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Personal Tax Questions
In the United States people are required to pay personal
, and these individuals filing may even receive a personal
return from their state or the federal government. There are many questions that can come up when a person is filing their personal taxes. Below are questions that have been asked of the Experts in regard to personal taxes.
If a person owns an incorporated business and the business owes withholding taxes, can the IRS take the individual’s personal tax return?
If the business owes back
it is possible that the IRS may put a tax
on the business or the corporation. If the IRS puts a tax lien on the business, the individual’s personal tax return will not be taken, but the individual may be held responsible for paying the back withholding taxes. If the IRS put the tax lien upon the individual and not the business, then the individual’s personal tax return will be taken by the IRS.
If an individual has been filing taxes jointly, how will opening a business affect the individual’s personal taxes?
If an individual continues to file jointly and the business has a loss then the individual will have an increase in their income tax
. Consequently if the individual has filed jointly and the business makes a profit, then the individual’s tax refund will be decreased. Also the individual will have to pay state and federal normal income tax rates, in addition to the 15.3% tax on self-employment. The individual has the liberty to prepare their personal taxes for federal and state and see which
, individual or jointly, has the least the tax liability for the individual.
If an individual finds that they missed a 1098 when they filed their personal tax return, if they file a corrected return, will an audit be triggered?
If an individual finds that they have missed a 1098, they can file an
, and the act of simply filing a will not trigger an audit from the IRS. When an individual needs to file the amended return, they need to utilize form 1040X, which is the form for correcting a return that has already been filed. Since the IRS also has received the information from the 1098 that the individual used to correct the return, the chances on an audit on the grounds of missing a 1098 form are not good, especially since it is a
that the individual is legally about to receive.
If an individual receives a large sum of money as a gift, will they have to pay taxes on it?
In most cases if an individual receives a gift, they do not have to pay
federal gift taxes
, and will not have to pay personal income tax on the gift either. The tax responsibility for the gift lies with the giver of the gift. There is annual
exclusion; this is the highest amount that a
is able to give yearly to any beneficiary without the requirement of their one million dollar lifetime gift
amount. If the gift giver is able to limit the amount of gifts yearly to within the annual exclusion amount, the that individual will not have to file a gift tax return as there will be no gift taxes due.
If a person owns a business that owes back withholding taxes the IRS may put a tax lien on the business or on the individual themselves. If it is placed upon the individual, then the individual’s person tax return may be taken by the IRS. If an individual finds that they have missed a 1098 when filing their income taxes, they are able to file an amended return, and this does not necessarily trigger an audit of the individual’s personal taxes.
Filing taxes and facing the tax season is often confusing and stressful, however there are places to turn for help. If individual’s find themselves with questions regarding their personal taxes they are always able to ask an Expert.
Recent Personal Tax Questions
Opend last August. No taxes paid as of yet or 2015.
Opend last August. No taxes paid as of yet for 2014 or 2015. No knowing I don't think he's paid any taxes in a few years. This is why I believe he is back peddling on getting them done. I also found out that he basically has know assets for I do. It's a simple automitive business with no loans contracts or any of that. The taxes are probably not much but our start up was very low and we are making money. I don't care about business assets just want to get my name off of it for tax and liability reasons. Thank you.
I am American citizen, widow, with savings with IRA and Roth
I am American citizen, widow, with savings with IRA and Roth IRA, when the probate ends I will also have some investments. I made a will and a revocable trust put as my only heirs daughter and son, I am willing to put everything in the trust but, they live in Brazil and don't have American citizenship. Will it be a problem to them? My son said the taxes will be high. Maybe I should buy a properties with the money what you think?
I'm preparing a friends 1065 Partnership Tax return. They
I'm preparing a friends 1065 Partnership Tax return. They said they thought they were going to close the business but never did. The prior year 1065 & K-1's are marked final. Is there a way to file a 1065 for the current year without amending the prior year return?
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