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Recent tax questions

Getting a second opinion on this question, as I have

Getting a second opinion on this question, as I have received conflicting information.I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up thepayment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I want to count my mother as a dependent 2016 tax year. She

I want to count my mother as a dependent for the 2016 tax year. She is married, but will be living separately from my father shortly and by the end of the year. She will be receiving $348/month from SS for the remainder of the year. I understand that some of her SS benefits could be taxed because she would be filing separately even though she will have lived with my father for part of the year (please confirm).How much do I need her to support her to be able to claim her as a dependent and get the head of household benefit. I understand that I need to provide half of her household expenses to qualify.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
1. According to Publication 501, "Gross income includes

1. According to Publication 501, "Gross income includes gains, but not losses, reported on Form 8949 or Schedule D." Does that refer only to any net loss reported on line 21 of Schedule D, or can't one even subtract capital losses from capital gains to calculate gross income?2. The "Capital Loss Carryover Worksheet" in the 2015 Instructions for Schedule D refers to "your capital loss carryovers from 2014 to 2015." However, if no tax returns were required to be filed since the 2011 tax year, can the capital loss carryover from 2011 be used to calculate the capital gain or loss for line 13 of the 2015 Form 1040?Thank you very much.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Closing a small church,s 5013c, have a couple thousand

closing a small church,s 5013c, have a couple thousand dollars to transfer to personal account, how do I pay taxes on it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I'm working with a corporation that incorrectly recorded

I'm working with a corporation that incorrectly recorded installment sales on cars they sold for many years. They've been providing financing to customers and were booking sales based on cash received (per the installment loan agreement with the customer) - rather than based on the sales price of the car.This was an error based on a misunderstanding of the revenue recognition rules for car sales. My question is... Would fixing this error require a reporting a change of accounting method or the IRS? Or simply filing amended returns.

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I have a federal tax lien, and I am about to set up payment

I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up the payment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
We are investing in a start up company with a friend. It is

We are investing in a start up company with a friend. It is very promising at this time. It is anticipated that we will begin to produce income in a few months.We own shares so are self-employed. We are paid a salary but no SSI or taxes are taken out since we are owners.For this tax year it is highly unlikely that we will owe taxes. This year's investment is $60,000 and my husband will not reach that amount in his "pay." Since this will, in all likelihood be a loss year, are we obligated to pay into the IRS and state on a quarterly basis? We do not have the resources to do that, just to get a refund upon filing taxes next winter.Thank you,Judy Kovarik

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Community property state where the wife wants to file as

Community property state where the wife wants to file as HOH, claiming her daughter. Husband will have to file as MFS. However, because they live in WA, don't I still have to prorate everything, excluding premarital assets?Thank you.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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