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Recent Tax Credit questions

Could a tax credit be used to off set previous years taxes?

Could a tax credit be used to off set previous years taxes?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I recently installed solar panels and there is a almost 10K tax credit. I currently have a payment arrangement with the irs for 2009 and i would like to apply the tax credit to the outstanding taxes, is this permitted?JA: Is there anything else the Accountant should be aware of?Customer: Like what

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I would like to ask a question about a foreign income for us

Hello, I would like to ask a question about a foreign income for us resident.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am us resident since 2011. I spent most of the time from may 2011 to april 2014 in bolivia. I returned back to the us every 5 months for a week or two in order to maintain my greencard. I kept working in my country during that period and paid taxes in my country. My question is if I should have filed a tax return in the USJA: Is there anything else the Accountant should be aware of?Customer: I asked this question in 2013, and being told by 2 CPAs that I should have not paid or filled because I was not receiving income in the US, however, I also read about this topic on the internet and would like to confirm if I should file a tax return

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
My girlfriend lives with me, and is a self employed

My girlfriend lives with me, and is a self employed contractor working for beverage companies. She files a 1040 for her self employment tax each year. She made $6,000 before expenses this year. She also assists me with the operation of my business. Can I pay her as an independent contractor?Part2 of this question; What is the minimum she needs to get paid to qualify for obamacare, $11,870? I will basically be paying her the difference to get her to the minimum to qualify for obamacare. Does the $6300 standard credit, or expenses that come off after the fact matter, as long as she grosses the minimum to qualify? Medicaid is not an option as we are in Texas.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

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Question About Up Coming 2016 Federal Tax Return &

Question About Up Coming 2016 Federal Tax Return & Deductions - I wanted to know if there is minimum or maximum dollar amount that you can claim as healthcare expenses during a single tax year? If there is a maximun amount, can the left over amount be rolled over to next year. Also, can you tell me how the deduction for medical expenses calculated?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Trump wants to repeal the 40 percent "death" tax on estates

Trump wants to repeal the 40 percent "death" tax on estates over 11 million. Man dies in January 2016, but his estate filed 706 extension estimating tax liability. Is there any way Trump's repeal could be retroactive and apply to someone who died in January 2016?If Trump successfully repeals the death tax, what year would it effect?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I use eBay & take pictures to determine market value for

I use eBay & take pictures to determine market value for items I am donating, but how do I determine cost basis in the following scenarios?1. I am donating toys to goodwill, that are from my childhood.2.I have 30 new cash registers that are difficult to sell so I decided to donate them. The value of them is $60 online, but I bought them as part of an $8500 lot of unneeded office supplies from a company & did not have a specific value assigned. Msrp on them is $150. Alternatively, say I bought them at $10 each and donated them to goodwill at a value of $60 a piece (my determined market value) is this a donation red flag? - making a profit on a donation? On a $60 donation my tax credit is $20.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,404 satisfied customers
My wife used to work for Wells Fargo Bank full-time. She

My wife used to work for Wells Fargo Bank full-time. She left her job using personal leave/family leave to help take care of her aging parents that live in Kentucky. We currently live in Delaware. Initially, she only planned on spending 3 months down there and then coming back, however, she is now staying down there on an ongoing basis and has been there since December 2015. Her father started paying her $1800/month starting the end of January 2016 for her to help him take care of her mother who has severe Alzheimer's and is living in a nursing home. Is there any legal way to claim the income as gift income so that I do not need to pay income taxes? If not, are there any other suggestions for minimizing tax liability? I also work full-time for a local company in Delaware. She has since been terminated from her job at Wells Farg due to the length of stay in Kentucky.

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taxmanrog

Master's Degree

1,006 satisfied customers
It is LLC Units question can you help? My question is

It is LLC Units question can you help?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My question is regarding LLC unitsMe and my wife has LLC (partnership) and we are the only members. We started this business in 2011. We have operating agreement in 2011 which reflect that my wife has 72% share and mine are 28%. Until this time we did not issued any LLC units certificates to each of us.The last 5 years in tax return we showed different number of shares between me and my wife without any selling and buying agreement.In 2011 tax filed wife has 72% and mine is 28%.In 2012 tax filed wife has 82% and mine is 18%.In 2013 tax filed wife has 77% and mine is 23%.In 2014 tax filed wife has 77% and mine is 23%.In 2015 tax filed wife has 84% and mine is 16%.Now we need your advice that how we can issued the LLC units certificates in past dates to make the record straight. What other document we need? Need detail solution from year 2011 till nowJA: Is there anything else the Accountant should be aware of?Customer: no

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,404 satisfied customers
I am finalizing my 2015 U.S. tax Return. I have received

I am finalizing my 2015 U.S. tax Return. I have received some dividends from a Spanish. Company. I dividend was $100, however withholding tax of 16% ($16) was deducted by the company so I received $84. I know I should report dividends of $100, and claim a FTC of $16 through Form 1116, however, for other reasons, the FTC I am due is reduced to $5. So it make more sense to me to take the withholding tax of $16 as a tax deduction rather than a credit. How do I do this. Do I simply report the net dividend received of $84? Or do I report $100 and then where on the Return can I take a deduction for the $16 withholding tax?

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TaxRobin

Vocational, Technical or Trade School

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