in court this last year. The case was prosecuted and the US Government and they sent us a check for our part of the recovered money. We know exactly how much money we invested and how much money we got back and we received no money in form of any dividends that might need to be subtracted from the original amount. What is the best way to file for this type of theft? How many years can I spread out this theft?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
My wife and I are 67 & 68. Our taxable income was

My wife and I are 67 & 68. Our taxable income for 2015 was $172K and I put $18K into a 401K (no employer matching). Can I open a traditional IRA with $6K and further reduce my income? Can my wife, who only made $3K, open a Spousal IRA or something like that, that would further reduce taxable income?

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Bill

Master's Degree

 
2,000 satisfied customers
I have no income other than minimal interest on savings. I

I have no income other than minimal interest on savings. I am paying alimony from my savings over $20,000 this year. My question, is the tax paid on this money refundable?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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