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Recent tax questions

I am 66 and am considering if I should start taking SSI but

Hello, I am 66 and am considering if I should start taking SSI but continue to work to the end of the year. The combined income might put me in a higher Tax Bracket. I could use the Social Security monthly payments to pay the extra tax and bank the rest. How do I calculate the best time to retire and start taking SSI? Thanks, Regards

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PDtax

Owner

Master's Degree

 
6,668 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 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
I sold a house in 2014 after being the primary resident of

Hi. I sold a house in 2014 after being the primary resident of the house for 2 years..I bought a new house the same year but I am selling this house before the 2 years are up. I put down 20% (the net proceeds from the first house into the second one) do I have to pay taxes on all the net proceeds from both profits or the first proceeds are tax exempt? Fyi..these were bought and sold in California. Thanks.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
932 satisfied customers
I have been renting a property to my sibling years. She is

I have been renting a property to my sibling for 5 years. She is moving and I plan to sell the property for a $100,000 profit. I plan to give her $75,000 of the profit for a down-payment on her first home. Can I deduct the $75,000 as a selling expense on my taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I worked in the US months last year. I got a job in Qatar

I worked in the US for 10 months last year. I got a job in Qatar and claimed tax exempt for 2 months. I went to file my taxes and the turbo tax said I was not eligible for child tax credit because of this. Is this correct? I am thinking there is a way to get my full refund still. I don't believe that I should miss out on Child Tax Credit because I worked 2 months in another country which would've been MAYBE $200 in taxes I would've paid.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,524 satisfied customers
I left my full-time job during the most recent quarter and

I left my full-time job during the most recent quarter and immediately started a consulting project. I'm trying to figure out how to calculate the estimated tax I owe, if any, for Q2.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,524 satisfied customers
I have not filed our income taxes last 3 years, which is not

I have not filed our income taxes for the last 3 years, which is not good. The first year (2013) was b/c my husband lost all of our deduction records esp. the medical ones. I have to had some of them re-sent to me. Since then, my computer has lost everything that I had finished through Turbo Tax, so I have to try to re-create it--I have decided to just send it in anyways. We would get back about $3,100. Now in the following year (2014) we were told that a credit card "forgave" our debt of $13,000 to them so this is now considered income (if we had the money to pay the credit card--we would have and the credit card balances were so high due to a fraudulent business that I tried to do on-line to help us pay our bills--I am on disability and working out is hard for me, so I try to make income as best as I can to pay the bills and I was taken advantage of by unscrupulous company(ies) of the amount of $25,000 on several credit cards). In addition to it looking like we made a lot more income because of the discharged cards that had to now be listed as income (ha, ha--how does that work??), we also lost the ability to claim my mother, who we support as a dependent as the income limit for a dependent changed to a low of not more than $3,500 for that tax year. We also could not claim any medical expenses since the medical percentage to income limits was raised. Triple whammy!! So when all was said and done we owed the IRS about $1,700. which we cannot afford. How can the government think that we can pay taxes on a bill that we could not afford to pay?? I presume that the banks were able to convince congress that an unpaid bill is equivalent to income, but not so. Since the big banks were no longer able to charge inordinate amount of interest and other fees, they have found this other way to collect. Well, let me tell you that with all the interest, late fees and other fees that they charged us, we did pay the initial principle back. So this is just a way to steal from us, poor American citizens. So I did not file since we cannot pay or even make payments on an "unfair" and "unjust" law that allows Americans to be punished for being poor. Again if, we were wealthy, we could afford lawyers to defend us, but alas, we are not. In the past when we owed the government for a lost business that my husband had--he owed about $3,000 in employee taxes of some sort, the government put us on forbearance, but continued to charge us interest--even though they had over $3,000. of my unfiled refunds for taxes due to me in their coffers.

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Barbara

Enrolled Agent, Paralegal

 
4,696 satisfied customers
I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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