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Last year my benefit was lowered due to increase earning for
last year my benefit was lowered due to increase earning for one year due to sale of office. it has not be returned to prior benefit since income was less at last tax filing. when does it go back up o… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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Penalties and Interest - Can you please dummy down how to
Penalties and Interest - Can you please dummy down how to calculate all the different penalties and interest the IRS and NC will charge on under/late payments, including the interest rates? Here is my… read more
Lev
Lev
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I need to file current and back taxes for someone who
I need to file current and back taxes for someone who experienced a catastrophic accident in 2011 and incurred some pretty high medical expenses (over 200k) since then. Specifically, I have three years of back taxes (2014, 2015, and 2016) to file and 2017 taxes. I did not worry much about 2014 & 2015 taxes being overdue because, given the high amount of medical expenses paid to health care facilities, I knew a refund was due for 2014 and 2015. However, 2016 is not as straight forward because those expense were for home health care. In addition, in 2017, a settlement was received, and my understanding is that the full amounts that were already deducted for medical expenses in 2012 and 2013 must now be included as income on this years taxes since there is no allocation for the settlement. Here's what is unclear to me: (1) when the back taxes for 2014 and 2015 are filed, can the medical expenses still be deducted for those years since the settlement wasn't received until 2017, as that would ensure a refund would be due for those years and penalties could be avoided? (2) Even if some of the home health expenses can't be deducted for 2016 and taxes are owed, if refunds are due from 2014 and 2015, would that reduce the amount considered overdue for 2016, thereby reducing the amount on which penalties are calculated? (3) Assuming 1 and 2 above are possible, must the entire amount deducted for medical expenses from 2012 - 2016 be included as income on 2017? Note: By "entire amount," I'm referring specifically to medical expenses related to the settlement, I'm assuming other medical expenses that aren't related to the accident do not need to be repaid. Please correct me if I am wrong. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am 64 and only get Soc. Sec. of 9000.00 per year as my
I am 64 and only get Soc. Sec. of 9000.00 per year as my only income. I went to the casino in 2017 and gambled and lost . I never file a 1040 . but I have to report my win loss to the IRS . how do I d… read more
Lev
Lev
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I having difficulty determing whether I need to file a tax,
I having difficulty determing whether I need to file a tax … read more
Lev
Lev
Tax Advisor
33,741 satisfied customers
Correcting an erroneous deduction: I amended my 2017 filing
Correcting an erroneous deduction: I amended my 2017 filing to take a deduction for IRA custodial fees in June 2017. That wasn't correct because the fees were debited directly against our IRA balances… read more
Lev
Lev
Tax Advisor
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Question: Can I file my taxes now and then still get an
Question:Can I file my taxes now and then still get an extension to submit them later in the year?… read more
Lev
Lev
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If I am reviewing my 2016 Income Tax Returns, which are
If I am reviewing my 2016 Income Tax Returns, which are itemized. (Married, 2 children)Add Line 40 (Itemized Deduction) + Line 42 (Exemptions ($4050 x 4 = $16,200)) which I would subtracted from Line … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
Lane, I have a few clients who make alot of money and live
HI Lane,I have a few clients who make alot of money and live and work in NJ or NY and do not currently fall into the AMT. If tax reform passes and SALT is eliminated if they have the cash couldn't the… read more
NPVAdvisor
NPVAdvisor
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My husband and I collect social security. He has a military
My husband and I collect social security. He has a military pension and I have a munincapal pension. He is 83 and I'm 81. Do we still have to file taxes? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
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Well yes.. By the end of 2017 I will owe about 100k in back
By the end of 2017 I will owe about 100k in back taxes … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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2,711 satisfied customers
Depends, how much does this cost? Well, I am in PA. My
My question is about our son. He just graduated from college yesterday. He is turning 26 in 2 days. We have been supporting him up to this time. He will take his state boards in 6 wks and will likely have a job by August. We will have supported him for at least 8 months of 2017. Will we be able to claim him as a dependent? … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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As a small-bussiness I am required to pay every quarter,
as a small-bussiness I am required to pay every quarter, however what is the underpayment penalty for not doing so and isn't it lower than 3% I can get in my bank - and if so why would I pay every qua… read more
Lev
Lev
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33,741 satisfied customers
If I owe the State of California $2000 from tax year 2011,
If I owe the State of California $2000 from tax year 2011, how do I calculate penalties & interest? Is that at all mitigated if I have a credit of $1700 from 2012 that I'm just filing?… read more
Lev
Lev
Tax Advisor
33,741 satisfied customers
2 questions. I am a partner in an LLC based in California-
Hi.2 questions.I am a partner in an LLC based in California- my self-employment earnings are $38,616 for 2016. 1. I understand that I have to pay a) income tax b) self-employment tax. How much is inco… read more
Lev
Lev
Tax Advisor
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I would like to declare my 23 year old full time college student
I would like to declare my 23 year old full time college student son as a dependent on my 2016 tax return. My concern is that he has 2 payed internships that he works weekly and full time on breaks an… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
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I have exercised all of my ISO options after leaving my previous
I have exercised all of my ISO options after leaving my previous employer in 2014. In order to be able to exercise all of the options I had to do a sell to cover. We also recently bought an electric c… read more
Lev
Lev
Tax Advisor
33,741 satisfied customers
I am retired and live with my infirmed wife, also retired.
I am retired and live with my infirmed wife, also retired. I am having trouble with some of the instructions on my 2009 Tax return EZ filing. Last year I made 3500.00 above my SS income, but according… read more
Robin D.
Robin D.
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