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2014 return filed jointly. My wife made the full amount of

2014 return filed jointly. My wife made the full amount of social security tax payments ($7254). I has 2 jobs and paid $9966 in social security. Using TurboTax, I showed a excess credit of $2713. The IRS sent me an audit notice that owe $2713.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I was my elderly mother's care taker of 2015. I was unable

I was my elderly mother's care taker for all of 2015. I was unable to work anywhere else so she paid me 600.00 a month. I just figured another 600.00 for room and board, although it did not come to that much. Do I have to pay taxes on the room and board.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I need a taxes question answer I am in the process of

I need a taxes question answer I am in the process of retired an have a pension when retired can collected, social security which I will have to wait 5 years to collected, 401 K retirement I h aVe several option start collecting and pay balance down or rolled over in to a self directed IRA and invested money or roll over into a Roth IRA and wait five years and get the money out tax freeI research several states where there are no pension taxes and social security taxes. These states where Illinois Penn Florida Alabama and Mississippi I want to find out is this possible Will any of this income be taxes

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
If I work first half of a year as a subcontractor (1099) and

If I work for the first half of a year as a subcontractor (1099) and the second half as an employee (W2) ... and if in each half I earn over the max social security wage base of $118,500 (say about $300,000 total) ... I assume the employer for the second half of the year will pay $7,347, and I will have $7,347 deducted from my paycheck. Will that be all? Or will I have to pay additional for the first half of the year?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
944 satisfied customers
I have a question regarding a relative who receives SSI and

I have a question regarding a relative who receives SSI and is moving to a new home. Will the money she receives from the sell of her property disqualify her to receive SSI? She plans to give the remainder to give it to her daughter.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My organization is 501 (3) C and is exempt from Federal

Hello my organization is 501 (3) C and is exempt from Federal income tax. Is that the Federal withholding or the FICA withholding?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,558 satisfied customers
I've carefully gone over my tax situation with a consultant

I've carefully gone over my tax situation with a consultant and did some calculations some calculations on my own, with the percentages and numbers provided to me by just answer.comNow I feel comfortable about what to expect, filing taxes this year with the IRS. However, I still have a few more follow-up questions if you don't mind helping me:To my last conversation I was basically told that 0.153% is used for self-employment tax and basically .25% is what to spec on the net income...

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Megan: this is Juan again! (remember? the trouble maker?)I

Megan: this is Juan again! (remember? the trouble maker?)I am now 63 year old. I retired from a big corporation after 25 years of service and started a business that builds Computer Based Learning Courses. It is C corporation with one employee (my daughter) and myself as officer but not employee. I build most of the courses with overseas resources.I have 51% ownership on the new US company and the rest is distributed among the 3 individuals (non resident aliens) that provide me with the completed courses. The C Corporation pays the Non Resident Aliens the work they provide through fees paid in their personal accounts here in the US.Our revenues for the last two years have been close to $600,000 with profit before tax of around $20,000. That cover all expenses but not any compensation for me. Being this a start-up company, I have not taken any money as dividends or salary. I expect revenues to grow to $800,000 this year but with PBT of around $40,000I work with my daughter from home (which is the legal address of the corporation) where we have an office of 400 sq.ft. in a house of 3300 sq.ft. I have not charged the company for any expenses like office space, internet, telephone (cellular and line). I have a car I am financing use for business and leisure but is in my name and never charged to the company.I am also collecting SS payments as early reirement ($1700 a month) as I have not had any salary for 3 years. I own 6 properties I rent but have not created any company and I am including all income in rental real state line in my personal tax return (with my wife) I use turbotax premier to run all my tax returnMy questions are:What expenses could I charge to the company (office rental, car payments of a existent or new Car, phone expenses, personal medical insurance, club memberships, etc) and will those be considered as wages in my 1040?Can I continue to be the officer of the corporation, not have salary but take above expense reimbursements and some dividends (not considerable, but just like $20,000 or $30,000)My objective will be to keep on collecting SS payments (not go over the $15,000 wages bar) and have the corporation pay for some of my other expenses.Thanks in advance for your help

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,900 satisfied customers
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