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I Seem To Be Doing More And More 501c3 Tax Returns, Is There An Online Source That I Can Go To For Questions??
User Photo Michael Baum, EA
Tax Professional Level: Tax Enthusiast

Here is a listing of links that should help. The first one from guidestar.org is one of the best sources for information on 501(c)(3’s). http://www.guidestar.org/rxg/help/faqs/form-990/index.aspx http://www....   Read More
What Is The Income Tax Rate In The State Of California For A Single Parent With Three Children?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The tax rate is based on a combination of the number of dependents, filing status, CA AGI, and taxable income. Tax tables are then used to determine the tax as long as TI is $100,000 or less.   Read More
How Do You Calculate A Rate Reconciliation?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

A rate reconciliation (RR) is a calculation prepared in the determination of arriving at an effective tax rate for Federal purposes. It has several parts to the formula. It begins with a statutory tax rate, which...   Read More
We Have Received An Intent To Levy Letter And Want To Know Happens?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

IRS should have sent an explanation of what happens when they intend to levy. When taxpayers do not pay their delinquent taxes, the IRS has the authority to work directly with financial institutions and other...   Read More
Can I Withdraw Money From My IRA To Pay For Medical Expenses? What Are The Rules Surrounding This Type Of Withdrawal From My IRA? What Type...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

IRC Section 72(t)(2)(B): Distribution from a qualified retirement plan to pay for unreimbursed medical expenses to the extent they exceed 10% of adjusted gross income (AGI), regardless of whether or not the...   Read More
I Am Considering Withdrawing Money From My 401K (I Think It Is An IRA Now, Because I Don't Work At That Company Anymore) To Pay Off Debt....
User Photo William Keats
Tax Professional Level: Master Tax Advisor

It all depends on how much you withdraw from your IRA (assuming you rolled over your 401(k) into an IRA), as well as your other income and your age. If you are younger than 59 1/2 years old you could be hit with a...   Read More
0 0 401K IRA
It Is My Understanding That The Estate Tax Was Repealed In 2010 But Was Reinstated In 2011 With Significant Changes In The Exemption...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The exclusion for both estate tax and gift tax for 2011 was $5,000,000 and increased to $5,120,000 for 2012. The maximum estate tax rate for 2011 and 2012 is 35%. The exemption amount for 2013 is $5,225,000, with...   Read More
What Is A Carbon Tax? What Countries Have A Carbon Tax? Why Have One?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

A carbon tax is a tax on the carbon content of fuels.....a tax on the carbon dioxide emissions from burning fossil fuels. It supposedly lowers emissions. Many countries in the world already have such a tax; not US....   Read More
I'm A Service-based Self-employed. In Order To Meet The Demand From My Clients, I Contract Other Individuals To Help, Some Of Them Are...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

There are no reporting requirements to the IRS if these foreign individuals are contractors who do not enter the U.S. I would send them a 1099-MISC for THEIR reporting purposes to their own government.   Read More
What Is A Crummy Trust? Should I Create One To Benefit My Children?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Crummey trusts are another commonly used method of gifting assets to children and other minors. These trusts allow multiple beneficiaries and permit control of assets well beyond age twenty-one under the terms of...   Read More
0 0 Trust

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