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Tax Return Laws
What is a tax return?
In the United States a
return is a type of report that is filed with the
Internal Revenue Service
, also called the IRS, or with the state or
tax collection agency. This report contains information used to calculate what a person owes in
or other forms of taxes. A tax return is generally prepared using the forms that the IRS has drawn up for the use of figuring taxes or any other applicable taxing authority. For more information about tax return
read below to find answers from Experts.
If a person is in the middle of a chapter 11 bankruptcy, if the person is only able to take one exemption what would happen to the other exemptions that they would normally be able to take?
In most cases when a person is in the middle of bankruptcy, then the trustee that is in charge of the bankruptcy is also in charge of filing the person’s tax return. When it comes to the bankruptcy estate, all assets of the estate are included in the bankruptcy estate from the date that the bankruptcy is started. The estate would be included in the 1041 form attached to the
. Since the taxes are for the estate and not the individual, there is only one
allowed and children are not a deduction for an estate. The person that is filing for the bankruptcy would need to file their own tax return on the money or assets that do not belong to the estate, this tax return would be the return that the person would claim all their children.
Can an exemption for a child be taken on the final income tax return of a deceased divorced parent if the parent died in February?
When it comes to the child
, the requirement that is generally used is for the child to live with the parent for at least half of the year and since the parent passed away in February, and then this would be impossible for the child to do. The surviving parent would be the parent that would take the tax exemption for the child. The surviving parent can file a form 8332 and give the deceased parent permission to use the child deduction, but this would be the only way for the deceased parent’s estate to use the child deduction.
If a person mails their tax return to the IRS in February and has not received a return, how would the person find out if the IRS received the tax return that they filed?
If the person is expecting to get a
back or they owe money and sent a check in with the return or they paid the money that they owed using EFTPS, the person can go to website:
and click on “where’s my refund” and put in the amount that they are expecting back or put a dollar in the amount that is expected back if they owe taxes and this should show them if the tax return has been received and being processed. The person may want to wait a few weeks after they sent their return in before attempting to see if the IRS received the tax return and is processing it.
If a person filed their tax return and is expecting to get $2000 back and still has yet to receive the refund, what should they do if they keep getting the same message from the IRS line?
In most cases the IRS may take a little while to send out the tax refund. If the person has exhausted all avenues in regards to seeing when the refund is due to be sent out, then there is generally nothing else the person can do but wait on the IRS to send the refund out. The person can visit the “where’s my refund” page on the IRS website and see if the IRS has received the tax return, If they have then there may be a chance that the return was chosen to be reviewed. This page will also give other numbers for the person to be able to call and get more detailed assistance.
When a person is paying in taxes, then at the end of the year they would need to fill out a tax return. When they are filling out a tax return, they may run into questions regarding what forms need to be sent in, how to find out of the tax return was received, or general questions regarding how to fill out the tax return. When these questions arise, then the person would need to seek the answers from an Expert.
Recent Tax Return Questions
While filing 2011 and 2012 taxes, two entries were missed on
While filing 2011 and 2012 taxes, two entries were missed on form 4562 (Lines 16 and 17) such that $7,751 in depreciation was not claimed/reported. All other calculations were correct, including schedule L. (The discrepancy was only in completing the forms; all tax related documentation had the depreciation calculated correctly.) I have created an amended 4562 and 1120 (along with the necessary schedules) and also created an 1120X for both tax years.
Is this the correct way to proceed? When filing the amended return, what should be included? Every single page of the entire tax filing as though it were an original filing, or only the pages which have been modified? I also made, what I believe to be, a minor change to the business activity code.
When filing the subsequent amended NY State return CT-4, it does not include any lines under Computation of Tax to account for payments already made. As such, filling out the amended tax return leaves A. (payment enclosed) as the original tax due, rather than the balance due of $0. What is the correct way of handling the tax computation section of the amended NYS tax return? If the balance due will be listed as the original amount, should I include proof of original payment as well?
What documentation should be attached to the CT-4? Should the (unmodified) CT-3M/4M be included? Should the entire 1120X packet (as specified to be filed in the above paragraph) be included, or only the 1120X itself?
Are there any concerns or issues that might be pertinent in filing an amended return that are unaddressed?
Hello, My husband & I set up a living trust in 2007 (California).
Hello, My husband & I set up a living trust in 2007 (California). He passed away in 2012. Now I manage the trust that will eventually be distributed to our 5 children when the youngest reaches age 25. Currently he is 12 and it is very probable that I will pass before he is 25. Then the trust requires that an irrevocable trust be setup in the youngster's name. The new trustee (an adult child of ours) will also be the youngster's guardian. The trust contains real estate and a brokerage account.
If I pass while the youngster is still minor or under age 25, what are the tax requirements at that point, with regard to the old trust and does the real estate need to be appraised at that point?
What will be the tax requirements when the youngster reaches age 25 and the trust is distributed and dissolved?
Rental property tax timeline - For 2013, we rented the
Rental property tax timeline - For 2013, we rented the property for 9 months, then we stopped renting and put it for sale, it was sold in Jan, 2014. Couple questions: 1. I understand that we should we report the rental expenses/income for 9 months only
in 2013 tax return, what about depreciation? We can only depreciate for 9 months in stead of entire year, correct? 2. Expenses occurred in the last 3 months of 2013 relating to the sale (such as preparing the property for sale, realtor-related, etc) should
be reported in 2014 tax return, the year of sale, even though they occurred in 2013, correct?
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