This seems strange. In a business context and where services are involved, it seems unlikely that any payment can be considered a gift. This sounds like taxable income to me. Regardless of how the employer treats it, you still have the responsibility to report all of your taxable income and if...Read more »
He has always handled taxes in past and I just found this out. Is this illegal? What could the ramifications be for me as a spouse? If I file separately, can I avoid being responsible for his decision? Legal seperation is in the works for marriage
If you have or will file any joint tax returns with him you are both separately and jointly liable for any taxes due whether they are due when the return is filed or as the result of an audit. If you file separately you will not be liable for any of his tax debt for the years you have filed...Read more »
At this time. I was due a refund and was wondering if I am still eligible for it? I read somewhere that exceptions were made for such impairments. I haven't worked since till this year when I did file and will it effect this or the 1200 stimulus check I may receive?
in 2005 we (My wife and I) bought a house and lived in it from 2005 till 2008 just after I went into the Army. We were outside the driving area for the base I was stationed at. We turned the property in to a rental and it remained a rental till we sold it in 2018. We used the tax exclusion for... Read more »
There is an ability for military personal to suspend the personal residence exemption but you have to be deployed during the suspension period. There's nothing in your question that makes me think it would apply, but I don't have all the facts.
On my husbands child support documents it states that in order for him to be able to claim his daughter (with his ex-wife) on his taxes “as long as he is current on his child support obligation. Current shall be defined as making all the monthly current support payments and making all the monthly... Read more »
Without seeing the document I tend to agree with your interpretation, however, there may be something else within the document that could change my answer. That being said, your husband should call the attorney that handled his divorce to double check. If they are unavailable, he should call the...Read more »
It would depend on what the basis of the lawsuit was, but an attorney in each of the categories you list could probably advise you on the downside of working off the books. Maybe one of the most pressing issues is workers' comp coverage for an on-the-job injury. Good luck
I'll take the houses in my state and he'll take the one in his. I'll pay him the difference to equalize the values. Can we just sign quit claim deeds and are there any tax consequences? The houses have all been appraised and we agree on these terms.
Many companies use two separate programs when creating paychecks and W-2 forms; and this is especially true in companies that use third party payroll companies and third party CPAs to prepare 1099s and W-2s. In most cases the difference is too tiny to be concerned about. When choosing which one to...Read more »
This depends on how much the value of the townhome is. There are tax free gifts available but it depends on the amount to be gifted. Please give my office a call so we can discuss the proper gift tax returns and amounts you can gift tax free. Call Silver Tax Group at 855-900-1040
I left my Raleigh NC job at the very end of 2017. In 2018 I didn't work any hours for my NC job nor was I a resident. I moved to WA state where there is no state income tax and I work at a full time job in Richland WA. If I didn't live in NC or work in NC....and a NC company sent me a... Read more »
The bonus that you received was in relation to work that was performed in NC, therefore, NC can tax you in relation to that income. If the income was produced or "earned" in that state's jurisdiction, that state has the right to tax that income. The other way that a state would be...Read more »
I am resident of US for tax purpose (have job in US). I have transferred money from My foreign account to US account. I have used this money to buy crypto currency and sold this crypto currency in INR with profit. The money from sale got transferred to my Indian account. I transferred this money to... Read more »
When you are a US resident for tax purposes, all of your worldwide income is taxed in the US, regardless of where the proceeds are deposited. This means that, in addition to being taxed on your virtual currency transactions, you would also be subject to tax on the earnings in any Indian bank...Read more »
I need to file an amended tax return for 2015. I have to change my filling status from single to married filing jointly. My wife was not a US resident in 2015, so I filed as single. What I want to know is, am I allowed to use her social security number now to amend my 2015 return? Even though she... Read more »
If you were married to your wife at the end of 2015 (regardless of whether she was US resident at the time), you can file for a Married Filing Joint status. However, by her consenting to filing jointly with you she is agreeing to be treated as a US Tax Resident for many tax purposes. This means...Read more »
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 »
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