We have two companies, a service company and a manufacturing
We have two companies, a service company and a manufacturing company. We are considering combining them into one company, but are trying to determine what the tax factors are. Would it be better for us to leave them separate, or would it not make that much difference if we combined them.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that's it. We just want to make the best decision for the company.
Attempting to understand how I ask IRS to reverse Lock in
attempting to understand how I ask IRS to reverse Lock in Letter - been in place for almost a year now - I am married; no children; current withholding on pace for 36% tax bracket despite my income being $117,400; which should be a 28% withholding amountJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: don't think so - I am salaried employee; all taxes paid and up to date with IRS
Possibly.. I had a Fannie Mae mortgage, the mortgage
possibly. My Name is Jeff. I had a Fannie Mae mortgage, the mortgage servicing company refused to work with me and the house was foreclosed on in in Feb 2016. I know the how was sold by Fannie Mae in June of 2016. Will - will I get a 1099-C from the servicer or Fannie Mae for this year?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I had tried for 5 years to work out something out and the house was for sale for 3 years, so I was not living there, so I'm afraid I wont qualify for the tax forgiveness.
My question is similar one you answered here: "My mother is
My question is similar one you answered here: "My mother is 74 and can make about 400,000."Here is the question:My Mom inherited a home along with her sister in 2013. The valuation at the time was 253,000 (from property assessors office). She sold it this year for 220,000. However the value of the house when it was built by my grandfather was $121,000 (in 1991) Sounds like no capital gain tax would apply. Correct?
I am owner of an llc. The company deals with flipping
I am owner of an llc. The company deals with flipping houses. We just completed a sale of a property in which after expenses we made 69k. My question is are we subject to capital gains taxes of 28 percent even though we just reinvsted the money into another house using the profit we acquired. The business itself is breaking even even though the sale of the particular house generated profit
When I cash out and IRA for $41,000, does the 10% penalty
When I cash out and IRA for $41,000, does the 10% penalty come off the top, and then the rest of the taxable income get's taxed based off of my tax bracket? Since I can type in the amount I would like taxed before cashing the IRA, I am trying to figure out if 30% is enough to cover all the taxes. Does paying off student loans count as "education" and provide an exception to the 10% penalty?
Looking for a quick help from a CPA around building a trust
Hi, My name is***** for a quick help from a CPA around building a trust and CA Beneficiary Taxation rulesJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Okay, I live in CA. I am working on my will and trust formation. I have given 3 people as successor trustees after my days and 2 of them live outside of CA. My lawer asked me to get clarification from a CPA about the CA Beneficiary Taxation Rules that will effect teh CA taxation of my trust in light of 2 out of state person designated as successor trusteesJA: Is there anything else important you think the Accountant should know?Customer: nope
Sr Financial & Tax Consultant