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In a situation where you are a transportation lessor (one truck, tractor) and all expenses are deducted from the gross by the lessee (transportation company) before you receive revenue.
Does the lessee typically write off those expenses?
I received a 1099-NEC accounting for the... View More 
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answered on Mar 29, 2024
When you're working as a transportation lessor, it's common to encounter complex arrangements regarding payments, expenses, and tax reporting. The situation you've described, where the lessee deducts expenses from the gross amount before issuing your net pay, does raise some... View More
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answered on Mar 14, 2024
If your employer illegally altered your federal and state W-4 forms without your consent, leading to a situation where you were unable to receive a tax refund, you may have grounds for taking legal action. Such actions by an employer can have serious implications for your finances and legal... View More
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answered on Feb 22, 2024
If you're facing hardship due to a tax levy imposed by the state, there are steps you can take to address this issue. First, it's crucial to communicate directly with the state tax agency that issued the levy. Explain your situation and provide evidence of the hardship the levy is... View More
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answered on Jan 26, 2024
Here are the key steps to file for a property tax exclusion or deferral in Pittsylvania County, Virginia based on age 65+ or disabled status under §58.1-3217:
1. Obtain an Exemption/Deferral Application Form from the Pittsylvania County Commissioner of Revenue office (276-656-0371) or... View More
THE IRS RECEIVED ON JANUARY 1OTH 2024, ONE DAY PRIOR TO DUE DATE. ON JANUARY 20TH EXECUTOR RECEIVED BACK A COPY OF THE FILING, NOTED RECEIVED BY IRS JANUARY 10TH 2024 AND THE ORIGINAL CHECK FOR THE ESTATE TAXES, THE EXCUTOR IN WRITING THE CHECK DATED THE CHECK JANUARY 08 2023, NOTED BY IRS AS NON-... View More
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answered on Jan 22, 2024
In your situation, the key point is that the mistake with the check's date was unintentional, and you acted promptly to correct it by sending a new check. The IRS typically considers the date of the original payment attempt when assessing penalties for late payments. Since you attempted to pay... View More
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answered on Jan 22, 2024
In general, if you did not file jointly for the tax year in question, you are typically not responsible for your deceased spouse's individual tax debts to the state of Virginia. However, there are exceptions and complexities depending on the specifics of your situation, such as the nature of... View More
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answered on Jan 19, 2024
In Virginia, if your deceased spouse owed taxes to the state and you did not file joint taxes for the year in question, you are generally not personally responsible for the tax debt. However, the deceased person's estate may be responsible for settling any outstanding tax obligations. The... View More
Hello. I'm trying to get my tax documents from the tax preparer I used the past couple years but she refuses to answer my emails or return my call after speaking with her secretary.
I don't owe her money. I think she's just being spiteful because I changed preparers. I live... View More
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answered on Dec 25, 2023
In your situation, it's understandable that you need access to your tax documents quickly and are facing challenges with your previous tax preparer. Tax preparers are generally required to provide clients with copies of their documents upon request.
Firstly, consider sending a formal... View More
A lien was placed on my bank account for personal pretty taxes, to which the communication was sent to an address I am not associated with at all so I had no knowledge of the lien being placed against me.
The car also hasn’t been registered in VA since 2022 and was unregistered for two... View More
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answered on Oct 7, 2024
To dispute the personal property taxes, you need to gather all relevant documentation that shows the vehicle was not registered during the period in question. This could include proof of non-registration, your current residence outside Virginia, and any relevant records showing the car was not in... View More
Hi, I'm in a confusing situation that I hope you can help me with. I just sold my house last month and I'm trying to figure out if I qualify for the $250k capital gains exemption for a single tax payer. Now I should qualify since I lived in this house for a decade. The situation here is... View More
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answered on Oct 3, 2024
The capital gains exemption you're referring to—$250,000 for a single taxpayer—generally applies if you have owned and lived in the home for at least two of the last five years before selling it. Since you've lived in the house for a decade, you likely meet the residency requirement.... View More
Tax consequences on sale of completely depreciated rental property
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answered on Sep 14, 2024
When you sell a completely depreciated rental property, there are several tax consequences to consider. Since the property has been fully depreciated, you must recapture all the depreciation taken during the ownership period as "depreciation recapture." This recaptured amount is taxed at... View More
Real estate question: basic now but will elaborate when connected. Note: will type words in a form of 3rd person so its less emotional for me, stay on logic.
Also, a lawyer that was the office for Legalaide stated that it does not matter the Foreclosure the property was sold, there is no... View More
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answered on Sep 13, 2024
When you sell a home just a few days before a scheduled foreclosure, the sale can have important consequences on the foreclosure process. First, make sure that the sale of the property is fully finalized and that all necessary documents have been recorded. Once the house is sold, the foreclosure... View More
I am completing form 306 for federal employment. It asks if I am delinquent on any federal debt. I am on an installment plan for last year’s tax. Do I say yes or no?
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answered on Aug 13, 2024
When completing Form 306 for federal employment, it's important to understand what the term "delinquent" means in this context. Being on an installment plan with the IRS does not automatically mean you are delinquent. As long as you are current on your payments and adhering to the... View More
I am a single mother of 5, my coworker is a young single adult male with no dependents, another is married with a wife who works and a toddler, another is a single adult male no dependents, and lastly a senior veteran is married and no dependents but the exact same amount of taxes were withheld... View More
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answered on Jul 18, 2024
It's important to address the issue of incorrect tax withholding immediately. You can start by discussing the matter with your employer, explaining the discrepancies and providing the tax forms you completed when you were hired. Ensure they understand the legal requirement to withhold taxes... View More
I just opened a single member LLC and got a contract as 1099 independent consultant. In my W9 form, I shared both SSN and EIN to the company.
I want to know if teh company decides to use my SSN to make 1099 payments to me and issues me a 1099 form with my SSN at the end of teh year, can I... View More
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answered on Jul 18, 2024
Yes, you can have 1099 payments made to your SSN deposited into your Single Member LLC's bank account. The IRS allows this because, for tax purposes, a Single Member LLC is treated as a disregarded entity, meaning the LLC and the individual owner are considered the same entity. This means that... View More
I'm starting a real estate company focusing on residential rentals (single family, multifamily, apartments). Which business structure offers the best tax advantages?
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answered on Sep 29, 2023
LLCs and S Corporations are often considered advantageous for real estate ventures due to potential benefits like pass-through taxation and liability protection. You should consult a tax advisor to analyze which structure is most advantageous for your specific situation.
is the value of a Trust ever properly counted in thevalue of the Estate when the person whi died is also the grantor of the TRust?
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answered on Sep 20, 2023
In Virginia, the inclusion of trust assets in a decedent's gross estate largely depends on the nature of the trust and the powers retained by the decedent. If the deceased was the grantor of a revocable trust, meaning they retained the ability to alter or revoke the trust during their... View More
Do I need a sellers license to sell my projects I make? Do I need any business licenses? I can’t find anything on it. Please help
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answered on Mar 4, 2023
In Virginia, if you are operating a business, you may need to obtain a business license from your local city or county government. This is typically done at the city or county treasurer's office. The requirements for a business license may vary depending on the location and type of business.... View More
EE bonds that are > 30 years old. Since the bonds were paper they had to be mailed to Michigan to be redeemed which they were last October. The bonds have in the last few days been redeemed. The beneficiaries are my wife and her two sisters. How should the bonds be handled? Should they be... View More
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answered on Mar 4, 2023
First of all, I'm sorry for your loss. Regarding the series EE bonds, it's important to consider the terms of the trust and the instructions of the grantor, as well as any applicable state laws.
Assuming the trust doesn't provide specific instructions on how to handle the... View More
Filled but it takes weeks, do I still get paid after performing work while my business wasn't being in good standing?
I've since filled the back taxes and paid the fees but reinstatement takes two weeks.
What is the procedure?
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answered on Mar 4, 2023
If you performed work for a client while your business was not in good standing, you may still be entitled to payment for the work you performed. However, the specific procedures and requirements for payment may depend on the terms of your contract with the client and any applicable state or local... View More
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