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The application said I have to file taxes jointly if I am married accepting tax credits. What is going to happen? Do I file jointly or married filing seperatley and pay back credits? I dont want to get in trouble. Did I go about this the wrong way?
answered on Mar 21, 2018
You are supposed to list the total household income when you apply for the credit. You need to file correctly (married filing jointly) and then you will likely owe back some/all of the credits you received. You can only file married filing separately and still receive the credit in limited... View More 
Can anything be done?
Per parenting plan, we alternate claiming our child. It is his dad's turn but he owes support from last year. Is there a date by which he has to be current? 12/31/17? Does the amount of arrears make a difference? He owes $150? Can I claim my son since he is behind?
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answered on Feb 5, 2018
There is no specific deadline in statute. If your orders contain no deadline, the general presumption would be that if you file first you file first and have done nothing wrong. There is also no amount. He could be behind $1 or $1,000,000 and would still lose the right to claim the exemption if... View More
We are not married but have a final disposition the end of March. Can she file taxes without the final disposition?
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answered on Feb 5, 2018
Without a court order in place allocating the dependency exemption, if the child resides primarily with her or she had the child the majority of the time for 2017, IRS Code would say she gets to claim the child. If you all shared equal time you could consider filing a forthwith motion with the... View More
I have 1 part-time employee that started working for me last fall. He is my first employee. I paid him just under $1000 over 2 payments and withheld 6.2% for SS and 1.45% for medicare. TurboTax is assisting with his W2. Are there other forms, like a 944 that I have to send to the IRS? How do I pay... View More
answered on Jan 27, 2018
You will need to file and remit tax for the 944 for withholding and SS, 940 for futa, uitr-1 for CO unemployment tax, and the CO withholding forms. Along with the w-2. You also have to file a notice of hiring with the CO department of labor.
answered on Jan 3, 2018
It's true. Property tax, sales tax and state tax deduction cannot exceed $10,000.00 per year. You may be able to deduct more property tax than that in 2018 (though not sales or income tax) if you pre-paid taxes in 2017.
I received an annuity payout from my deceased mother's retirement account (funded with pre tax $). Approximately 80K. What are the federal and state tax implications? Origin of account was in NE and I live in CO. Funds were wired directly to me.
answered on Dec 13, 2017
It depends. You'll need to hire an expert to determine tax realization and recognition depending on how the annuity was originally purchased, whether with pre / post tax dollars.
Do I need to pay self employment tax on this if I don't actually farm the land?
answered on Nov 10, 2017
If you're not actively participating in the business then no you are not subject to SE tax. Also farms have alternative SE calculations that may come into play. I would suggest hiring a professional to help with this. The Schedule F looks simple enough but there are numerous traps for the unwary.
answered on Oct 24, 2017
If you own your business as a sole-proprietorship, a Single-Member LLC, or a Multi-Member LLC where the other member is your spouse then the business return will go on your F1040 Schedule C (One for each spouse for the marital LLC). Otherwise the entity type will determine the type of return to be... View More
answered on Oct 6, 2017
The only business that can deduct a charitable donation is a corporation. LLCs, S-corps, sole-props, etc... all pass that deduction directly to the owners and is not deducted at the entity level.
The next question is does this qualify as self-dealing. Given the details you've... View More
answered on Sep 9, 2017
Yes. You pay and appeal to request a refund. Failure to pay may result in a lien and foreclosure.
I am in the final hours of nailing down a divorce Settlement Agreement that includes non-modifiable maintenance. In consideration of IRS rules regarding the definition of alimony, I have two questions: 1) Does non-modifiable maintenance end upon the death of either party? 2) Is a lump sum payment... View More
answered on Aug 4, 2017
Taxes due on the property should be paid by your father's estate. Once title (deed) is passed to the beneficiaries, the beneficiaries assume the tax responsibility. If you are the PR (executor) you may need to "pay" the taxes, but this is paid from the estate, not from your personal... View More
I learned I need to be taking distributions but, I don't know how much. I'd like to avoid the tax consequences. I live in Colorado but the ira is held in Alabama.
answered on Jul 15, 2017
Mandatory minimum distributions (MMD) are figured based on a formula. The amount to withdraw should be provided by the fund manager of the IRA (this is part of the service that your investment fees are paying for). Note MMD rules (which only apply to traditional tax deferred IRAs) are tied to the... View More
State of Florida resident. Reported sale of stocks and bonds, dividends and interest that are not mine nor did any Federal filing ever reflect these. They are refusing to show me the purported 1099's listing nearly $100,000 in gains.
answered on Jul 8, 2017
Who is asking for the money? The IRS and state revenue departments do not send demand letters; the government audits. If you are getting a demand letter from a law firm for back taxes, this is very likely a scam.
Contact (and likely hire) an attorney to review the letter and advise on how... View More
answered on Jun 30, 2017
Depending on how the returns were filed, it is possible. If you are participating in a payment plan you are required to apply the refund to the outstanding amount.
answered on Jun 9, 2017
Baring very rare exceptions an amended return can be filed by the later of: (1) 3 years form the filing of prior returns or (2) 2 years from the date the tax was paid.
I’m starting my own yoga business and trying to figure out how to do my taxes before launching. It’s not a traditional yoga studio or anything, it’s going to be primarily online (YouTube, email newsletter to subscribers, subscription sites that host yoga and fitness videos from various... View More
answered on Jun 6, 2017
You should seek out a tax attorney to advise you. You're asking for legal advice and attorney's can't provide legal advise to people who are not their client.
In 2016 I had a mix of ACA, employee, and Medicaid health insurance. As I was unemployed at the end of 2015 I had signed up for Medicaid. From that point on we received conflicting mail from the state saying it as on, off, etc - never clear. Thinking it was off at the time I started a new job in... View More
answered on May 22, 2017
Based on your facts, the two 1095s show that you were doubly insured (which you now already know). The IRS does not consider insurance options--they only compute the penalties. Colorado will likely demur because you acted on your own behalf (even if based on confusion). As a result, the dual... View More
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