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Recent Tax Liability questions

I'm an insurance agent with sub-agents contracted with me. I

I'm an insurance agent with sub-agents contracted with me. I was recently required to reform my sole proprietorship into an LLC by one of the carriers I represent. How do I pay myself and how will my taxes be different?

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
I am in the middle of a divorce and need to have a estimate

I am in the middle of a divorce and need to have a estimate how much California tax and federal tax I will owe on my income come tax time at end of the year, we have not had a judge tell us which of us can claim our son yet but his attorney keeps saying my income is not taxed. I know it is at the end of the year it has been since I was disabled in 2009. My income is as follows. SSDI for mysel $1190 monthly minus part B premiums of $178 and Part D premiums of $75 . I get SSDI dirivative from my past employment for my 15 year old son of $297 a month, Cal-pers medical reirement (taxed) $437 a month, Child support $298 and Alimony $552 a month. please give me a amount I can turn into the judge to concider for my income and expense decleration.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,976 satisfied customers
I'm considering taking $8,000 out of my IRA account, I have

I'm considering taking $8,000 out of my IRA account, I have just over $11k. I know theres a 10% withholding fee for Federal, can you tell me what I can expect come tax season next year? How much will I owe the state? How much will the early withdrawal fee be? Ect

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,976 satisfied customers
I was wondering how much money i can make on top of my SSD

I was wondering how much money i can make on top of my SSD monthly payments,i haven't worked for six months, that's why i'm wondering

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Dr. Fiona Chen

President

Ph.D.

244 satisfied customers
I would like to check on information from Lombardi

I would like to check on information from Lombardi Publishing Corp. about 424K planfor retired citizens. Is it a legitimate fund for a good investment?

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Christopher B, Esq.

Attorney

Juris Doctor

4,976 satisfied customers
I got a stock award from my employer. When they gave it to

I got a stock award from my employer. When they gave it to me, I had to use a percentage of my stock to pay for taxes. I sold some of the stock in 2014. I didn't get any paperwork from the broker so I didn't include it in my taxes. Now I owe money to the IRS. But I don't understand why. I already paid taxes when I got the stock award. I could maybe see if the taxes were on the increased value of the stock (it was x amount when I got the stock and it's now worth x*100) but I don't think that's what it's basing it on. How does that work? What paperwork do I need to prove that I already paid taxes on it?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,976 satisfied customers
I recently lost my job after a lengthy illness and surgery.

I recently lost my job after a lengthy illness and surgery. My income for 2016 has been 17,500$. I am in medical debt and trying to recover physically. I do not qualify for disability and am seeking employment now. In the meantime, I am considering pulling 20,000 from my 401 K as a last resort to pay off medical debt and survive until employment is found. I know there is 10% taken out off the top. Isn't there a 25% payment on taxes for my complete income at the end of the year. How do I figure out if this will make me owe taxes? I own a home and have one child under 17 in my home. Thank you....trying to make an informed decision.

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
If I am trying to figure our my tax rate, do I include FICA?

If I am trying to figure our my tax rate, do I include FICA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am trying to figure out the tax rate on a lump sum amount paid at retirement and I am not sure if I need to include the FICA and Medicare taxes....The amount is at the 39.6% so do I need to include the additional money for medicare which makes the amount 41.35JA: Is there anything else important you think the Accountant should know?Customer: No, I am trying to figure out how your service works, do I pay for this

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
I have a new client who is a 70% partner in a privately

I have a new client who is a 70% partner in a privately owned manufacturing outlet in Bangladesh. My client is a US Citizen due to which I have advised him to file form 5471.When I prepare form 5471 is it true that I would take the line 5D number and report it on 1040 Other Income?Would I have my client pay taxes on 70% of his Income?Also for Depreciation for foreign assets would I calculate using ADS with Plant Equipment for 7 years and Real Property for 40 years?Thank you,Prashant

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
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