I am considering moving from NJ to FL within 12-18 months. I am a 66-year-old single male with a salary over $120k, receiving Medicare but not yet applied for SS. I am selling my business and primary residence, and will be shipping three vehicles to FL. What are the tax ramifications of leaving NJ and moving to FL, particularly regarding the sale of property and registering vehicles?
November 23rd, 2024
I bought an apartment in Russia in 2008 under my mother's name, and I paid for it and renovations with wire-transferred gifts totaling around $200K. In 2013, my mother transferred the apartment to me as a gift, which was tax-free in Russia. Now, I'm considering selling the apartment for $200-250K, which would be taxed at 13% in Russia. I plan to wire the remaining sum to my US account. Are there any taxes I'd need to pay in the US, and if so, how much?
October 3rd, 2024
I worked in Dubai, UAE, from 2005 to 2012 and received an 'end of service benefit' payment in 2013 when I moved back to the USA. Do I need to report this entire amount as taxable income on my 2013 tax return, or can it be pro-rated based on the periods I lived in Dubai and the USA?
April 21st, 2024
I have a single-member LLC that filed for S corporation status election before the deadline in April. We filed a Form 941 and deposited payroll taxes for Q1 in April using our old EIN. In June, we received confirmation that the S election was accepted, along with a new EIN. Do I need to file a Form 941-X with the old EIN to get a refund and file a new Q1 Form 941 with the new EIN and justification for 'failure' to deposit/file?
July 2nd, 2024
I am self-employed and made an adjusted gross income of $16,543 in 2013. In 2014, I expect to make a similar amount. I filed my 2013 1040 ES return on time and paid $3,035 in Federal income taxes for 2013. My CPA provided me with payment coupons for estimated payments in 2014, but I missed the April, July, and September payments. I paid the full amount in December 2014 for the January 14, 2015 payment date. Will my payment be considered late and subject to penalty? Are 2014 taxes due on April 15, 2015, or not? Am I legally required to make estimated payments on time, or can I just pay all at once before the April 15th deadline in the future?
September 5th, 2024
How can I make a deal with the IRS regarding a tax debt that has resulted in a lien on my house, with the amount increasing due to interest and late fees?
February 13th, 2023
I own a rental property and have been deducting mortgage interest. Are there any other tax benefits for this rental, and is it a good idea to start drawing social security at 66 years and 2 months while still working full-time?
August 25th, 2023
We are a consulting company in Turkey and need to fill out the W8BEN-E form. Our main shareholder has dual citizenship (U.S. and Turkish). What sections of the form do we need to fill out, and how does the dual citizenship affect the form?
January 11th, 2023
I have a joint venture with my siblings that I need to file first to get the K-1s needed for my personal taxes. I didn't sign up to do this. How do I go about setting up the partnership account first and then doing my personal one?
March 9th, 2024
A Canadian citizen who owns a Canadian corporation is working out of California for a US-based corporation. What form should the US corporation request from the Canadian individual - W9 or W8, and is 30% tax withholding required?
September 9th, 2024