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United States
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Can Self Employeed People ever be subject to capital Gains rather than the regular rates?
If you have a self employment that revolves around capital gains can you be subject to capital gains instead of the regular rate or is there no such examples in America?
1 Answer6 days agoIs donated income taxable?
if i were to hold city council seat and donate all my salary would it be considered taxable income less than 6k annual for city council in my city. ?
7 Answers6 days agoIrs installment agreement ?
Did they add 2020 taxes to my 2018 installment agreement? It says modified we will be deducting $200 each month but I put that on 2020 tax form installment agreement why is it saying tax period 2018!??
1 Answer7 days agoshould i file my tax return when i am a victim unemployment fraud?
i want to file my tax return to get my money faster but i am not sure if i sure should file it or not since someone received unemployment in my name.
5 Answers1 week agoIf I make custom-made cakes, will I have to pay any taxes as a business or collect sales Tax? ?
If I just advertise locally to make cakes on demand for people (probably won’t make too much) would I have to pay any taxes or collect sales tax? I live in Iowa, I’m a minor too if that’s relevant. I would just be me making them at home. Please be thorough in your answers, thank youu.
5 Answers1 week agoWould I Pay Lots of Taxes If, I'm a Senior &?
Both my wife and I are over 75 years old. Our combined social security benefits are $24,000 or so a year. We also get about $2,000/year or so in dividend income from investments. We are very frugal and don't require much money to live off of, as we have no debt. Each year, we take out about $7,000 (combined) in RMDs from our IRAs. So, that is about $24K + 2K + $7K = $33,000 or so that we bring in. We typically don't owe any taxes.
However, a friend has suggested that we convert our IRAs into Roth IRAs for a number of reasons. However, she said that may affect our taxes temporarily (as we make conversions). I can see some benefit to doing conversions. I don't even mind paying taxes on them a few years, supposing we take 3-4 years to convert everything. However, I'm wondering if I should be worried about paying A LOT of taxes if I convert "too much" at a time and what that figure would be that would be considered "too much" of a conversion?
For example, if I converted $15,000 or $20,000 this year, then would that count as income for me and my wife? And, would I not only have to pay taxes on the converted amount, but also on my Social Security? Trying to just understand better before taking action and appreciate all the help I can get. Thanks so much!
5 Answers1 week agoWhat did you use your IRS Stimulus check on?
I paid a bunch of old parking tickets, paid my friend back his $$, then spent the rest on take-out, beer, cigarettes and scratch tickets.
23 Answers1 week agoIs this an overpayment by chance?
2019 my parents claimed me as a dependent (2019) which means I did not receive the first two stimulus checks. I am aware that the 3rd was to be included with my parents lump some but when I asked them for my share they said “they didn’t get it” and only got $2800. When I filed for my 2020 taxes, I clicked that I did not receive my $1400 in which it automatically generated in my tax return. I have received the payment of $1335.02. Yesterday, I received a paper check of $1400 from the US treasury. I’ve contacted the IRS and the US treasury but have no been able to get ahold of a representative. Could this possibly be an over payment? Is it okay to send this back if it Is? Thank you!
5 Answers1 week agoCan I take out my Ira savings under 5,000?
Due to the Pandemic ,Can I take out my last amount of under $5,000 from my Fidelity IRA that says after 71 years of age you must take it in a check they send you monthly or yearly so you don't get a high penalty for withdrawing the full amount ?
3 Answers1 week agoIs there a penalty to file form 1065 k1 late?
I missed the deadline to file k1 form and neither did I file for an extension. Can I still file it late? I didn't earn very much from the partnership for the fiscal year 2020 only $245. Is there a penalty and will this affect my credit? Thank you very much!
2 Answers1 week agoStarted job recently...dont understand taxes?
I am a resident of Georgia.
Job is in NJ.
Living in PA (with parents).
My first few checks I had NJ witholding tax only.
This last check I see both NJ withholding and PA withholding. With only NJ taking 0 this time and PA taking about 100.
what is happening with my taxes...am I going to be paying taxes in both states or should I now only expect to pay taxes in PA? Does sick days have anything to do with any of these things...I am so confused.
3 Answers1 week agoare you entitled to the full amount of the standard deduction or is it based on how much taxes you paid?
I think I'm having trouble understanding the difference between deductions and tax refunds
9 Answers1 week agoWhat happens if you don't return exchanges on Amazon?
3 Answers1 week agoNys state taxes?
If you receive 17,000 in unemployment in NYS how much state tax would you owe?
3 Answers1 week ago