| Subject | Date Asked |
|
| Back taxes -- options? | 11/17/2009 |
Q: ...This is a state tax question, but general information on how best to proceed would be helpful. ...
A: You should get a certified copy of your tax return from IRS and utilize it to properly prepare your ...
|
| tax lien | 7/29/2009 |
Q: I recently went out of business because of past do business taxes with the irs. My final invoice to ...
A: If your final invoice to your client is not being paid by them to you because they received a Notice ...
|
| Lost Tax Return | 7/22/2009 |
Q: I filed my normal tax return for 2004 in March, 2004 which I was due a refund on, however since I ...
A: You are going to need to provide proof of mailing the tax return, such as a certified mail receipt. ...
|
| irs lien and innocent spouse | 6/23/2009 |
Q: My husband's business owes back payroll taxes and IRS has put a lien on our house and hold on his ...
A: You will not need to file for innocent spouse relief because IRS has not (apparently) assessed the ...
|
| Record Retention | 6/13/2009 |
Q: How long much I keep records of medical practice?
A: For tax purposes you must keep your records a minimum of at least three years. Plus, for those ...
|
| IRS audit on checking accounts | 6/3/2009 |
Q: We are being audited and we have a business checking account and a personal checking account. IRS ...
A: Any competent, experienced IRS auditor will know not to count the transfers twice as taxable income. ...
|
| Income Tax | 5/31/2009 |
Q: I have been a private tutor for local students around our university. Although I tutored for extra ...
A: Yes, you should report this compensation as self-employed income on an IRS Schedule C. Keep in mind ...
|
| subcontracting | 3/9/2009 |
Q: I am thinking about starting my own business in Chicago. Can you give me some kind of idea as to ...
A: You should save approximately twenty five to thirty three percent of your net profit from this ...
|
| Tax Fraud | 2/15/2009 |
Q: I have a friend who has claimed 2 kids as dependents on her tax return that are not her's and I know ...
A: Your friend is committing a serious crime. And even worse, she is likely to be caught and punished. ...
|
| disability | 2/10/2009 |
Q: I did not work at all in 2008. The only money I received was from SSI. They sent me a SSA-1099 ...
A: Since that was your only income you have no filing requirement. That is why you can not find any ...
|
| public tax lien and starting new corp. | 1/30/2009 |
Q: I am a chiropractor with $40,000 in back taxes. Is there any type of corporation that I can create ...
A: The short answer is no...you can not establish a corporation solely for the purpose of avoiding an ...
|
| What should I do? | 1/28/2009 |
Q: My Husband decided to help his cousin and do some welding in his spare time for her. They own a ...
A: Since these funds were received for services rendered they must be reported as Other ...
|
| Does this constitute income? | 1/11/2009 |
Q: My wife is taking care of her mother in her mother's home in Arizona. An accountant is in control ...
A: These deposits in the name of your wife will not constitute income, as they are being expended ...
|
| Office deductions | 11/14/2008 |
Q: I am a consultant (sole proprietorship) whose home office is now too small for all my ...
A: If the new property is utilized strictly, and only, as a business property then you would be able to ...
|
| Claiming Non-taxable Settlement money for injuries... | 10/25/2008 |
Q: I would like to start by thanking you in advance for your time & consideration. What are the the ...
A: The tax laws are that settlement money received for personal injury is not taxable, and would not ...
|
| Real Estate Loss | 10/22/2008 |
Q: I recently got married. Prior to getting married my wife and I each owned our own condos. After we ...
A: Yes, and no. Yes, you will not be able to take a current year deduction for the passive income ...
|
| Payment Plan Appeal | 9/10/2008 |
Q: I applied (and I used an attorney that did not really helped) for a payment plan with the IRS. The ...
A: Yes, you should notify IRS of the funds the state of NY is going to take from you. This will reduce ...
|
| Mistake on 2006 Tax Return - I owe the IRS | 8/29/2008 |
Q: I graduated college in December 2005. After searching high and low for a job, I decided to sell ...
A: The answer to your question is MAYBE. I say maybe because you state that you sold insurance as a ...
|
| independent contractor | 8/23/2008 |
Q: My son got a job with a company that told him they will pay him as an independent contractor. We ...
A: How much money should he put away for taxes? To be safe, a big, round number should be about thirty ...
|
| Do I have to pay estimated taxes | 8/14/2008 |
Q: I am about to start a job as a contract employee. I have never worked as a contract employee, so I ...
A: With the changes indicated in the facts you stated, calculating the estimated taxes that may be due ...
|
| taxes | 8/10/2008 |
Q: do i need to claim money inherited to taxes
A: No, the inheritance of a principle sum of money is not reportable by you as income subject to ...
|
| Income Tax / W4 , etc | 8/7/2008 |
Q: For the past 10 years my family and I have lived in Richmond, VA. Recently I have accepted a job ...
A: Assuming that the work in Ohio will not be permanent, and that you plan to continue living ...
|
| can a motorcycle be a business tax write off | 8/3/2008 |
Q: can a motorcycle be a business tax write off,if you use it as transportation to go measure up a job
A: Yes, to the extent that any tangible piece of property is put into use for the production of income ...
|
| contest winnings = income? | 7/30/2008 |
Q: I am a stay-at-home-Dad and I have been winning some money lately by entering online logo design ...
A: Yes, you need to claim this as income. The fact that the payers are foreign companies does not make ...
|
| Dependants | 7/28/2008 |
Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
A: Then you need to get an explanation from the accountant as to why they are telling you that you can ...
|
| Dependants | 7/27/2008 |
Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
A: Did the accountant give you a reason why? Did your daughter already claim herself on a tax return ...
|
| claiming spouse as a dependant | 7/27/2008 |
Q: My husband is disabled and receives Social Security disabilty monthly payments as well bi-weekly ...
A: Sure...since he apparently is not already claiming himself at a job of his own you should be OK with ...
|
| Work at home | 7/26/2008 |
Q: I'm trying to get a work-at-home-job and found processathome.com where you process rebates on line. ...
A: You will definitely want to get a professional tax preparer to help you report everything to your ...
|
| federal seizure of social secuirty benefits | 7/25/2008 |
Q: Is there a limit as to how much of a person's social security benefits can be seized to pay tax or ...
A: The limit for levy of benefits is 15%, each time your benefit check is paid out to you, until the ...
|
| Renting primary residence | 7/14/2008 |
Q: My family and I recently relocated to California. We owned a home in NY since 2005 and are ...
A: My answer was contingent on you eventually selling the property within a year, or two at the most. ...
|
| Where Do I Start? | 7/13/2008 |
Q: William- It's a mess. I haven't paid taxes in over 7 years and am now facing an IRS lien of $28k. ...
A: Criteria to look for would be to know WHO is going to be personally working your case. Name? ...
|
| Real Estate Business Loss | 7/13/2008 |
Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
A: IRS Publication 17 would be a good place to start reading. It will probably refer to another ...
|
| Real Estate Business Loss | 7/12/2008 |
Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
A: In order to convert the loss on this property from a nondeductible personal loss on the sale of a ...
|
