It sounds like you would be classified as a Sole Proprietor for purposes of your tax filings. This means that your personal income tax return will include a Schedule C where you will declare your income from dancing and any deductible expenses associated with producing this income. This will also...Read more »
This proposed business model may cause some issues with intellectual property and copyright issues (and perhaps other issues if the reasons for secrecy impacted criminal law concerns), but for tax purposes the biggest issue would be not being able to issue 1099s to your authors. Typically...Read more »
My soon to be ex and his business partners have dissipated our business in violation of court orders, taken out and spent all the money ($300K in meals and entertainment in 2 years), casinos, trips, his secretary/girlfriend fixing her car buying her clothes, trips etc. The business is now out of... Read more »
You are likely going to need a business attorney in your area to represent you in any dealings with these creditors who are hounding you. The business attorney should be able to advise you on any potential exposure to creditors claims and defend you if any creditors attempt to collect against you...Read more »
The most important question is why believe the 1099 income was not taxable. IRS publication 525 specifically lists the kinds of income that are not taxable. https://www.irs.gov/pub/irs-pdf/p525.pdf You may be able to get a caregiver tax credit if you are a family member or "qualifying...Read more »
For 10 years he has said he didnt have his taxes filed, he produced fake paystubs with bank statements for different periods. He has never complied with LFLR 10. This is a post secondary support that is now a full modification and they are saying it hasnt been 2 years HELP!!! There reallly is a... Read more »
I understand salary must be "reasonable in industry standards" but who decides that, and what if there simply isn't enough revenue to sustain a "reasonable" salary for the owner? I'm a sole prop now (just me, pretty small income), and I'm trying to study the... Read more »
To put things in perspective, it's important to remember that an S-Corporation is its own legal person, separate and distinct from its owners. When you, as a single person, elect to turn your LLC into an S-Corporation, you automatically wear two hats - that of a business owner and that of an...Read more »
It's a hardline rule, 1 year 364 days doesn't work. It's also more complicated than just 2 of 5, there's 5 steps that can be found at https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10008937. IRS Pub 523.
i was doing masters that will be completed by May 2016 i am good affiliate marketer in my country so i want to do affiliate marketing for some famous sites ,some even gave me permission to do seeing my background on marketing but i am not doing anything now ,am i eligible to do that , some of... Read more »
You can do as many jobs as you want when you are on OPT, but you will have to report all those jobs and they pay taxes properly. If you get an H1 you can not work for anyone else except the employer who sponsored your H1 visa. All the best.
For handling the canceled debt in an S corporation, have your accountant potentially review (Sec. 108(d)(7)(A)) and Gitlitz, 531 U.S. 206 (2001), in case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting...Read more »
Generally, a tax credit may reduce all type of taxes, including your SE taxes. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck....Read more »
Use your best estimate with respect to income and expenses to amend your tax returns and the schedule C. Put down “Service/Sales” and “Miscellaneous” for classification. The important thing is that you file the accurate tax returns and pay the accurate tax amount. Good luck. Zaher...Read more »
IS NOT LISTED AS AN OWNER ON MY MORTGAGE. SHE OWES MONEY TO THE IRS. IF SHE MOVES INTO MY HOME AND SHE BECOMES DELINQUENT ON THE AMOUNT SHE OWES TO THE IRS OR IS UNABLE TO PAY AT ALL,CAN THE IRS COME AFTER ME OR MY SISTER OR MY PROPERTY? THANK YOU
So, your sister who has no ownership interest in your property, which is co-owned with another sister, moves to and lives in you property. The IRS cannot come after the property owner; you and the other sister. The IRS can only attach her own assets, not where she live in. Good luck.
It will be advisable to file all non-filed tax returns and depending on your finances, make an offer-in-compromise or ask for an installment plan. Generally, the BK must be filed at least TWO years after the returns filed by TAXPAYER (not the IRS)or at lease 240 days after the IRS assessed the tax...Read more »
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