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Recent Tax Rate questions

I received a letter form the IRS stating I owe money based

I received a letter form the IRS stating I owe money based on an incorrect tax return in 2015. my now wife received money in her divorce through a 401k account. A 20% tax was withheld at the time. Why would I owe more in taxes on that money?JA: The expert will know how to help. Is there anything else important you think the expert should know?Customer: ?

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Robin D.

Vocational, Technical or Trade School

25,676 satisfied customers
With an S Corporation how does the tax process work? Do I

With an S Corporation how does the tax process work? Do I end up paying taxes twice? Once by the corporation and then personally when I take a check from the corporation? Am I allowed to keep funds in the corporation and not pay myself, or is it expected some of the money will be paid out to me individually?

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Robin D.

Vocational, Technical or Trade School

25,676 satisfied customers
I have a question about qualified survivor pre retirement

I have a question about qualified survivor pre retirement annuity and taxes related to itJA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I want to know the best path to take , either rolling over to a traditional ira, to a Roth IRA or taking a lump sumJA: Is there anything else the expert should be aware of?Customer: that's all

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Robin D.

Vocational, Technical or Trade School

25,676 satisfied customers
Big C Corp has $2,000,000 in Net Operating Income each year.

Big C Corp has $2,000,000 in Net Operating Income each year. It was to acquire 100% of Small C Corp that has no liabilities and only one asset: a $100,000 charitable contribution deduction. The federal tax rate for Big C Corp is 35%. Are there any IRS rules that apply to the change of control? What is the value (savings after consolidation) of Small C Corp to Big C Corp?JA: Since business law varies from place to place, can you tell me what state the corporation is registered in?Customer: DelawareJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No. This is more than enough complication

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,536 satisfied customers
1 year and 9 months ago I paid $45,000 for a house. I fixed

1 year and 9 months ago I paid $45,000 for a house. I fixed it up a bit over that time. I'm now under contract to sell it for $66,000. Will I be taxed on the difference between what I paid and what I sell it for or will I be taxed on the entire 66,000?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,930 satisfied customers
I'm working on terms for divorce and need to know if I

I'm working on terms for divorce and need to know if I accept my husbands retirement account as my portion of asset can I use the QADRO tax free to buy a new house? I understand I can roll it into an IRA tax-free, but then would a first home purchase be a qualifying exception to the tax penalty? And if so, I've been on title but not loan in the past as a married couple (my husband did the financing in his name) so would it even be considered a first home purchases?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,930 satisfied customers
Second opinion] Has the tax rate in Peru on capital gains

Second opinion] Has the tax rate in Peru on capital gains for non residents recently been changed? I heard it is now 5% and no longer 30%.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,536 satisfied customers
I am selling a rental property. I will be getting about 200K

I am selling a rental property. I will be getting about 200K in cash.JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I can put the money into retirement accounts, 529 plans and I can show a loss at my business to offset capital gains. Any other ideas?JA: Is there anything else the expert should be aware of?Customer: I think that is it

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Robin D.

Vocational, Technical or Trade School

25,676 satisfied customers
We are planning to hire a nanny for our little one. We would

We are planning to hire a nanny for our little one.We would like to pay for the nanny service through online bank transfer.Now my question, what information do I have to collect from the nanny to be able to include the nanny expenses during income tax filing at the end of the year?Is there any form, that I need to have it signed by the nanny?

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taxmanrog

Master's Degree

1,184 satisfied customers
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