I did the Disney College Program in Florida and my father told me not to have taxes withheld during my program. I earned about $5k there and he is shocked to learn that I didn't have my taxes withheld. My total income for the year is about $8k. I was wondering if there will be any penalty from the IRS since I make under $12k?
Hello guys. Can someone experienced provide me brief idea about what to do and how much to pay what ever. I don't wanna ask to my accountant before getting some info because he will cost me. Last year I got around $200K from a friend to my corporation. I got $260 from a lender and I bought a house from foreclosure auction for the total of $460K. My corp owns the house now. I spent a lot for repairs and the payments to the lender. Total spending is around, let's say, $200K. Now I'm selling the house for $860K. So the income for this year will be that amount. All the spending was made in last year so I think I can't deduct them from this years tax. Am I going to pay full income tax over $860K this year? I don't know anything about this kind of house selling income tax. Do I pay taxes for this to NY and IRS? What about NYC? I'll pay the lend ($260K) back this year. Maybe I can deduct it. Can I?