Join the 9 million people who found a smarter way to get Expert help

Recent Tax Year questions

If a cash basis tax payer (an entertainment company) takes a

If a cash basis tax payer (an entertainment company) takes a retainer for a performance months after the current tax year, is the tax payer required to recognize the money received as revenue in the year of receipt?

Read more

Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
I am a US citizen and a company based in the U.K. has hired

I am a US citizen and a company based in the U.K. has hired me to work for them. I'm not moving there this will only be for a few months at a time. I will be paid in pounds though. How does that work tax wise from pounds to converting to US dollars when I return? Would I end up paying taxes twice?

Read more

taxmanrog

Master's Degree

998 satisfied customers
This question relates to "-to-market" election under IRS

This question relates to "mark-to-market" election under IRS code section 475. To make the election for the 2016 tax year, you must attach an election statement to your 2015 return filed by 4/18/16 (or to an extension request Form 4868 filed by 4/18/16). Is it possible to file 1040X amendments for 2015, 2014, and 2013 to make the election for the applicable year?

Read more

taxmanrog

Master's Degree

998 satisfied customers
I have someone who I claim as a dependent on my tax return.

I have someone who I claim as a dependent on my tax return. He is an adult but has no income. He also does not have health insurance since he has no income to pay for it. If I claim him on my 2016 taxes will he have to pay the penalty for no insurance coverage?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don't think so.

Read more

Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
How can I unblock my withholding compliance for my taxes

How can I unblock my withholding compliance for my taxes that was given to me in Sep 2014 . I have been claiming 0 since then . I filed all my tax returns and we make payments to the IRS . Balance is about 4 thousand left ?

Read more

Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
This is a tax lien question, I do not know what I should do

This is a tax lien question, I do not know what I should do next.I have always paid my taxes, but I got a notice from the state tax department that I owed a very large tax bill. After two phone calls to the man listed on the tax bill, he said the state had no records of any taxes I paid that year, and he said he had no copy of a schedule H that I had filed in with my taxes (a form where my husband became disabled that year.) So per our conversation, I mailed him copies of all payments (with proof of where the payments cleared) and another schedule H signed by my husband's physician, sent to him certified with return signature required, and I received the signature card back in mail, dated with the state tax department's stamp on it. After that, I received another bill for the same amount from the tax department, no mention of what I had sent it, and I sent another certified letter explaining what I had already sent, and to please correct my account. It didn't work, I just got another letter stating they were going to put a lien if I didn't pay, no acknowledgement of the proof I'd sent that it was already paid. I then hired an accountant from H&R block to handle the matter for me-my husband and I gave her a copy of our tax return and signed power of attorney statements for her to handle the matter for us. I didn't hear anything from her, so I called four times over the next several weeks and she kept saying she hadn't contacted them yet, but she would that day. I was a little busy with my husband who was severely ill and in the hospital for several weeks, and I just kept hoping she would take care of it, but she never did, and I got a notice last week that a lien has been placed against us in this matter. I called the county clerk, but they said only the state can take that lien off, regardless of the fact that I have paid my taxes and have proof of it. I do not know what I should do next, if you have any advice on this matter, I would really appreciate it.

Read more

taxmanrog

Master's Degree

998 satisfied customers
Can you tell me the tax credit per child? is it a set amount

can you tell me the tax credit per child? is it a set amount or are there other credits available. If my granddaughterfiles does she file as head of household?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,688 satisfied customers
If you are self employed and report a loss for the current

If you are self employed and report a loss for the current tax year can that loss be used to offset non earned income sources such as dividends, interest, IRA distributions etc.?

Read more

Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
Maybe. How much will it cost me? I have a W-9 and 1099 misc

Maybe. How much will it cost me?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: I have a W-9 and 1099 misc questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: OK I started my own LLC about 5 months ago. Im the sole member so I understand that the IRS sees me as a disregarded entity. I also do not get taxed as a corporation and I do not at this time have any employees. I do construction and I very often have sub contractors do work for me. I do have an EIN under the name of the LLC. Of from what im reading the IRS asks that disregarded entities use their SSN on W-9 and 1099 Misc forms. I do not like this idea because of privacy issues. Thats why i thought I obtained an EIN. Do I in fact have to use my SSN on W-9 and 1099 misc?JA: Is there anything else the Accountant should be aware of?Customer: Not that im aware of at this time.

Read more

Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
View more tax questions
In The News