Join the 9 million people who found a smarter way to get Expert help

Recent Taxes on Income questions

A person lives and has a primary residence in nyc. the

a person lives and has a primary residence in nyc. the person wished to purchase a summer home in ct? will they have to pay ct taxs? other than property? aka personal state taxs? what are the rules for ct?

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,622 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?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,770 satisfied customers
I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,770 satisfied customers
How is this distribution to an S-corporation taxed: Basis at

How is this distribution to an S-corporation taxed:Basis at the beginning of the year $10,000Income 3,000Tax exempt interest 1,000Distribution 20,000Non deductible expenses 2,000Section 179 deduction 5,000How much is gain and how are the non deductible expenses treated?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

star-full
8,926 satisfied customers
I am a retired paralegal. My former boss still lives in New

I am a retired paralegal. My former boss still lives in New Mexico, while I am now living in South Carolina. She would like me to do so freelance work for her -- answering phones, taking messages, etc. Do I have to collect SC gross receipts tax on my work? Barbara Holley

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

star-full
3,742 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?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,770 satisfied customers
Need Advice URGENTLY- just did an employee buy out of small

Need Advice URGENTLY- just did an employee buy out of small business, need to register business with state. Trying to figure out the best filing structure. It's a little tricky. I'm a single mother of 2, I am currently receiving assistance with food and housing, and until I get the business going I will still need this help. I was originally going to be an LLC. However, my thoughts were if I have a regular paycheck like an employee, it would be easier to submit this as my income than to do there monthly sheet of income and expenses BECAUSE this is a very seasonal business, the profit from the summer needs to be used during the winter to stay afloat. The assistance programs are not going to care that it's not really extra income and they will consider everything after that months expenses as my income for the month, and disqualify me from assistance. I believe, from what I just read online, only with an S-Corp, can a owner receive a regular paycheck with taxes taken out... #1) Is this true? #2) Is it going to be more difficult to have an S-Corp vs LLC? (I was so against a sole proprietorship before now unsure.) #3) The total revenue annually is only $50-95K, not a big money maker, any suggestions on which way I should structure? Given that I will need to report my income and will need assistance with food and housing for the first year in business?

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,622 satisfied customers
I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: 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.

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,622 satisfied customers
My Aunt is 75 years of age and has lived and worked in the

My Aunt is 75 years of age and has lived and worked in the US for some 30 years. She retired over 10 years ago.For family reasons she needs to leave the US and live in the UK. She will also have to hand back her Green Card. She has an IRA account, which if liquidated before she leaves the US, will be taxed as income. If she has it liquidated after she has returned to the UK, and handed back her Green Card, will the money be subject to withholding tax which she may be able to claim back under the Double Taxation Treaty, or will it still be deducted for US income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NOJA: 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.

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,622 satisfied customers
View more tax questions
In The News