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Recent tax questions

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

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Darren here. I have some $1300 stuck in a dependent care FSA

Hi Pearl, Darren here. I have some $1300 stuck in a dependent care FSA because I contributed not knowing the cut off age for dependent care expenses was age 13. My daughter is 14 now. Anything I can do to recover the funds?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that's it.JA: OK got it. Last thing - Accountants generally expect a deposit of about $38 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lane

JD, MBA, CFP, CRPS

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16,278 satisfied customers
I want to count my mother as a dependent 2016 tax year. She

I want to count my mother as a dependent for the 2016 tax year. She is married, but will be living separately from my father shortly and by the end of the year. She will be receiving $348/month from SS for the remainder of the year. I understand that some of her SS benefits could be taxed because she would be filing separately even though she will have lived with my father for part of the year (please confirm).How much do I need her to support her to be able to claim her as a dependent and get the head of household benefit. I understand that I need to provide half of her household expenses to qualify.

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Lane

JD, MBA, CFP, CRPS

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If I receive a 300,000 Dollar loan to buy a house from a

If I receive a 300,000 Dollar loan to buy a house from a relative. Would I file this as a Loan on my taxes or a gift?? I will be paying it back on a monthly basis. Thank you very much for any help in advance. Robert

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I have an S-corp that I am selling. I have operated the

I have an S-corp that I am selling. I have operated the business for about 15 years. The company buying is doing an asset sale and is buying my assets. The remaining value should be goodwill. What type of tax will I need to pay for that goodwill? Cap gains or ordinary income?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
It is a business tax liability, We were audited years (2011,

Hi, it is a business tax liabilityJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We were audited for 3 years (2011, 2012, 2013). We appealed, everything denied. We incurred about $35000 in interest and penalties.JA: Is there anything else important you think the Accountant should know?Customer: Well we failed to file tax returns for the above mentioned years because our accountant dragged it and dragged itJA: 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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Lane

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Do you have to pay taxes on school grants?

Do you have to pay taxes on school grants?

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Lane

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Closing a small church,s 5013c, have a couple thousand

closing a small church,s 5013c, have a couple thousand dollars to transfer to personal account, how do I pay taxes on it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I am creating a small e-commerce store selling clothing

I am creating a small e-commerce store selling clothing items (mainly T-Shirts) within the U.S. and want to know if I need to charge sales tax to individuals within my state of residency or everyone who purchases these items?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
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