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Tax Help

Every year, around tax time, people start looking for tax help. This may be as simple as asking for help to fill out a form. Or, perhaps, as complex as trying to figure out the simplest way of clearing several years of back taxes. In this scenario, there are several avenues that an individual can take to get the help they need. One of these could involve asking a professional. Listed below are a few questions answered by the Experts on issues related to tax help.

Is there tax help available for individuals who owe taxes and are unable to pay them?

If an individual owes taxes after filing their income tax report, they may need to deal with the IRS as there are currently no federal programs that offer tax help. Dealing with the IRS can be done in two different ways. An individual may be able to pay off their tax debt over a period of 60 months if the IRS provides the individual with tax help by arranging a payment plan. The second way for an individual to get tax help would be if they are unable to pay off their tax debt in 60 months, they can file for an Offer in Compromise. The Offer in Compromise allows the IRS to forgive a portion or all of the tax debt that an individual owes and that the individual cannot, in a reasonable manner, pay off in 60 months. More information about this can be found at:  www.irs.gov/pub/irs-pdf/f656b.pdf

What kind of tax help can a sole proprietorship with travel expenses get when no income was made owing to it being a start up?

Travel expenses that are associated with a sole proprietorship can be used as a deduction if they were made to generate income. You could report these expenses on lines 24 A and B on Schedule C although, typically, only 50% of meals and entertainment can be deducted. If a sole proprietorship is just starting up, there could be costs incurred that the owner can capitalize on. These expenses can either be amortized or they can be deducted, although they would usually be deductible only up to $5,000. The most common way to deal with travel expenses for a sole proprietorship start up would be to capitalize and amortize them to offset income in the future.

What is the statute of limitations of income tax debt for past income tax returns? Should an individual seek professional income tax help with regard to this?

The first thing that an individual would need to know is that the statute of limitations on federal income tax debt does not begin until the individual files an income tax return. In other words, if the return has not been filed, there would be no statute of limitations. If an individual has outstanding years of tax that need to be filed, it would be advisable to seek the help of a professional tax attorney. There are also a few things that an individual should take into consideration when filing a late tax return. These include consequences such as late filing penalties along with large interest charges, the chance of losing a refund, the possibility of foregoing Earned Income Tax Credit and so on.

Is there any tax help available to decrease the taxes that have to be paid on making an early withdrawal from a 401(k)?

An individual that makes an early withdrawal from their 401 (k) is not going to be able to avoid the taxes that are owed on the early withdrawal even if they have tax help. However, the individual may not have to pay the ten percent penalty for early distribution if the reasons for making the withdrawal meets with one of the exceptions listed: a distribution made upon disability or death; a distribution that is made upon separation of service which forms a portion of a series of equal payments that are based on the life or joint lives of the participant and their beneficiary; a distribution that is made to an employee at the age of 55 when separation of service occurs; a distribution made to a non-participant due to a divorce; or a distribution that is made that does not exceed the deductible medical expenses that were made in the year of distribution irrespective of whether the individual itemized or not.

There are many forms of tax help available. Many people have their taxes done by professionals to ensure they have ample tax help within their reach. However, you may have more questions on tax help that you may need help with quickly. In this situation, put your queries to Tax Professionals on JustAnswer who can offer insights and information to help with your case.
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Recent Tax Help Questions

  • I am a mortgage loan originator. I am currently working with

    I am a mortgage loan originator. I am currently working with a client who has 25% ownership in an scorp. The company experienced a $160k loss last year. My client's k-1 $40k loss was not filed on his personal returns, however. He claimed 10% of it and stated that he will be carrying the loss forward.
    My underwriter, not a tax expert, is having a hard time finding anything (forms, guidelines, etc) that state the legality of this.
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    I have a client showing a 50k loss on a Schedule C for the 2013 tax year. Official last day of business is 6/01/2014. Client went out of business and is filing bankruptcy. Can the client take a NOL carryforward if in bankruptcy?
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