asked
Can I deduct the maintenance (alimony) and health insurance payments I make to my ex-spouse from my reportable personal income, and if so, can I show these payments as business expenses to lower my gross income from my business?
March 29th, 2023
I started a Roth IRA in 2009. Can I draw that fund into my checking account on Jan. 1, 2014, and it will be tax-free income if I am 66 years old?
April 18th, 2024
As a grandmother, can I claim my grandson with autism who receives $250 a month in SSI and lives with me, if I pay over 50% of his expenses, without affecting his SSI payments?
February 22nd, 2024
Can a 100% member-manager of an LLC be considered an employee and take a salary, and can they also take money from the LLC as a distribution? Does the member-manager have to choose between taking a salary or a distribution, or can they do both?
February 1st, 2024
I received $40,000 from Wells Fargo as compensation for placing me in a higher mortgage rate than I qualified for. They mentioned I might have to pay taxes on this money. Why would this be considered income, and should I expect to pay taxes on it?
May 28th, 2024
I need to withdraw $35,000 from my IRA on January 2, 2014, and I do not qualify for any withholding exemptions. I am not yet 59-1/2, and my husband and I make about $250,000 annually with no significant tax write-offs. We are in a high tax bracket. Should I request no tax withholding on the IRA withdrawal to receive $35,000 and settle up with taxes and a $3,500 penalty at tax time, or should I withdraw more, say $70,000, and have about 50% withheld to net the $35,000? The $35,000 withdrawal adds less to our overall income and results in a smaller penalty, but I'll have to come up with all the tax money when I file my 2014 taxes. The $70,000 withdrawal with withholding solves the 'paying taxes' situation but results in a higher income, a higher penalty, and a bigger hit to my overall IRA funds.
June 13th, 2023