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Recent Reduce Taxable Income questions

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

17,158 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

17,158 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 My ss before the part time job was 1336 with 100 being withdrawn for medicare.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

24,192 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

3,954 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

17,158 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

3,954 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

17,158 satisfied customers
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