Taxes - Nerdwallet

Taxes

Taxes refer to the money the government collects from individuals and businesses, usually taken from income or added to the price of certain goods.

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Craig Smalley
Craig Smalley
EA, CEP
Orlando, FL
41 recent answers
Michael Cash
Michael Cash
EA
Modesto, CA
17 recent answers
Larry McClanahan
Larry McClanahan
CASL®, CFP®, ChFC, CLU, EA
Clackamas, OR
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Forrest Baumhover
Forrest Baumhover
MBA
Tampa, FL
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Michael Rude
EA
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All Questions: Taxes
NewPosted February 12, 2016 · Los Angeles, CA

You have a few things going on here so I'll break everything down as simply as possible. You are turning 70 1/2 in 2016 but you don't need to take you...

NewPosted February 12, 2016
Curtis (Curt) Sheldon

Curtis (Curt) Sheldon

AIF®, CFP®, EA, MBA

You can claim management expenses against your income.

I would highly recommend that you meet with an Enrolled Agent (EA) or CPA to get advice/comple...

NewPosted February 11, 2016 · Seattle, WA

Good question, and one that really depends on a lot of other factors. Are you working or retired? Single or married? Kids? Do you have other inve...

NewPosted February 10, 2016 · Seattle, WA

You can open additional Roth accounts, but, the total amount that you are eligible to contribute doesn't change.

However, you might be able to open...

NewPosted February 10, 2016
Linda Jacob

Linda Jacob

CFP®, AFC®

As long as you lived in the house two of the last five years, you are exempt from paying capital gains tax on the sale of your home up to $250,000.00.

NewPosted February 10, 2016 · Los Angeles, CA

If you mean by "caretaker" that your daughter is the owner of the account and each child (grandchild) is a beneficiary of a specific account, then whe...

NewPosted February 10, 2016

Since you both have employer sponsored 401k plans, your retirement savings goal should be to max out your 401k contributions (and catch-up contributio...

NewPosted February 9, 2016 · Oklahoma City, OK

The cost of commuting is not deductible.

Craig W. Smalley, E.A.

Admitted to Practice Before the Internal Revenue Service

NewPosted February 9, 2016 · Ft Worth, TX

There is no 10% penalty on the withdrawal of an inherited IRA. You would be subject to income tax at your individual tax bracket on the withdrawal. ...

NewPosted February 8, 2016
Larry McClanahan

Larry McClanahan

CASL®, CFP®, ChFC, CLU, EA

If you're selling your primary residence and you've lived there for 2 of the 5 years prior to sale, then you'll be eligible to exclude capital gains o...

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