How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
9 Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Personal Tax Questions

In the United States people are required to pay personal income taxes, and these individuals filing may even receive a personal tax 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 withholding taxes it is possible that the IRS may put a tax lien 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 refund. 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 filing status, 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 amended return, 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 deduction 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 gift tax exclusion; this is the highest amount that a taxpayer is able to give yearly to any beneficiary without the requirement of their one million dollar lifetime gift exemption 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.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
9 Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Personal Tax Questions

  • I have a S-corp. This year we had an amazing year with a large

    I have a S-corp. This year we had an amazing year with a large profit. As a 100% shareholder, I have taken out W2 and some as distribution. Still money is left in the corporation bank account. I still have available section 179 allocation to write off. However, my CPA told me that I don't have enough basis to use the section 179. Therefore, I will have a high tax liability next year. He explained but still confusing.
    He said to hold off the deposit till next year and accelerate the business expense.
    Question:
    1) How can I increase basis? What do I have to do to increase basis? I have a business loan of $400k and pay $4500 every month. About $3000 is paid down on principle. So, is that mean $36,000 increase in basis?
    2) Is money left in the corporate account subject to personal tax?
    3) Can I deposit the money I took out as distribution back to lower my personal income tax?
    4) Should I appraise my business to have a higher value so that it can have a higher basis? If yes, where do I get the appraise from that would not flag the IRS?
    5) I heard that if I pay more State Tax, then that would be tax deductible. And, I will get the overpaid State tax back next year. How much is ok to pay more without being flagged by IRS?
  • I am trying to deal with the tax situation with the issue mentioned

    I am trying to deal with the tax situation with the issue mentioned below. Specifically, who is responsible for filing the tax return for the LLC cited below?
    In March 2014, my father-in-law started a company (LLC) in CT upon the advice of my wife. I agreed to help him with marketing and sales for a few months, since it was in the same line of business as mine. Mid-April 2014, he realized he could not work anymore due to health issues. Since the prospect of the new business looked good, we decided that I would take the company and manage it remotely from California for a few months until my family and I returned to CT. In April, he signed a document stating that he was transferring/selling the LLC to me. We agreed that I would pay him $500 per month to manage the legal and administrative work in CT (if needed) until I returned to CT.
    I arrived in CT with my family last month. We are now full time residents in the state. We are originally from CT, but left two years ago to move to CA. Now, we are back.
    The company has an EIN issued with his name. What is the best way to transfer the LLC legally to my name with the State of CT and the IRS? Do I have to make any special disclosures to the State of CT or the IRS?
    The company’s profit is approximately $25,000 so far this year (April to December). I will be issuing a 1099 for the $4000 I paid my father-in-law this year, which is the only income he made from the business. With respect to taxes, is he responsible for anything else when filing the company taxes next year?
    Thank you.
  • Im trying to undserstand the differnce between filing my sales

    Im trying to undserstand the differnce between filing my sales tax monthly for my business versues when i file my income taxes. My business is a Soul proprietorship
< Last | Next >
View More Tax Questions