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

Recent tax questions

I am a recent retiree from VAH and initially ytransferred

I am a recent retiree from VAH and initially ytransferred TSP savings to NWLI for an annuity but before signing policy I changed my decision due to unexpected financial difficulties. The company returned a check to me without retaining taxes. I ant to comply with legal regulatory taxes that apply. My question is if that is payabke when filing in 2017 or now. Please help me with your advice.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Have to do a 1040X as forgot some 1099 Miscellaneous Income.

Have to do a 1040X as forgot some 1099 Miscellaneous Income. Can I get an estimate on my additional tax liability?

Read more

Megan C

Master's Degree

 
29,942 satisfied customers
I have a tax question, my spouse and I are no longer

Hi I have a tax question, my spouse and I are no longer together we sat down with his lawyer and mine. I have a legal agreement saying he is giving me 500 a week child support until my seven year old is 21. And a additional 1200 a week until it adds up to 8hundred thousand dollars. . Our lawyers wrote the 1200 a week was assets distribution. I took this deal instead of making him sell our properties . I get a check every week out of his buisness Even though we signed the papers it never went to court. My lawyer said it would hold up in court if he ever stopped payments even though we are legally married ,but not together . My question is. Do we have to by law show that asset distribution on a tax form I was told it is non taxable. He pays me out of his business so the question is to make sure we both are ok legally in our future.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
I started an s-corp over legal zoom but never did anything

i started an s-corp over legal zoom but never did anything with it and never operated and forgot about it. it has been a year. i want to get rid of it. what is the estimate of penalties i will pay?i also worked as an independent contractor for a few months as a job, but never filed taxes on the 1099 because it was only for a few months. Will i get penalties, if so, how much, it's been a year since then. Also, is there a way i can resolve this conflict? Is there a timeline i can re file and include those in my tax filings? Is it fraud to not file this, i do not want this trouble and want to resolve completely.

Read more

 
37,576 satisfied customers
Tax Return, Schedule C Losses I am retired, with retirement

Tax Return, Schedule C LossesI am retired, with retirement income, and interest from investment incomeI wish to operate a rental business,(Large mobile RV Vehicle rentals to actors/actress's) and anticipate first, and second year losses.How much loss can be used to offset retirement and interest revenue to lower tax liability

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I want to count my mother as a dependent 2016 tax year. She

I want to count my mother as a dependent for the 2016 tax year. She is married, but will be living separately from my father shortly and by the end of the year. She will be receiving $348/month from SS for the remainder of the year. I understand that some of her SS benefits could be taxed because she would be filing separately even though she will have lived with my father for part of the year (please confirm).How much do I need her to support her to be able to claim her as a dependent and get the head of household benefit. I understand that I need to provide half of her household expenses to qualify.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
It is a business tax liability, We were audited years (2011,

Hi, it is a business tax liabilityJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We were audited for 3 years (2011, 2012, 2013). We appealed, everything denied. We incurred about $35000 in interest and penalties.JA: Is there anything else important you think the Accountant should know?Customer: Well we failed to file tax returns for the above mentioned years because our accountant dragged it and dragged itJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Do you have to pay taxes on school grants?

Do you have to pay taxes on school grants?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
To DanielleCPA ONLY. If a Sub-S took an expense on last

To DanielleCPA ONLY.If a Sub-S took an expense on last year's tax return that had a significant impact in reducing net profits on accrual basis filing, and one of the following occurs this year, what would be the impact on net taxes under each of the three scenarios below:1. Sub-S pays of the expense this year (expense carried over to 2016).2. Creditor settles the debt with the Sub-S for a lot less than original claim taken as expense on 2015 taxes. Does Sub-S need to take the difference (unpaid "forgiven" portion) back into 2016 income with it figuring in net profits. If so, am I correct that this will flow down to the K-1s?3. Sub-S takes Chapter 7. In this case, would the accrual expense deducted on the 2015 taxes be taken back into income and flow down to the K-1s?

Read more

DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
944 satisfied customers
View more tax questions

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
    Pay nothing to your Expert if you're not satisfied.

In The News