Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I had a business that did not do so well. I have need to…

Customer Question
I had a business...

I had a business that did not do so well. I have need to file for 2013 thru 2017. the IRS wanted me to have this done by January so they could put me on a payment plan. My question is, what would be the least expensive way to file but still make sure I get all credits available to reduce my tax debt?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Currently I owe around $5000 for past taxes.

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
1/4/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,993
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

My first thought (especially as it relates to being sue that you get everything that's coming to you) is that you need to sit down with a good tax professional who is experienced in doing business taxes.

...

But if that's too expensive then you might want to consider Turbox Tax (I have no association). I just know that they have a good interview method (used it for years) where ... if you just tell turbotax that you have a business and use the deduction finder, it does a pretty good job of helping you look for business deductions.

...

I see 2016, 2015 and 2014 here: https://turbotax.intuit.com/personal-taxes/past-years-products/

...

Bear with me a sec and let me see if I can find the earlier year

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

In my experience the turbotax interview method (where you tell the software that you have a business and it pulls you through the Q&A to enter the appropriate forms and numbers) is the happy medium between the do it yourself software and paying a tax pro.

...

And given the disparity of competence out there when it comes to tax preparers, if you're good at attention to detail doing it yourself might be the best way to go.

...

And here's an excellent overview of the list of possible business deductions:

...

https://quickbooks.intuit.com/r/professional/complete-list-of-self-employed-expenses-and-tax-deductions/

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Likely the CHEAPEST way to go is here: https://www.freetaxusa.com/prior_year.jsp

...

But, likely stating the obvious, the tradeoff is between cost and expertise.

...

Another happy medium would be to go to one of the assembly line services such as H&R Block, Liberty tax, etc. ... More expensive than Turbotax, but a little more personalization (be sure that the person has experience with business taxes)

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Does this help? ... How else can i help?

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,993
13,993 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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 >

Related Tax Questions
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Did a non deductible IRA to Roth conversion last year. The
Did a non deductible IRA to Roth conversion last year. The company withheld (I assume by mistake) 30% of the money to pay for taxes. The IRA had no appreciation and it was post tax money but they stil… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Can i deduct medicare and secondary insurance premiums as a
can i deduct medicare and secondary insurance premiums as a medical expense on my az 140 schedule A form? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
Are property taxes on a first and second home tax deductible
Are property taxes on a first and second home tax deductible in the same year on schedule A?… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 satisfied customers
If I am filing an ez1040 form can I deduct my property
If I am filing an ez1040 form can I deduct my property taxes? Or is only if I'm using the long form? And is there a fee for this service? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have an IRS tax law question regarding forms need to file
I have an IRS tax law question regarding forms need to file an extension on filing a form 1041. Need a tax professional from California to respond. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Can I deduct the the Medicare Part premiums as a medical
Can I deduct the the Medicare Part B premiums as a medical expense? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
When I prepared my taxes with E file they deducted amount
When I prepared my taxes with E file they deducted amount for not having insurance all year. Then I looked at the 1040 US Individual Forms and I did not see anyplace to deducted anything. Which is rig… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I prepared my brother-in-law's taxes last year. He sold a
Hello, I prepared my brother-in-law's taxes last year. He sold a piece of property and not having dealt with something like that before, I put it down as other income. I am told that it is to be enter… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 satisfied customers
I am a non resident of Delaware preparing my tax return & on
I am a non resident of Delaware preparing my tax return & on line 35a state income tax, I have to deduct my Delaware state tax from my itemized deductions. Do I also have to deduct my real estate taxe… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
Taxes. In regards to the new tax laws. The child credit.
Taxes.In regards ***** ***** new tax laws.The child credit. Please explain. I have 4 kids. Is it a deduction or a credit. And is there a limit and I believe I read It's 2k per kid. Do you simply get c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Looking for a checklist in preparing tax for tax preparers.
looking for a checklist in preparing tax for tax preparers … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 satisfied customers
Taxes Are car ease payments subject to a max deduction of
Taxes Are car ease payments subject to a max deduction of 3,360 like car depreciation or do you just add back the lease inclusion from lease inclusion tables… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 satisfied customers
Lev, I am preparing a business tax return for a client that
Good afternoon Lev, I am preparing a business tax return for a client that leased expensive equipment to buy and he put down large down payment and few monthly lease payment. He has the option to exer… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,993 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.

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