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Recent Tax Payment questions

I've been a 1099 employee months, and I haven't had any

I've been a 1099 employee for 3 months, and I haven't had any taxes withheld. I'm trying to figure out how much money I should be withholding from my paychecks going forward so that I don't owe money at the end of the yearJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: My salary is 35000

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Mark Taylor

Certified Public Accountant

Masters

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Three siblings received the same disbursement amount into

three siblings received the same disbursement amount into their safe trust accounts from a business that the trusts own equally. The tax profession paid the taxs based on the trust account rate, in other words the funds where not disbursed to their personal accounts but held at year end in the trust. one sibling lives in nj, another in nyc, the last in nys,suffolk county. Are there 3 different tax rates base on where they live or it based on where the trust is domiciled?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
I have a question about a returned check, I had two 941

I have a question about a returned checkJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had two 941 payments that went to the wrong bank account. Will the clearinghouse resubmit the ach payments?JA: Is there anything else the Accountant should be aware of?Customer: Will i receive the 608c letter if the clearinghouse resubmits?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
Lane - You were very helpful with some tax advice last

Hi Lane - You were very helpful with some tax advice last January, and I have another question for you now. I'm inheriting an IRA from my grandma of about $11,000. It's a traditional IRA set up more than five years ago, and I'd like to know the best way to transfer it or liquidate it to avoid tax consequences. A guy from ***** ***** (who is managing her estate) called and explained it needs to be transferred out of the estate to a "beneficiary IRA" first, then I can have it transferred to TD Ameritrade. He mentioned something about possibly having to take "RMDs" over a period of time. Ideally, I would prefer to just liquidate it tax free :). But if that's not possible, we are putting about $45,000 in our retirement accounts this year so if I can just replace $11,000 of those contributions with this, I'd be good with that, too. Our personal IRA's are already maxed out for this year. Is there a way to transfer this inherited IRA to my (or my husband's) 401K and just leave it there without tax consequences?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have an LLC that is registered as a foreign corporation in

I have an LLC that is registered as a foreign corporation in the State of Maryland, because I bought a house in Maryland for investment purposes. What tax forms and other paperwork do I need to file for the 2015 tax year in Maryland?

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
I am a the single owner and employee of an S corp. I have an

I am a the single owner and employee of an S corp. I have an established salary, and my accountant provides the service of paying my FICA/payroll tax on a monthly basis. However, he does not do any Federal income tax withholding for my monthly salary, and says that I can just do quarterly estimated tax payments. Is this correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
I'm generating Oregon Form WC. I'm selling a

I'm generating Oregon Form WC. I'm selling a property for $120,000 with no money down and carrying the loan at 9.4% interest. So the first year will be mostly interest payment and very little principle. I read at https://www.oregon.gov/DOR/forms/FormsPubs/form-or-18-wc-tpv-18_101-183_2015.pdf that " The authorized agent is only required to submit a tax payment on the first installment of an installment sale". Since this is a straight 30 year payment plan with $0 cash up front (i.e. first money I receive is 30 days after the sale), then what line item on Form WC reflects this? #1 Consideration? or maybe #3 Net Proceeds?

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

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3,922 satisfied customers
I am a recent retiree from VAH and initially ytransferred

I am a recent retiree from VAH and initially ytransferred TSP savings to NWLI for an annuity but before signing policy I changed my decision due to unexpected financial difficulties. The company returned a check to me without retaining taxes. I ant to comply with legal regulatory taxes that apply. My question is if that is payabke when filing in 2017 or now. Please help me with your advice.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
2014 return filed jointly. My wife made the full amount of

2014 return filed jointly. My wife made the full amount of social security tax payments ($7254). I has 2 jobs and paid $9966 in social security. Using TurboTax, I showed a excess credit of $2713. The IRS sent me an audit notice that owe $2713.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
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