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

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

Yes. You pay and appeal to request a refund. Failure to pay may result in a lien and foreclosure.

Yes and yes.

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

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

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

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.

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.

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.

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

In most cases you should hire an experienced tax attorney. That being said if the IRS sends you an audit letter for something relatively simple i.e. they want proof of one or two expenses and you can easily provide documentation, you may be able to handle the audit on your own. It is impossible... View More

All parties that are listed on the deed are liable for their proportional share of the profit (in tax terms adjusted basis). The one exception is if the transfer occurred at your fathers death AND he included provisions in his will that his estate would pay for the taxes.

Tax fraud (which is not necessarily the same thing as late filings) MAY result in jail time. For most people, jail time does not occur. Penalties, interest, and payment of prior tax amounts are a guarantee, but you can also set up a payment plan (i.e. the IRS will not take your entire paycheck and... View More

Repeat question. See prior answer.

Yes. If the award is over $600, they are supposed to issue a Form 1099. Either way, it's still taxable. You'd report the income on Form 1040, Line 21 "other income."

I have provided a link to the IRS website page on miscellaneous income.

https://www.irs.gov/uac/reporting-miscellaneous-income

I'm not sure what you are asking. Try resubmitting your question again.

The federal requirement for claiming a dependent is that the person makes under $4,050 (2016 numbers), lives over 6 mo. with the party for the tax year, and at least 1/2 of the support is provided.

The... View More

If the lender bid the entire amount owed at the foreclosure sale, then you do not owe them any money. If they bid less than the amount due, you still owe the balance. If there was a second or third mortgage and they did not redeem the property by paying off the first mortgage, you would still owe... View More

You can make non-payment part of the case by motion or request in court. If you are very close to the final judgment a judge may not consider the back support in the modification hearing. You can also file your own case seeking back child support. Claiming a dependent is partially based on the... View More

The 1099 should list the person/entity that submitted the 1099. Contact them to see if there was a clerical error. If there is an assertion that no error was made (and you can prove that you did not receive this compensation), you can file an appeal with the IRS or file a return expecting an audit... View More