My husband took out $30,000 from his 401k. Can he pay only that specific amount for this tax quarter by September 15, 2008, or does he have to include it with his income for 2008? And what would the taxes be for that amount be living in California?

February 11th, 2024

If I purchase a sole proprietorship franchise business, do I have to pay a self-employed tax rate or a standard individual tax rate? What tax bracket and rate do I fall under, and am I subject to potentially high self-employed tax rates like 40%?

September 19th, 2023

When I inherit land from my father which now has a cost basis of $150/acre, will I automatically get a stepped up basis and if so, how much? The land is worth $2000/acre currently. Also, is it advantageous to word the deed to 'transfer on death' to avoid probate costs?

May 19th, 2024

What is the maximum social security tax in a year?

April 25th, 2024

I live in Florida and plan to open a distributive company selling merchandise overseas, specifically to Ukraine, Russia, and Israel. I need to understand how sales taxes work, what reports I need to submit to the IRS, and how federal taxes are paid, especially since I am also a full-time employee.

November 7th, 2024