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Recent Tax Burden questions

I live california and currently filling as sole proprietor

Hi, I live california and currently filling as sole proprietor we are looking at forming LLC or incorporate with 2 owners of the business would word be 50% owners of the business what world be the best choice to lower tax burden for Federal and state Taxes?Thanks

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ABC Accounting Group

Bachelor's Degree

988 satisfied customers
It is for Utah State Income tax. Can you help with that? At

It is for Utah State Income tax. Can you help with that?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: At the end of 2011 my husband left the family and moved to Wyoming. He stayed there the entire year of 2012 and until Sept of 2013 when he came back and got a job in Utah for a month before he left again. We were in contact and were not getting along well AT ALL. I file the taxes thru Turbo Tax and because there was no legal separation, filed it jointly as usual. He came back in 2014 again to try to make things work, finally coming back around Christmas time that year and getting a job in Jan of 2015. Apparently Utah passed a law in 2012 that took affect in 2013 that if your family lives in Utah, you are domiciled there even if you DON'T live there,or have licences there or are registered to vote elsewhere. I had no idea of any of this at the time, because life was a hellish turmoil, and who reads tax laws or even cares until they effect you, right? They are saying he HAS to pay taxes on ALL he earned in 2013 and 2014 even tho he didnt live here.JA: I am Pearl, the Accountant's Assistant. Is there anything else important you think the Accountant should know?Customer: Not that I know of, but I can answer questions if they have any. Though I doubt they will be able to help with Utah taxes...

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
I am cashing out my IRA how much will i get back if i have

I am cashing out my IRA how much will i get back if i have 78k?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: O okJA: Is there anything else important you think the Accountant should know?Customer: I make 50k so I dont know what tax bracket i am in

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
I'm considering a job offer right now and I need to know if

I'm considering a job offer right now and I need to know if it is financially viable. I live in NYC, but the job is based in New Jersey. Untaxed, my monthly salary will be around $4,100 per month. What can I really expect to take home in monthly earnings?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that's all the details.

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
Is a person there now? Are you a real person? I am an

Is a person there now?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Are you a real person?JA: I'm an assistant to the Accountant. I work with them to help customers like you.Customer: I am an employer. I missed filing a required 1099 for 2014. We have received notice of IRS audit for 2014 corporate return. Should I file the late 1099 now?JA: Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
We made a large capital gain after selling some stock.

We made a large capital gain after selling some stock. Didn't realize that there was such a thing as short term and long term capital gains. Is there any way to reduce the tax burden associated with a short term capital gain?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I am a self employed physician, so we are reporting income from schedule C as $197,000.

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
I have short term capital gains to report from foreign

Hi. I have short term capital gains to report from foreign exchange currencies trading for 2016. I did not do active trading, this was on a managed account. I need to report the gains while reducing my tax burden. The account is off shore with an overseas broker, so no tax forms will be sent to the IRS. Most of the profits were reinvested back into the trading account. I hope I can be liable only for what I withdrew out of my account and into my bank. I have a Virginia LLC (one person).

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
Resident and got capital gain the sale of residential

I am PA resident and got capital gain the sale of residential property in foreign country during 2015. I got the foreign tax credit by filing form 1116 Foreign Tax Credit and 1040 federal tax return.Can I get credit for capital gain tax Paid to foreign country for Pennsylvania Personal Income Tax Return? Otherwise I have to double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived.

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
Filing income tax returns as a married couple with a

helloJA: Hi. What is your issue regarding?Customer: filing income tax returns as a married couple with a prenuptial agreement.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I did a google search, which led me to your site and I see some posts related to the topic but they are from 9 years ago.JA: Is there anything else the Accountant should be aware of?Customer: My wife and I are newlyweds, having married on 2/22/16. We are preparing to file our income tax returns for 2016 and have been mulling over how we want to approach this. We have a prenuptial agreement and I want to be very careful to maintain the integrity and enforceability of the agreement. We both had our own family law attorneys and we were both happy with how the prenup turned out. My attorney constructed the agreement and my wife's attorney reviewed and requested several rounds of revisions. However, the agreement didn't (and doesn't) specifically address filing our income tax returns, in large part because I did not anticipate this issue, having never been married before.The main issue as far as I can see is if we are able to file jointly somehow or if we must always file “married filing separately.” It's my understanding that “married filing separately” is more work for a CPA and will generally result in a higher tax return preparation fee. I would obviously like to avoid paying a higher tax return preparation fee if possible but not at the expense of jeopardizing the agreement that my wife and I paid a good deal of money to have put in place.My wife and I have reached out to our family law attorneys for some advisement on this matter, including whether there should be some type of postnuptial agreement related to income tax return filing stacked on to our prenuptial agreement. As of yet, I haven't gotten any great responses from them. I am now wondering if it might be better to get a tax attorney's advice on the matter, which is why I am reaching out to you.I am not sure what is the best way to proceed in regards ***** ***** retaining your services. My wife and I are located in Buena Park near Orangethorpe and Stanton and my wife's parents live in Shadow Park in Cerritos….so your office appears to be pretty convenient for us.Thanks,Ryan

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taxmanrog

Master's Degree

1,148 satisfied customers
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