Question: I am on a re-payment plan but the interest and penalties are adding up to more than my original debt and going up fast. How can I remove penalties but keep paying my taxes only? Is there a hardship form or another form I can complete to have IRS remove fees and penalties? Continue reading…
Can I pay myself wages if I am self employed?
This is a common question. You are self-employed or owner of a business. You do not want to deal with paying quarterly tax estimates to the IRS. There are many companies offering payroll services. The payroll company can manage all your payroll needs for you. If you pay yourself sufficient wages, you will get a refund at the year. Seems easy. Well it is. But are you are unsure if you can put yourself on payroll.
IRS Non Profit Record Retention Period – Tax Question
Tax Question – Do you know the law on how long you have to keep minutes for a non profit as well as prior tax records? Continue reading…
Tax Help Question: Claim Charitable Deduction for Providing Services
Question: I am donating business services to a church. Can I deduct my time spent as charitable contribution? If so, how do I record my time? Do I issue the church an invoice for my time?
Tax Help Question – LLC Taxed as S-Corp and Trust Fund Penalties
Question: In IRS Publication 3402, Taxation of Limited Liability Company, it states that an LLC can elect to be classified as a S corporation. Does an individual member of an LLC that has elected S corp status have the same protections from personal liability for payroll taxes as an individual member of an LLC that has elected C corp status? Stated differently, does the IRS have to conduct a trust fund investigation to impose personal liability on individual members of an LLC that has elected S corp status? Continue reading…
Tax Question – Michigan Registration Renewal
Question: Where do I report the cost for renewing my tags with the State of Michigan? Continue reading…
Tax Help Question – Receiving 1099-R Late
Question: My taxes are still straightforward and I processed them online again just a couple days ago…all was good, until my previous employer finally just sent me my 1099-R in the mail in regards to the 401k contributions. Because I already submitted everything, this was not accounted for…is that going to be a problem? Or is there a way to add this?
Tax Question – Levy Due to Student Loan
Question: I filed my taxes this year and the next thing I know they took my tax for a federal student loan with out any warning. I never revived any letter that they were going to take my taxes garnishment any wages or anything they just took it with out any notification. Is there any thing I can do about this or do they have the right to do this to me a signal parent of there boys on ssi and i was going to use that to put a roof over our head? Please give me any input that you can please.
Questions on the New "fiscal cliff" Regulations
Questions: Please clarify the “new” “fiscal cliff” income tax regulations regarding:
Taxes on capital gains and dividends will also rise to 20 percent. Is the rise progressive. i.e. only applies to unearned income over $500,000 ?
Taxes will also rise by five percentage points for large estates, over what amount ?
Married couples who earn $300,000 or more will face caps on itemized deductions and exemptions. Please clarify Continue reading…
Tax Help Question – Dependant Exemption for Stillborn Child
Question: We lost our baby at birth. Can we claim any child deductions for the year? Continue reading…