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My husband used to work in his father company which the company

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was under his father name...
my husband used to work in his father company which the company was under his father name ,his father got banckrupt. my question is that will still my husband need to pay the tax or not
Submitted: 2 years ago.Category: Tax
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Answered in 12 minutes by:
6/19/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,150
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to our site!For income that your husband already received - yes - that amount should be reported on the tax return.However for compensation which was promised - but not paid - that is NOT included into taxable income.
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Customer reply replied 2 years ago
what if he had a mortgage and his income its not enough to cover the tax ?
Tax Professional: Lev, Tax Advisor replied 2 years ago
Let me know what if his income?
Also - do you file a joint tax return? If yes - we need to know your income as well?
Do you have dependents?
Other deductions or credits?
I will help to estimate possible tax liability.
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Tax Professional: Lev, Tax Advisor replied 2 years ago
In general - taxes should be paid before any other tax liability....
If you find you owe more than you can pay with your tax return, don’t panic. Make sure to file on time. That way you won’t have a penalty for filing late.
Here is what to do if you can’t pay all your taxes by the due date.
1.File on time and pay as much as you can. File on time to avoid a late filing penalty. Pay as much as you can to reduce interest charges and a late payment penalty. You can pay online, by phone, or by check or money order.
2.Get a loan or use a credit card to pay your tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties.
3.Use the Online Payment Agreement tool. You don’t need to wait for IRS to send you a bill before you ask for a payment plan. The best way is to use the Online Payment Agreement tool on IRS.gov.
You can also file Form 9465, Installment Agreement Request, with your tax return. You can even set up a direct debit agreement. With this type of payment plan, you won’t have to write a check and mail it on time each month. It also means you won’t miss payments that could lead to more penalties.
4.Don’t ignore a tax bill. If you get a bill, don’t ignore it. The IRS may take collection action if you ignore the bill. Contact the IRS right away to talk about your options. If you are suffering a financial hardship, the IRS will work with you.
.
In short, remember to file on time. Pay as much as you can by the tax deadline and pay the rest as soon as you can.
Following publication might be helpful
http://www.irs.gov/pub/irs-pdf/p4849.pdf
Let me know if you need any help with estimations and reporting.
I am here to help with all tax related issues.
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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,150
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