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Recent Tax Liability questions

Are you familiar with NC Corp State Tax Law? OK - is Pearl

Are you familiar with NC Corp State Tax Law ?JA: No. I'm the Accountant's Assistant.Customer: OK - is Pearl familiarJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had 3 businesses that I sold between 2005-2007 time frame. All of them went thru an Audit and without the long story, I was not defended well and owed a massive amount of State Tax money between 2003-2006. Business 1, I paid in full, business 2 and 3 have attempted payment plans over the years. In 2014, the State moved my entire amount owed from a business's account to my personal SS number and wrote off any amount owed that was past the 10 year mark. Now everything is past the 10 year mark and last May, the state garnished my income to help reduce the debt faster. Seems to me that everything is past the 10 year, I should be able to get out of this debt.. I realize I owe but this is hard to pay back with interest, penalties, etc.JA: Is there anything else important you think the Accountant should know?Customer: That is main idea

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PDtax

Owner

Master's Degree

6,990 satisfied customers
I file a very simple tax return every year, receive a refund

I file a very simple tax return every year, receive a refund of about $500. I just recently found out that I had a pension account with a company I worked for over 20 years ago. I am going to take the lump sum payment to pay off my remaining debt. My question is, even though they will deduct 20% in federal taxes and an additional 10% penalty since I am under 59 1/2, I would like to know how this will affect my tax filing? Will I have to pay instead of receiving a refund?

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
My adjusted gross income is 62,000.00. How much should I

My adjusted gross income is 62,000.00. How much should I have taken out of my check so I don't have to pay at the end of the year? I have no deductions so it is a straight 1040. Can you tell me approximately how much I should be paying?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
What options are available to defer or minimize tax

what options are available to defer or minimize tax consequences for withdrawing a death benefit IRA ?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I have a question about extension filing status. For 2015,

Hi Pearl, I have a question about extension filing status. For 2015, my now ex-husband and I filed an extension with both of our names on it (jointly). However, we have since then gotten divorced and we are coming up on the due date for the extension. I would like to go ahead and file my own return as "Married Filing Seperate". Can I do this? Is there any special form that I need to do with this? Thank you!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: We had a tax liability that we paid with the extension if that makes any difference.

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I am thinking about pulling out $25,000, from my 401K

I am thinking about pulling out $25,000, from my 401K account for my start up business? What should I be looking at for next years tax returns, when I have to pay the taxes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
Double taxation Worked in US for 14 years - made a lot of

Double taxationWorked in US for 14 years - made a lot of money - a lot - didn't pay us taxes but rather Italian. - he is Italian.

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
My wife is on disability s.security. she is 62yrs old. I am

My wife is on disability s.security. she is 62yrs old. I am on ss age 66. She has 148k in ira and I have 178k. We want to buy a house cash for 120k using our iras. Our present home is on market for 250k and we own outright. Can we take 120k out of her account w/out paying a lot of taxes? I figure lowering her income in case she needs to go into assisted care facility

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
First, we have used Turbo Tax to do our income tax returns

First, we have used Turbo Tax to do our income tax returns for last two years. For tax year 2015, we owed $6000 in taxes, which we paid when we filed our return electronically. But Turbo Tax said our estimated taxes due would be $1850 per quarter, instead of $1500.(which is $6000 divided by 4). I thought the estimated taxes were calculated on the amount due at the time of filing the return, which was $6000. Is this true?I am paying the $1500 amount, instead of the $1850, but not on the schedule exactly laid out by Turbo Tax, but by Jan 2016, the total amount (which will be $6000) of the estimated tax will be paid. Anyway, if I have not paid the estimated taxes exactly on time, will we get penalized when we file our 2016 tax return? If so, how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
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