When you examine whether you qualify for insolvency, read IRS publication 4681. Page 6 includes an insolvency worksheet. Insolvency looks at all your assets (and equity in assets) as well as income to determine whether you are insolvent or not. If your assets,...Read more »
I just found out the IRS took my 100.00 savings out of US BANK listed as a tax levy and it left me with only 56.00 dollars to live on for the rest of the month. I only get a total of 735.00 a month for SSI and now if they are taking money out of that i will not be able to even survive as i barely... Read more »
My 2011 tax return was completed but the originals to be mailed were accidentally filed with the copies. The taxes were eventually mailed in November 2016. When the IRS was contacted recently they stated that since the tax return was filed beyond the 3 year limit (which I was unaware of the... Read more »
It wasn't clear what you meant by the return was accidentally filed with the copies. It sounded like you sent the return to the IRS. In any event, the short answer is probably "no". If you could somehow prove that you properly sent the returns to the IRS on time, and that the IRS...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 filed innocent spouse after discovering my ex did not claim income for one year and made a huge mistake on another leaving me in debt to the IRS for about 50k. I received a letter that there was no tax owed for one of those years and the other year I was relieved of any responsibility. I have yet... Read more »
A CPA will help you get the returns, certainly, but many lack the training or background to be able to help you with the resulting tax debt. What you need is either a Tax Attorney or Enrolled Agent to guide you through that process - they can prepare returns as well. Fortunately, it's 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 »
I believe what you're looking for is called a Section 1031 "Like-kind Exchange." Here is an IRS publication on the issue that goes into the transaction a little https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
There are many practitioners who focus in...Read more »
The UK does not tax gambling winnings from casinos, but the U.S does. If I win money at a British Casino, and I bring that money back to the State (I am a U.S resident that has a Visa to stay in the UK), would I need to pay any taxes on such income that I earn? If so, would I need to ask the UK... Read more »
US Citizens or resident aliens are required to report income from whatever source, US or abroad. It doesn't matter whether you bring it back or not - you are required to report it on a US tax return. Failure to properly disclose income from foreign sources or foreign accounts can result in...Read more »
The short answer is: documentation of the income you receive for the website. If you're just reporting it as income on your tax return, it shouldn't be too difficult. Where you report it depends on whether you categorize it as a "hobby" business or a "real" business....Read more »
The rules are a bit different depending on whether your business is a Sole Proprietorship (Schedule C), a C-corporation, or S-Corporation. If you're like most taxpayers, you're probably using a Schedule C to report this to the IRS. In claiming business use of a vehicle, strict rules...Read more »
The IRS letter will tell you which tax form the delinquency is for, as well as the tax year. Make sure your confirm that the letter is for your business and not you, personally, because they can be two separate issues. It's difficult to know exactly what the issue is without seeing the...Read more »
This is a really broad question. However, many times, "write-off" is used instead of the proper term "business expense" or "business deduction," which can make things confusing. An accountant would be able to help you with these kinds of issues - accountants are an...Read more »
If you meet the low income qualifications, you can find assistance at a Low Income Taxpayer Clinic, many of which have student attorneys supervised by practicing attorneys. However, outside specific law clinics, a student can't help you with your petition because that could constitute...Read more »
Tax law is certainly complex and depends entirely on your factual situation. It's commendable that you're inquiring about your tax obligations at such an early stage. Getting these systems down will greatly benefit you in the long run.
We had extension filed as I changed accountants with my business. She I believe is contemplating divorce and went behind me to do this. As a joint return we would have owed 2k. Without her 5k but she took herself and claimed the kids leaving me owing over 10k.
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