Ask A Question
Have Tax Questions? Ask a Tax Expert for Answers ASAP
Federal Tax Return Questions
Every year in the United States, individuals who have earned income file
returns as well as state
. Some people take their
to professionals to have them filed and some choose to file their taxes on their own. There is an industry that is solely based upon those that have their taxes done professionally. Some may have the taxes done professionally simply for the convenience, while others may have it done because they do not understand how the federal tax return works. Below are questions that individuals have asked the Experts in regards to federal tax returns.
How does an individual who has moved to another state file their taxes?
If an individual has moved from one state to another state during the year and has earned wages in both states that are taxable, then the individual will owe taxes in both states. For an individual to file correctly they will have file as a part resident in the two states and pay the taxes on the income of both states. The move will have no effect on the federal tax return.
Is there a time limit to amend an individual’s federal tax return?
Typically, there is no time limit for an individual to amend an individual’s federal
return. If an individual needs to amend a federal tax return from years past, they are not limited due to a statue of limitations. However if an individual is amending a tax return with the expectation of receiving a tax return there is a statue of limitations for receiving a tax return.
How does the IRS deal with parents dividing claiming children on their federal tax returns?
When it comes to parents dividing who gets to claim the children on their federal tax returns the IRS will allow the parent that has the children for most of the year to claim them on that parent’s federal tax return. In the case where the parents each have the children the same amount of time throughout the year, then the parent whose adjusted gross income is the highest is able to claim the children. Before 2009 the IRS was known to honor the parents’ divorce decree in regards to whom was able to claim the children. Today that may not necessarily be the case though it may be in some situations. In the case where the parent who does not have the children the majority of the year or has the lower adjusted gross income wants to claim the children on their federal income tax, the parent who does have the right to claim the children must sign a Form 8332 in order to release their claims to the children
If an individual has not filed their income tax returns, how far back do they need to go back when filing their federal tax returns?
If an individual has not filed their federal tax returns for several years, for the most part the IRS requires that an individual file at a minimum at least the last 6 years previous federal tax returns. The IRS only keeps tax records as far back as 7 years. If the individual has all of the information and forms that they need to file, then they are able to file those years to find out where they stand with the IRS. If the individual owes no taxes for those years filed, then there will be no penalties assessed for filing late. If taxes are owed on any of those years, then penalties will be assessed and interest also added to the total. If the individual finds that they do indeed owe taxes and the amount is too much for the individual to pay at one time, then they are able to set up a payment plan with the IRS.
When tax time comes around, many individuals stress about the thousands of questions that come to mind when filing their federal tax returns. Often, these individuals are unaware of where to turn to get the correct answers to these questions. When not sure how long they have to file their tax returns, or how far back they can go when filing their federal income tax returns who better to turn to then the thousands of available Experts. These questions and many more about Federal Tax Returns can be answered by the Experts.
Recent Federal Tax Returns Questions
Where are you based out of? Looking to provide
Where are you based out of? Looking to provide representation on a BOE sales and use tax audit in the Palm Springs area. Appreciate all your insight and helpful info on this site.
I have a single-member LLC in a state (NY) that allows for
I have a single-member LLC in a state (NY) that allows for such things. I am a disregarded entity for tax purposes, and therefore file my income tax return under my social security number. However, for purposes of getting a bank account, I had to apply for an EIN with the IRS. Other than the bank account, the EIN is not used for anything (because I have no employees and do not have to pay excise tax). I understand that if I did have employees, then the EIN would be used for something.
Now, I am taking in a partner, and therefore the disregarded entity will be converted to a partnership for tax purposes. My accountant is trying to tell me that I need a new EIN for the LLC. Everything I have read says that I do not because the EIN already exists for the LLC. My understanding is that the LLC will just file its own tax return now and show distributions to the two partners.
Question: If a single-member LLC disregarded for tax purposes had an EIN (not the owner's social security number), then converts to a multi-member LLC treated as a partnership for tax purposes, does the LLC need a new EIN?
Question: At the time of conversion, does the business have to notify the IRS in the change of tax status of the entity associated with the EIN?
, we incorporated a multi-member LLC in january 2014, and while we thought Form 8832
Hello, we incorporated a multi-member LLC in january 2014, and while we thought Form 8832 had been filed at the time of incorporation, we now realize that it was not. Is that a valid reason to put on Form 8832 when we submit it?
View More Tax Questions
6 Tax Professionals are Online Right Now
Ask Your Own Tax Question
Ask Your Question Now
Ask a Tax question
Type Your Tax Question Here...
6 Tax Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Tax Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
6 Tax Professionals are Online Now
Type Your Tax Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2015 JustAnswer LLC