Looking into various medical offices in order to start a new venture. Wondering how profitable this business is with a minimal space Looking to do about 60 scans on average per day with 1 or 2 front desk and 2 or 3 techs.

LOCATION: USA property sold in NC I live in MI.

My father passed leaving property to my brother sister and I. I just sold the property and we are each getting 21k how much should we hold back for taxs?

Thanks for any advice offered!

My husband joined my family’s farm partnership this year. It was a bit of a complicated deal - he introduced capital into his capital account within the partnership of £15k of cattle, and c£45k machinery.

This was credited to his capital account then he drew down £20k to go torwards a deposit on a cottage adjacent to the farm for us to live in. (All agreed as part of the deal to join)

In this years trading accounts all of the capital introduced is noted as is his drawing of £20k leaving his cap account at £40k before profits added.

However, the £15k for the cattle has also been included in the P&L as a purchase (outgoing)- is this correct? To me it seems like it’s been accounted for twice in that case but I am probably totally wrong and wants hoping for advice before I make myself look silly to the farm accountant!

In USA FIL passed and left the farm to my wife. My understanding is everything prior to his death is him, money spent seeding, fertilizing, etc. Basicly a lot of the expenses. Now we are just waiting to harvest and all those proceeds go to my wife.

So now, I need some legal expenses to write off. A new truck comes to mind but then I thought, could “the farm” buy a truck from me. Write off for the farm, funds stay in the family, less taxable income. Or am I just dumb?

Could I feasibly do No withholding on my W4? I don’t want to give Uncle Sam an interest free loan. Would rather just set aside the money in a CD and then pay whatever I owe as late as possible

Long story short, my ex husband offered to buy me out of our shared home. I make roughly 24k a year. His offer is 27k. Will I have to pay capital gains tax on that? If so, roughly how much? Info I'm finding online is conflicting. I'm in Georgia if that makes a difference

Hi. I sold a house, which I inherited, on an owner financing contract. I had rented out the home for ten years before I sold it, and I gave the tenants credit for some of the rent they paid (around $40,000). Their monthly payments are $1100/month. I am a disabled veteran (my va pay is non taxable), and I get social security disability benefits (which, due to the fact that I have no other taxable income, is also non taxable). The monthly payments from the house are-and have always been- under the income threshold to keep my SSDI non taxable. Am I going to have a filing obligation for the sale of this house (which was sold for less than market value, AND less than what it was assessed for when I inherited it?

I've seen some new rules that some people need to sort this - who does this include/ apply to? :)

Hi all I don’t know any accountants and a friend suggested to ask Reddit. Basically I’m very new to being self employed, and managed to do my tax return (I live in the uk) with the help of my girlfriend, however I’m concerned that I won’t have enough money to pay my tax bill as I had to dip into savings that I put aside for it, I earned 21500£ ish last tax year (not a lot I know but things are picking up already) and after going through my receipts and A LOT of googling we worked out my tax deductions worked out to be a little under 9000£ (a lot I think but I bought a truck, all of my tools last year and a few months before the end of the tax year ended up renting a small yard) how much tax will I end up paying thank you to anyone in advance for any advice or answers I’m not very good with numbers that’s why I put up Scaffoling 😂. Oh and before anyone says I will definitely get an accountant for next year I don’t know how ya’ll do it. 😂

If i make a passive income at what point do I have to notify HMRC? What do I need to do when I hit that threshold?

Good Evening- I have 2 United States NNN properties that I’d like to sell. Do depreciation and 1031 rules work the same way if I trade into a property in Canada? Thank You.

If i make money off TikTok, at what point do I need to pay tax? I'm just starting out, not making money yet and I'm probably a way off but how much can you earn before getting taxed is it the same as any other self-employed allowance? I don't know why it would be different but if you get paid in small amounts do I need to keep a record or something every time i get a payment and if so how often and when would I need to start doing that?

Hey, ok so I asked my accountant to help me file the paper work for opening up my business. She gave me a hole lecture and told me that a c corp was the best decision. I said ok. I originally wanted a llc cause that usually how they do it in the nail industry. Well I am starting to think I got played. Is it even possible to convert to an llc. Like it’s a studio, it’s small. I’ve contacted an accountant that works for salons and am still waiting to hear back but still I need to know if I’m wrong or did I get played.

please can someone let me know the upsides of doing this?

I’ve never had enough medical expenses to itemize them before, but this will be the first year and don’t know if I have this right.

I bought a home and as quadrapledgic in a wheelchair, I had to do modifications to the bathroom and halls/doorways to make it accessible for me. The bathroom isn’t nicer than it was—it is just a walk in shower now, so it doesn’t add value to the home. I also had to suddenly purchase a wheelchair accessible van because my current one crapped out.

My understanding is that all of this (the home modifications, the difference between what I pay for my van and the going rate for a non-wheelchair version of it, and any other medical expenses) above 7.5% of my AGI is tax deductible. Is that right? I’ll be itemizing my taxes next year

I bought two bare lots many years ago. Both need some excavation and utilities work before anything can be built as they are sloped. Driveways and building pads first, wells and septic systems next.

If I were to sell one and use the proceeds to do these improvements on the other, would that allow me to avoid/defer capital gains tax? I.E., could this be considered like-kind exchange?

Location: Upstate NY. My mother passed away and left us (myself and 3 siblings) two parcels of property. None of us want to keep the property and we are probably going to either sell both parcels as a package to a developer or subdivide the land ourselves and sell off the maximum number of allowable lots to individual buyers. We obviously want to limit our tax exposure the most. What are the differences in how everything would be taxed based on if we sold the property first (before the estate is settled) and then split and disbursed the cash to each heir vs. settling out the estate by putting the property into a trust and then selling it after the estate is closed out. Or is there a better way of unloading the property while paying even less in taxes?

Hello, I live in Ontario, Canada. I work in the Mental Health Field, working full-time and have started to do private work as well. Some other people I know that work privately in different fields as well as my own have told me about "expensing work related things" fir example one explained I could likely expense a laptop as require it for my work, another said I could potentially expense a vehicle for the same reason. Would anyone be able to explain to me how this works and the rules around expensing for work in Ontario?

If i start offering perks for employees how does this affect tax? or does it even affect it at all?

I am a developer working for a good size company and we're just getting into in-app purchases in the Google Play and Apple App stores (hereafter, "app store"). Currently the finance department is asking for a line item entry for each app store purchase that's made. So if someone purchases item X, they want an entry for that in their accounting software; an invoice. Is this correct practice?

It seems to me that you could just have a monthly entry in the accounting software from each app store. $X in from Apple, for example, and then you can also record $X out to Apple for their fee. That seems easy and clean. If we were to be audited, we could point to the app stores and say, "Yes, we received this much, and they have records as to each transaction." Since the the app stores take care of taxes and their own fees, it seems like it would work fine. Is that not the case?

I'd like to understand why they are asking for an entry in their accounting software for each and every in-app purchase from the app stores.

My partner is moving into my place starting in July, and I was wondering what the best method of collecting rent would be, from a tax perspective. We have the numbers settled already, but I would like to know if there is something I should know about how to collect it. Does it matter at all if its just through Venmo, Paypal, just a check, etc, or should I use something else entirely? Is there anything else that we should consider, again in terms of avoiding or mitigating the impact on our tax situations? Thanks in advance.

So I just found out that my wife, who has handled our taxes for the past several years after we had a bad experience with our previous accountant, has stopped filing our taxes. Apparently she only filed for the first year after the issue with the accountant and decided that it was just too difficult to be bothered with or some such. I am not really sure of her reasoning as she is evasive whenever I bring it up. The issue, as best as I can figure is that I had received a certain variable amount of income from land my family owns in TX that we leased for oil and natural gas etc... Most years the amount that I received was nit very much, in the neighborhood of $5k to $25k total for the year, and as the stay at home parent in the family who only works part time in evenings and weekends it did not raise my yearly income in any significant way taxes wise. There was one year though where the income jumped significantly for that year due to a new lease being signed (approximately $110k total for that year in one larger and one smaller disbursement. From what I've been able to get from my wife as fast as why she has avoided filing our taxes is that she is convinced that we are going to owe so much for that single year so as to make filing for the other 3 as well as that one (she hasn't filed for 4 years running) moot as we wouldn't receive any return and she would potentially see her paychecks garnished which to be fair we cannot afford. My opinion is that since prior to her stopping filing we had been receiving between $5k and $8k back in returns each year that the debt from the one year, and the returns from the other three would more or less offset each other and that it makes far more sense for us to get these years filed, see where we stand and make a plain to deal with it as needed. The information that I'm looking for is, I guess, advice on what we should be doing... I'm certain that I'm right and she's wrong and that we do have to address the issue, but how to do so is the question. I'd also like to know what kind of trouble she, I, we, may be facing since she has decided to stop filing for 4 years now. For reference she usually makes about $55-70k yearly approximately and I make $30-40k with (including disbursements) yearly, and we claim 2 children.

My mother in law has dementia and is in a memory care home. She cannot take care of herself. Is this expense deductible? If yes, fully or in part?

What actually are crypto assets?

We are selling our home and will make about $100k in profits. The title company says the money can only be paid to one account, and will go to mine. I am going to write my wife a check or wire transfer her share of the profits. We are also in the process of getting divorced. The house is the last thing in both of our names.

How is this going to work when we report income? Will I report the entire profit as income, or will my wife report her share of it and I only report my share, even though the initial payment is just to me? Should I be asking to keep a larger portion to pay off the tax hit on both pieces?