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I was approached by two taxpayers who filed their individual

I was approached by two taxpayers who filed their individual 2015 tax returns as single. However, they were married on 12/31/2015. Now they want to amend their returns as married. How do I do that? Amend each return from single to married filing separately?Thanks!Bill

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Robin D.

Vocational, Technical or Trade School

 
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California 501(c)(3) Federally Qualified Health Program

California 501(c)(3) Federally Qualified Health Program has a program for minors where we pay a stipend of $500. Are there any IRS/State reporting requirements? They are not employees; this is an incentive to attend the program.Is there an upper limit/boundary above which we would have to do reporting?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
My sister is moving to Israel permanently. I would like to

my sister is moving to Israel permanently. I would like to know what she should do with her assets. Also, what is the best way to convert the currency?The safest and most economical .Thanks.

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Christopher B, Esq.

Attorney

Juris Doctor

 
4,782 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I am working on my 2014 return and have included my

I am working on my 2014 return and have included my daughters 1098T from her University. On the form, Box 2 states Qualified tuition and related expenses total $16,216.00 and Box 5: Scholarships and grants $24,859.00. She filed her own return but did not claim the exemption, since Im as a dependent on my return. when inputting this information in my tax software, I am then asked to do the following:Enter any Pell grants, scholarships, and fellowship grants used to pay for tuition, books, supplies, equipment, or fees during 2014.It states that this amount will reduce my education credit, currently $1000, which has resulted in me receiving a Federal Refund of $733.Why is the education credit effected?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
My small company offers medical insurance to employees. However,

My small company offers medical insurance to employees. However, some employees have a spouse who has family medical insurance through another employer. I would like to offer a financial incentive for employees to use another medical insurance plan instead of the one my company offers. I believe this can be done because I know that a local government agency offers employees about $2500 per year if they show that they are covered by another health insurance plan. Please tell me what can be done and what are the tax code numbers that permit this.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Purchased a 2005 hybrid electric/gas auto in late 2015. Can

Purchased a 2005 hybrid electric/gas auto in late 2015. Can I redo my taxes (alabama/federal ) to get a tax credit?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
If I start an LLC in Texas and own 100%, but would like to

If I start an LLC in Texas and own 100%, but would like to give some of this ownership to staff members in the future when it sells,so they get the gain. Is there something I can execute at the formation of the LLC that establishes the right to a future ownership transfer such that, as far as the IRS is concerned, equity ownership transferred just prior to the point of sale, is valued at the formation value of $0? Maybe like a "non-participating partner" or "option on partnership"? I can certainly just sell and distribute proceeds to staff members after the sale, but then it seems that the money is taxed twice-once to me (capital gains) and then to them (gift tax).

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
Im a 1099 Courier Driver and everyday I have 6-15 deliveries

Im a 1099 Courier Driver and everyday I have 6-15 deliveries a day. What part of the deliveries can I write off (ex only when making the delivery not getting to delivery?) and when they are out of order such as i pick up abc and then deliver cba how would I put that in my log every day? I have only seen as an example when they are in order. Do I need to make each independent delivery independent or do i go i came from delivery pickup 1 to delivery pickup 2.I just want to do this right because I drive soo much 40-60k miles and dont want to get audited

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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