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 »
answered on Jul 17, 2018
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 »
answered on Jan 26, 2018
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 »
answered on Jan 5, 2018
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 »
I'm assuming I must file my personal taxes (which should cover my income and deductible expenditures) but do I need to file other business taxes? Does my time to file change?
And I just read that maybe I should have been paying as I earned; is this correct? I didn't explicitly... Read more »
answered on Dec 20, 2017
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 »
I apologize if this is a dumb question, but I am a bit on the young side so I (fortunately) have not had much tax experience.
To make a long story short, I have been considering trying to start a small publishing house that focuses on maintaining anonymity for the author - not even I would... Read more »
answered on Oct 11, 2017
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 »
answered on May 3, 2017
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 »
Nontaxable income but this year i received a w2. Do i file the same way or do i owe income tax on this?
answered on Feb 8, 2017
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 »
For 10 years he has said he didnt have his taxes filed, he produced fake paystubs with bank statements for different periods. He has never complied with LFLR 10. This is a post secondary support that is now a full modification and they are saying it hasnt been 2 years HELP!!! There reallly is a... Read more »
answered on Feb 6, 2017
Contact a tax attorney immediately. If you are a low income taxpayer, you can go to a low income taxpayer clinic in your state.
This is very serious and shouldn't be handled by yourself.
I understand salary must be "reasonable in industry standards" but who decides that, and what if there simply isn't enough revenue to sustain a "reasonable" salary for the owner? I'm a sole prop now (just me, pretty small income), and I'm trying to study the... Read more »
answered on Jan 26, 2017
To put things in perspective, it's important to remember that an S-Corporation is its own legal person, separate and distinct from its owners. When you, as a single person, elect to turn your LLC into an S-Corporation, you automatically wear two hats - that of a business owner and that of an... Read more »
We've been in and out of the house over the last three years between renters. Does every day count or is it "generally" two years. What kind of documentation is required?
answered on Dec 15, 2016
It's a hardline rule, 1 year 364 days doesn't work. It's also more complicated than just 2 of 5, there's 5 steps that can be found at https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10008937. IRS Pub 523.
i was doing masters that will be completed by May 2016 i am good affiliate marketer in my country so i want to do affiliate marketing for some famous sites ,some even gave me permission to do seeing my background on marketing but i am not doing anything now ,am i eligible to do that , some of... Read more »
answered on Feb 5, 2016
You can do as many jobs as you want when you are on OPT, but you will have to report all those jobs and they pay taxes properly. If you get an H1 you can not work for anyone else except the employer who sponsored your H1 visa. All the best.
-Shan Potts
Like our facebook page for... Read more »
We had a S corp small business. Foreclosed on in 2012. We now get a 1099-c for the corp and I do not know what to do with it.
I have checked the IRS web site, not sure where to look for closed business information.
One of the sites mentioned section 108 of the tax code, that... Read more »
answered on Jan 18, 2016
For handling the canceled debt in an S corporation, have your accountant potentially review (Sec. 108(d)(7)(A)) and Gitlitz, 531 U.S. 206 (2001), in case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... Read more »
answered on Jan 3, 2016
Generally, a tax credit may reduce all type of taxes, including your SE taxes. 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 tax attorney in person. Good luck.... Read more »
Recently I was made aware that we should amend our tax returns to add self employment income I made for which I was paid cash..which was about 2k per year..
Those work were random and not consistent so I don't have any license etc. for that...for example 1. I helped my friend to fix... Read more »
answered on Dec 5, 2014
Use your best estimate with respect to income and expenses to amend your tax returns and the schedule C. Put down “Service/Sales” and “Miscellaneous” for classification. The important thing is that you file the accurate tax returns and pay the accurate tax amount. Good luck. Zaher... Read more »
IS NOT LISTED AS AN OWNER ON MY MORTGAGE. SHE OWES MONEY TO THE IRS. IF SHE MOVES INTO MY HOME AND SHE BECOMES DELINQUENT ON THE AMOUNT SHE OWES TO THE IRS OR IS UNABLE TO PAY AT ALL,CAN THE IRS COME AFTER ME OR MY SISTER OR MY PROPERTY? THANK YOU
answered on Nov 30, 2013
So, your sister who has no ownership interest in your property, which is co-owned with another sister, moves to and lives in you property. The IRS cannot come after the property owner; you and the other sister. The IRS can only attach her own assets, not where she live in. Good luck.
answered on Nov 19, 2013
It will be advisable to file all non-filed tax returns and depending on your finances, make an offer-in-compromise or ask for an installment plan. Generally, the BK must be filed at least TWO years after the returns filed by TAXPAYER (not the IRS)or at lease 240 days after the IRS assessed the tax... Read more »
answered on Dec 27, 2011
The 16th Amendment is the basis for the right to tax. That is why it is an income based tax.
"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or... Read more »
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