asked
I have a savings bond account with approximately $80,000 in undeclared interest, with 30 bonds maturing in 2030, resulting in a tax bill of $43,000 for accumulated interest. I will be 70 1/2 next year and will start making mandatory withdrawals from my IRA, which will be $14,000 next year. What should I do regarding these financial obligations and potential tax implications?
February 7th, 2024
As a sole proprietor, I had a large profit in the 4th quarter of 2015 that may require me to pay estimated taxes for the first time. Do I need to file estimated taxes by January 15, or can I file and pay my 1040 by April 15 to avoid penalties?
April 27th, 2024
By the end of 2017, I will owe about $100k in back taxes. The breakdown is as follows: 2013 - $15k, 2014 - $9k, 2015 - $30k, 2016 - $26k, and 2017 - $27k (estimate). Is there anything else important you think the Expert should know?
November 25th, 2024
I make $2,000 per month as a live-in caregiver, and I will receive a 1099 form for this income. I need to know how to pay my own Social Security/Medicare taxes and how to handle my income tax, including which forms to use and how to calculate the amounts. Additionally, if I am paying COBRA premiums through a past employer, can I deduct any of that?
May 2nd, 2023
A taxpayer wishes to claim insolvency to exclude cancelled debt income from taxation. He has an interest in an employment pension fund which he cannot access until a certain age. Does it count as an asset in the insolvency calculation?
October 12th, 2024
My mom passed away and she had an irrevocable trust. I am the trustee and need help with Form 593-C. I believe I am exempt. The property is being sold for less than its value at the time of her death. What are the tax implications and how should I proceed with the form?
November 11th, 2024