Unanswered Tax Questions

Deductions and Write-Offs

Married but filing single

My husband and I are separated, not legally. His choice was to file this way. He claimed me as a dependent on his taxes without asking me. I've already done my taxes and I don't even know if I could have claimed myself or not because I owe in $95 to the IRS I just want to make sure that it's legal that he claimed me. We do own a house together. So maybe he could do that as head of household.

Health Care

Hardship withdrawal from my 401k

I'm thinking of taking a medical hardship withdrawal from my 401k. I am in New York state. Principal (the 401k holder) claims that they withhold 10% to pay taxes on the withdrawal and will 1099 me in January. Will this 10% null any increases to my state and/or federal income tax for 2024?

Deductions and Write-Offs

ACA Insurance or Company Insurance

My S corp pays all of my medical insurance for my wife and I . We have no employees. I've semi-retired and moved to FL. Would I be better off expenses my medical cost with the business or getting a private policy through the market place, ACA? Example Blue Cross Insurance $1600 a month with the government crediting $1200 a month, net cost $400 a month.

Retirement

Quarterly taxes

We live in Indiana and my wife and I are both now retired, our combined income, which includes Soocial Security and a Pension is around $52,000 annually. Should we pay quarterly taxes?

Payments and Penalties

i got a settlement do i have to pay taxes

i got a settlement do i pay tax on $13,999.00 dollars

Business Formation

Opening up LLC for gambling business

I have a gambling strategy that I’d like to use as a side business for a few hours everyday. (My actual job pays 110,000 and I am in New York City. I am a 22 year old single). Would it be tax efficient to open an LLC to avoid increasing my adjusted gross income? (Does increasing my AGI by $10,000 even make a difference in taxes?) If so, is it beneficial to open one out of state (to reduce annual filing fees)?

Personal Taxes

IRS Form 8594

If I buy a business for 1,000 and the cash in the bank is 25,000 and the inventory is worth 50,000 do I pay tax on the difference?

Deductions and Write-Offs

Deductions for 2 jobs

I work a full time job at a gas station. How do taxes work of I start doing doordash? Can I still take the standard deduction from my first job and then deduct the mileage from doordashing as well?

Personal Taxes

I am full retirement age and need to know how much additional income can I make this year without paying taxes on my social security income

Home Ownership

which is the right way?

I JUST STARTED A LLC FOR HOUSE MY MOM GAVE ME IN MAINE. I LIVE IN NY. LLC FORMED IN MAINE. MY QUESTIONS IS THAT I JUST TRANSFERRED THE PROPERTY FROM MOM TO ME. I HAVE TO GET LENDING AND SHOULD I TRANSFER PROPERTY FROM ME TO THE LLC? WHAT IS THE BEST WAY TO DO THIS AND THIS IS THE ONLY PROPERTY THAT IS GOING TO BE IN THIS LLC AS IT IS A FAMILY HOUSE THAT WILL BE RENTED FOR INCOME. SHOULD i TRANSFER TO LLC AND KEEP AS A LLC? OR SHOULD I MOVE EVERYTHING TO A FAMILT TRUST NOW. AND ALSO CAN i MOVED ALL THIS INTO A FAMILT TRUST LLC LATER. WHICH WILL HAVE LESS TAX IMPLICATIONS KCEMLLC@YAHOO.COM