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Recent Fair Tax questions
I filed state taxes for Georgia in 2010. My filings were wrong
I filed state taxes for Georgia in 2010. My filings were wrong and now they say I owe $393.00, I show where $205.00 was held and $140.00 was held, Total $345.00They gave me $32.00 back that year.Also the figure they have for income is off by 2,000.00 over. I think I took 2400.00 credit for unemployment not realizing that it was only for the 2009 year. My total income was 13,969.00 they said it was 15.400.00.Breaking the bank I am...lol Can hardship be a factor, it took me 2 yrs to land this contract job I have now, for 4yrs running at the same location. But making a whopping 23000.00 I am 63 yrs old, barely getting by after being downsized in 2008 from a good paying job. All I own is my car, I have nothing else, living with a friend.I have started proceedings for small claims court,as the tribunal wants $60.00But now my interest and penalties are accruing. I did not get the notice on this until 12/14/2014What are my options and how should proceed. Is small claims the best way to go?
Bachelor's Degree Equivalent
I did some work as an independent contractor from August through
I did some work as an independent contractor from August through early December and I submitted a bunch of invoices to my clients, some of which have been paid to me and some of which have not. For the invoices that haven't been paid, how do I handle this on my taxes? Do I simply ignore it on this year's taxes and then treat it like it was earned in 2012? What if they cut the check in December but I don't cash it until January?Since I realize this is a very simple question, it would also be great to get some detail about why or other "good to know" related info.
My spouse and I filed married Jointly last year and received
My spouse and I filed married Jointly last year and received a maryland refund of $1547. This year we are filing married seperately. My question is on the 1040 line 10 would both my spouse and I have to enter the $1547 and both be taxed on the full amount. This doesn't seem fair to be taxed on the $1547 refund twice since we are filing seperately this year. Can just one of us enter the refund on line 10 or maybe divide it in half.
After selling a mutual fund in 2005, my husband and I ...
After selling a mutual fund in 2005, my husband and I realized a capital loss. We have been able to claim $3000 on this loss each year on our tax return. The amount of loss remaining is $64,560 to be claimed over the coming years. If the FairTax is initiated, how will we be able to realize the value of this capital loss carry over? Would it be wise to sell some of the stock we currently hold to claim this loss on capital gains? Is there a limit on the amount of stock you can sell during one fiscal year in order to apply this capital loss carry over? Thank you.
My father, who lives in Mexico and is a foreign national
Hello. My father, who lives in Mexico and is a foreign national (not a US Citizen, nor a US Resident), is planning to give me as a gift, shares of his business which is a corporation of Mexico. The legal entity is similar to a C-Corp in the US. Note that it is a small business, and he is planning to give me as a gift 99% of the shares of the business. I am a US Citizen living in California. Do I have to notify the IRS? If I do have to notify the IRS, what forms do I use to notify them and when should I do so? I understand that I would only pay taxes until I have income from the corporation, aka dividends?
We received the Bank of America mortgages settlementView more tax questions
We received the Bank of America mortgages settlement amounting to $72000.00. We reported it as income on our tax return for 2015. As a result, our tax liability has gone up by $18000.00. We thought that Bank of America had set funds aside to help with the tax liability. We need your advice on this issue.