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Recent Taxable Income questions

How can I, as an owner in a condo, reimburse the HOA

How can I, as an owner in a condo, reimburse the HOA for my disproportionate use of electricity, consumed by a large freezer?The condo complex was built with electric power wired into the outlying garages. The HOA pays the bills for these (separately metered) garages. Originally it was expected that the use of electricity would be only for lighting and hand tools. However I and a few other owners operate large freezers in our garages. These put a significant burden on the (~$80 per month) on the circuits which are being paid for by the HOA. We have worked out an amount that we would like to pay back to the HOA as reimbursement for our disproportionate use of power. The HOA Treasurer has been unable to devise a bookkeeping scheme to keep the reimbursement simple, avoid it's looking like taxable income, etc. Is there a way?

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Mark Taylor

Certified Public Accountant

Masters

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I am not a US-citizen and I have a single-member

I am not a US-citizen and I have a single-member Delaware-based LLC. I am the sole owner. The LLC has a separate bank accounts, and all business expenses and income is kept separate from my personal finances. I keep the LLC finances in QuickBooks.I have two issues, related to getting money out of the LLC.- What is the proper way to get money out of the LLC to my personal bank account?- When do I pay the taxes on the LLC income - every time I make a money transfer from the LLC to myself (on the amount transferred), or once a year (on the total annual revenue of the LLC for that year)?

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Barbara

Enrolled Agent, Paralegal

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Would it make a difference if the buyer is a farmer and he

Would it make a difference if the buyer is a farmer and he uses the adjacent land for farming?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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What is the limitation section 179d deduction placed into

What is the limitation for taking section 179d deduction for year placed into service? The contractors continually talk about a twenty year carryforward. When would you ever carryforward the 179d deduction and why? Is the limitation basis or income or what?

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Robin D.

Vocational, Technical or Trade School

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My house and family are in NC. I worked and paid taxes in

My house and family are in NC. I worked and paid taxes in Michigan. I paid in over 8K total State taxes between both states and NC says I still owe them 4K. I don't think that is fair.

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Mark Taylor

Certified Public Accountant

Masters

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G. It is me again. We spoke about my situation in April or

Hello Stephen G. It is me again. We spoke about my situation in April or so and I have not taken the 401(k) deduction because I am still pondering the tax ramifications. So, I want to run the scenario by you and see if I have an understanding or not.If you remember my husband had a health issue and stopped working this year. He did receive some disability, accrued sick and vacation pay but his total income for 2016 will be substantially lower than years past.I have our taxable income figured close to this: My income $57,000, his $33,000 for a total of $90,000 estimated.I want to take $125,000 out of my 401(k) to get rid of our debt. That would take us to income for the year of $215,000.If I understand correctly, it would go something like this: $215,000 minus $25,000 (the 20% penalty from 401(k) deduction) taking it down to $190,000 minus an additional $6,000 of regular yearly deductions, so taxable income for 2016 being $184,000.That will put us up into the 28% tax bracket so I would multiply $184,000 x 28% and the tax I would have to pay with my 2016 return would be $5,152.00.Hopefully I have given you all of the information for your answer. But am I correct and is this what I can reasonably expect to have to pay with the scenario I have presented?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

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Q-FORM 8962 TAXPAYER REPORTIN AS A SELF-EMPLOYED INDIVIDUAL

Q-FORM 8962 TAXPAYER REPORTIN AS A SELF-EMPLOYED INDIVIDUAL TAX PAYER.HAD SET UP MONTHLY PREMIUES F-109A. TAX PAYERS HAD A CAPITAL GAIN SALE MID-YEAR. WOULD THIS EFFECT THE ADVANCED PREMIUME TAX CREDIT.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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More than 10 years ago I established an irrevocable trust

More than 10 years ago I established an irrevocable trust for the purpose of providing incidental support to my handicapped sister. The trust was not required to distribute income and paid tax on the income every year. My sister recently passed away. The terms of the trust call for the balance in the trust to be evenly paid to my siblings and me. Is this money considered taxable income to the recipients?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

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