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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All Questions: Taxes
NewPosted May 26, 2016
John C Brandy

John C Brandy

CFEd, AAMS

In most cases no, you can't have two loans on the same 401(k). Your balance is small enough that if you happen to be, you know, important to the comp...

NewPosted May 26, 2016

If you have an approved installment agreement and are making the payments, IRS can take no other collection action except offsetting tax refunds.

NewPosted May 25, 2016 · Los Angeles, CA

The two are not connected except that both are now debts you owe. If your income this year is roughly the same as last year you know what to expect a...

NewPosted May 25, 2016 · San Francisco, CA

The short answer is don't try it. Taking all your income from an S corporation as a distribution is IRS Audit bait and for what you are doing there i...

NewPosted May 24, 2016
James Kinney

James Kinney

CFP®, CCPS

Well the answer is complicated. Your ordinary income will be taxed in the same brackets. Then the capital gains are added on top. So your taxable i...

NewPosted May 23, 2016

You don't say how much you spent on improvements. That will add to the cost. Additionally you will have about $5,000 in sales costs so you may be lu...

NewPosted May 23, 2016

Sales Price - (Remaining Mortgage Balance + Cost of Improvements + Selling Expenses) = Capital Gain

The capital gain will then likely be taxed at 15...

NewPosted May 23, 2016

If your 401(k) plan allows for a partial distributions you may want to plan your renovation project so that half of the payment to the contractor is m...

NewPosted May 22, 2016

The mortgage is irrelevant. Her capital gain is $2,900,000 minus sales expenses minus $1,000,000 minus $250,000 exclusion. If she bought it with you...

NewPosted May 21, 2016

Congrats on your long-term capital gain!

Most tax payers face a 15% tax rate on long term capital gains.

Earners in the top bracket face a 20% rate ...

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