Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
IRS Tax Question: I invested $300,000 in Comany A. That
IRS Tax Question:I invested $300,000 in Comany A. That company was essentially foreclosed upon by the primary debt holders on January 23, 2017. My $300,000 investment became worthless, as debts at the… read more
taxmanrog
taxmanrog
Master's Degree
2,950 satisfied customers
What happens after my house is sold on a tax sale for taxes
what happens after my house is sold on a tax sale for taxes three years ago and I pay this years taxes.… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 satisfied customers
I need advice on something my father proposed, My father is
My father is a truck driver (owner/operator) who has failed to do his taxes for a few years now and currently has a tax lien on him for roughly $12,000. I am a full time student with a lack of income. Addressing his tax situation is my fathers #1 priority but he wants to lower his taxable income regardless. He plans to retire to his ranch in Mexico in the next 3 to 5 years, but wants to leave my younger brother and I some money before he goes. So he proposed a plan: He claims that if we simply transfer the ownership of his semi truck and trailer to my name and he files some paperwork with the company he works under currently, his paychecks will be made out to me instead. I would then open a business bank account for those paychecks and pay my father as a 1099 employee $2000 a month. He currently grosses about $10,000 a month before expenses and nets about 4 to 5 thousand after fuel, truck maintenance, repairs, etc. This proposition would provide my brother and I with a good amount of money in the bank over time and, more importantly, an income on paper that would allow us to get approved for a better rental property, improve our credit, or even one day be able to buy a home of our own. My concern is that my father is oversimplifying this process or maybe he might be misinformed and its not even possible at all. If it is possible I need to know how it would effect me and what I would need to do to make it happen. How would I go about doing my own taxes? Are there any negative consequences that can arise from doing this? Any advice, insight, or opinions will be greatly appreciated. Thanks! … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I have recently started a business- an llc in New York. I am
I have recently started a business- an llc in New York. I am and will continue to be the only owner. I need to understand the difference/drawbacks/benefits of having my llc as a corporation versus a s… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,682 satisfied customers
We are a S Corp and a potential buyer wants to do a stock purchase
We are a S Corp and a potential buyer wants to do a stock purchase without any debt. What concerns should we have as sellers. Is this typical?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
My husband and I owe about $4000 in back income taxes that
My husband and I owe about $4000 in back income taxes that we could not afford to pay. It is currently in "uncollectable status" with the IRS as I am on disability and have huge medical expenses. Most… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
A small flooring store is being sold to another person as a
A small flooring store is being sold to another person as a stock sale. The C-Corp has accumulated depreciation over the years of $100,485 that is listed on the Fixed Assets statement. Tax year for C-… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Multi family bldg owned by LLC in forclosure with 10m of debt
Multi family bldg owned by LLC in forclosure with 10m of debt will transfer the deed to new owners for 1mm paid to a new entity. Addition property with 3mm of debt is released to new entity without de… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
the corp i started has a substantial tax debt. if i start a
the corp i started has a substantial tax debt. if i start a new corp will that debt roll over to new corp and will me being an officer of new corp create problems for corp.… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I am paying on a property and I owe $134,000. I can no longer
I am paying on a property and I owe $134,000. I can no longer keep up with the payments and I have a friend that qualifies and is acceptable to the bank to take over the property. The original loan on… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Background Utah Corporation, established July,2004 (mortgage
Background: Utah Corporation, established July,2004 (mortgage business), voluntarily dissolved April,2008. Owner was single individual who is now unemployed. Now being told by the IRS that there was a… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have an IRS lien on my house. How can I sell it, and can
I have an IRS lien on my house. How can I sell it, and can I carry a note? Is that note lienable? Is that a word?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I SOLD a Vegas Condo last year to a company who charged $1,000
I 'SOLD' a Vegas Condo last year to a company who charged $1,000 to transfer title via a Quitclaim Deed to themselves. They also recorded the Quitclaim ($810 Real Estate Transfer Tax paid). I owed $15… read more
Lev
Lev
Tax Advisor
34,029 satisfied customers
I am creating a new LLC (#1)to become the Parent Company of ...
I am creating a new LLC (#1)to become the Parent Company of an existing LLC (#2). I am transferring all assets of #2, including contracts, employees to #1 except for the holding of a subsidy. What are… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I had a home in FlinT, Michigan and sold it via a Land ...
I had a home in FlinT, Michigan and sold it via a Land Contract some time ago. I have to file and register the deed. Under the pretense that the buyer would have filed it, I failed to do so when I sho… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
if my friends assets were to be garnished to pay a debt ...
if my friends assets were to be garnished to pay a debt owed does that mean they could take her car for payment? could she put the car in someones elses name (title) to keep it from being taken?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My Mother In-law has added my husbands name to her ...
My Mother In-law has added my husbands name to her condo deed, along with hers. Is this considered a gift. She did it just to protect it in case anything happens to her. She resides there alone.… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
666 satisfied customers
An investment property has a title of a partnership company ...
An investment property has a title of a partnership company - (not an LLC) - A mortgage company wants to refinance the investment property, but the lender will only allow the title to be in the owners… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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.WMatteson, 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.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, 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.

OrvilleHesperia, 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!!!!

AlexLos 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.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x