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Recent tax questions

Do i need a separate tax ID assume name that is associated

Do i need a separate tax ID for an assume name that is associated with a LLC that has a tax ID

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
Have questions on reporting and treatment of casualty loss

Have questions on reporting and treatment of casualty loss resulting from damage to taxpayer principal residence

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
We are a C Corporation incorporated in Houston ( with one

We are a C Corporation incorporated in Houston ( with one single overseas shareholder, but we have an office address of New York through an organiser. We are engaged in whole sale trading of Guar Gum Powder which is used in hydraulic fracking. We import from Asia and then sell to dealers or users. We understand that wholesale trading is exempt from sales tax - is it correct - do we still have to obtain a sales tax permit and submit return.We are applying for registration with a vendor where they have mentioned - whether we are exempt from purchase tax - if yes, a tax certificate is required - what does this mean and how do we obtain a tax certificate.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
I had to amend my taxes because of an error in filing status

I had to amend my taxes because of an error in filing status after e-fling and realized that I need to apply for my son's ITIN number. 1) Can I submit my 1040x with the W7 (to IRS ITIN operations in Austin, TX) 2) Do I need to send the 1040x again to another IRS office (the stated address in 1040x Instructions)?

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
I am in the process of filing chapter

Hello,I am in the process of filing for bankruptcy chapter 7I am not including my spouse (wife) as she is not responsible for any of my bad debt and her credit is good and she has no outstanding concerns.I will provide my bankruptcy attorney a list of things they requested. My question in that my spouse has a business that made essentially zero profit during the past 6 months and has a federal ID number associated to her business am I required to provide my attorney or anyone else for that matter her Social Security Number or Federal Tax ID for that matter? I am blocking it out on the requested 3 years tax returns if permittable, awaiting your reply.My concern is that if my attorney may run a credit check and see her as a viable alternative to raise his fees or add additional fees not to mention I do not want my bad debt accounts to have her SSN # ***** obvious reasons.ThanksArnie

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I get $1,500 a month from Social Security Disability how

I get $1,500 a month from Social Security Disability how much money should I put aside for taxes. This is my only income my husband still works and makes about $70,000 a year

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I was sent a letter from the Department of the Treasury Internal

I was sent a letter from the Department of the Treasury Internal Revenue Service Kansas City, MO.64999-0052 in January,2016. It seems that the Form 1095-A Health Insurance Market Place Statement showed that advanced payments were made of the premium tax credit. They were made top my Health Ins.Co. to reduce my premium cost in 2014.I was required to file form 8962 with my my return for 2014. I did not get the form 8962 and attach it to my 2014 statement. I did not notice it.and did not do it I admit.also if my 2015 tax statement I would have to file for that also with form 8962.I can correct 2014's tax return by filing a 1040X + the 8962 . i am looking for my tax info for 2014 and I have the 8962 form to fill out. But.. I am at a complete loss about what to actually do.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
My parents send money to support my aunt, (my mothers

My parents send money to support my aunt, (my mothers sister) they send over 3,000 a year and how can they claim this on their income tax return? As a dependent even though my aunt is in a foreign country? Or can they claim this as a business expense since they did some work as janitors. ?

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
I own an LLC. I'll be 65 in July & have applied social

I own an LLC. I'll be 65 in July & have applied for my social security which will start in August 2016. My wife works for the local school district. I understand I will be liable for income taxes but as I don't draw a paycheck, how will the IRS determine my tax liability and how should I calculate my yearly income tax due?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
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