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Recent tax questions

I have a scorp and probably did only one billing this year

I have a scorp and probably did only one billing this year for 10k few days . what would be right way to run payroll and the options i have if there is going to be no billing for the rest of the year.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,558 satisfied customers
Getting a second opinion on this question, as I have

Getting a second opinion on this question, as I have received conflicting information.I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up thepayment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I have a federal tax lien, and I am about to set up payment

I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up the payment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,558 satisfied customers
I need a taxes question answer I am in the process of

I need a taxes question answer I am in the process of retired an have a pension when retired can collected, social security which I will have to wait 5 years to collected, 401 K retirement I h aVe several option start collecting and pay balance down or rolled over in to a self directed IRA and invested money or roll over into a Roth IRA and wait five years and get the money out tax freeI research several states where there are no pension taxes and social security taxes. These states where Illinois Penn Florida Alabama and Mississippi I want to find out is this possible Will any of this income be taxes

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I had a tax ID number company. I retired and my accountant

I had a tax ID number for my company. I retired and my accountant put it on hold?? My accountant retired I know live in AZ. how can I reactivate my old TIN?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: He is retired, he was in Ohio. I can't locate him? When we retired we moved to AZ in 2006JA: Is there anything else the Accountant should be aware of?Customer: No I want to start doing case management again I am a nurse. My old company was home healthJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
My wife owns transferred cash to a partnership (LLP) in

Hi! My wife owns transferred cash to a partnership (LLP) in India and became a partner of 33%What are our filing requirements? She is a resident and does not have any US income. The partnership is a Limited Liability Partnership and all the partners have limited liability.Which forms do we need to submit?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Do I owe federal taxes on property I sell which is fully

Do I owe federal taxes on property I sell which is fully owned by a Trust? The proceeds will be distributed equally among three beneficiaries

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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