So I am the owner of a music group and naturally we don't have a large amount of capital to start a huge company but I was wondering how it works with taxes once you form an LLC and pay for things for your company with personal money before a lot of profit starts coming in is it tax deductible? I... Read more »
Speaking with a tax planner is your best bet. He/She can help you decide what entity type is best for you and how to structure your entity to work in your best taxable interests. Business licenses vary from state to state and even county to county or town to town. You should speak with an...Read more »
Girlfriend and I filed 2017 taxes together. I clai.ed her as a dependent t and later found d out she made almost 100 over the limit to file on her own. I have moved and never recieved aletter. How much is the fine e and how do I fix this.
Be sure to be at the auction and prepared to bid, the lowest of which will include all the costs of staging the auction, which is why they will not just take the lesser amount you owed before it went under.
An asset held over one year is treated under the long term capital gains rate. Assets held under one year are treated under short term rates. If you are referring to the exclusion of income from the sale of your home, if you owned and lived in the place for two of the five years before the sale,...Read more »
I owe the IRS $6500 and have the check ready to go. Will they reject my hardcopy without him signing as tax preparer? Is this legal for him to do? I have paid in full for my personal taxes, which he refuses to efile until I finalize pmt for my corporate taxes.
Hello, I finally paid off my entire child support debt last year after 9 long years! I had to ask them to close it, and meantime my wages were still being garnished until my case was closed, which finally took place in August of 2017. While I waited for it to close, they began sending me checks for... Read more »
I would start by contacting the IRS to make sure that your refund was taken for child support. If it was then you will likely need to go back to child support enforcement with proof that the IRS took the refund for child support.
At the end of 2015 my property was stolen, including ALL of my receipt books, invoices, etc. I have been postponing filing my taxes because I guess I thought it would just go away..? Well now I know I need to get it done, but cannot get through to the IRS. How do I file taxes when I have no... Read more »
You will need to reconstruct your records. Start with your bank statements and credit card statements. If you paid cash at places that may keep records then contact them and see what they may be able to supply to you. The IRS will only have records of any wage information that was reported by...Read more »
I have a $30,000 personal deliquent tax debt and a federal tax lien for that debt from the years 2012-2016. I have filed every year on time. I live in Nevada. Since 2012 I have had an installment agreement that I have paid on time all the time except for this year 2017. I defaulted on my agreement... Read more »
I cannot address whether Poland will issue you a work permit, but as far as the IRS goes, it will not prohibit you from living and working in Poland. You should be aware, however, that for as long as you live outside the United States, the statute of limitations on collecting your tax debt stops...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 letter....Read more »
If the IRC charges each $10K, it means that they have not accepted one spouse’s innocent spouse relief sought. 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...Read more »
Generally, your residency will determine state taxation of your compensation. Your employer will apportion your W-2 income between the two states according to time-line. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or...Read more »
The attorneys general for 49 states along with the federal government reached a Settlement with SunTrust to provide relief to eligible borrowers who lost their homes to foreclosure between January 1, 2008, and December 31, 2013. I am one of these eligible borrowers. On September 30, 2014, the... Read more »
Since August 1, 1998, generally, settlements and awards for only “personal bodily injury” is exempt from taxation under the IRC 104. I think your case should be looked into, and am not sure if you are eligible. The information presented herein is for general purposes only. It is not intended...Read more »
The RMD in question must belong to the prior year and should be included in your prior year taxes. The form itself also should identify the tax year of the distribution. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or...Read more »
It is unclear where you were and what you did during the last 20 years. If you earned money and maintained bank accounts outside the US, you may have income tax, Report of Bank and Financial Accounts (FBAR) and Foreign Account Tax Compliance Act (FATCA) and other filing obligations. I recommend...Read more »
Generally, when you conduct business form a state, Nevada in your case, you have established nexus (legal connection or residency here). Fortunately for you, Nevada doesn’t have income tax, so you are taxed by the IRS only. The information presented herein is for general purposes only. It is not...Read more »
Generally, prizes are taxable to the winner. In your case, the fair market value of the prize would be income deductible. 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...Read more »
The main issue would be to determine residency in California, because Residency is significant because it determines how income is taxed by California. The underlying theory of residency is that you are a resident of the place where you have the closest
The donor is generally responsible for paying gift tax. The following answer is based on the assumption that you are making a gift as defined by the IRS. There are generally two different federal gift tax exclusions. (1) As of 2013, the annual exclusion is $14,000. You can gift up to that amount...Read more »
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