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We have been in the biggest irs nightmare of our lives.All…

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We have been in...

We have been in the biggest irs nightmare of our lives.All my poor husband is make money to pay pay pay.We suffered a devastating flood which destroyed the complete basement.Naturally,under this situation you need guidance and help.We received none.We had a ligitament claim. But did not know until after the fact.It turned out the sump pump was not put in correctly,by the time everything was done we tried to sue the company who went out of business.The lawyer we were recommended were terrible.Then.,we went to my daughters friends Father thinking he would advice us.He did not it should have been a wash of course finding out after the fact.Then we took money from my husbands retirement fund not good!The last straw was my Sons friend convinced my husband to let him help.He had just graduated,my husband is a great guy with a trusting heart.Again,screwed.Last year we tried an old college friend, who have it to his saborinent left it on her desk 4 months,accumulating more interest.My husband makes 200,000 year.He heads a head trama hospital and then sees private patients inútil 10pm or 11pm ,he works Saturda’d and puts in time on Sunday.We hardly see him.My Son has had 2back injuries still not resolved Cpa’s Told us we could not talk his medical bills as a write off.We Pat his school loans ,his insurance and all any medical bills the insurance does not cover.All the rest of his expenses ,Je works afee hours for Uber one day a week and does not make much.Discover. Card has screwed me that a whole stormy in it’s self.I don’t know who to believe and /or should he be INC.or an LLC. Neither of us are business people and are fried.We have so many repairs which we have no help or money to pay.I don’t think ven have any money to even give my Daughter a Wedding .I haven’t worked since my children ere born because my daughter had medical problems.I am grateful she is fine and Gradual

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Tecdedted

Submitted: 3 months ago.Category: Tax
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Answered in 4 hours by:
3/18/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,172
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 2 months ago
My husband makes 200,000 a year we pay a half in taxes.He has a private practice at night.Should he be an Llc or inc or ?.I do not understand why we pay over 10,000 a yr. in taxes
Tax Professional: Barbara, Enrolled Agent replied 2 months ago

Taxable income dictates the amount of taxes you pay. $10,000 is not a lot of tax to pay on $200,000 income.

If your husband has a private practice, he is probably using Schedule C to report his income and expenses. He would do the same if he formed an LLC.

Forming a corporation would mean the corporation would also file a tax return, and depending on the type of corporation, would pay its own taxes.

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Customer reply replied 2 months ago
Forming an LLC you are able to get more deductions is this correct?Also, my Son is 26he did not work last year can we claim his medical expenses ,medical insurance and school loans we paid for?Thank you
Tax Professional: Barbara, Enrolled Agent replied 2 months ago

Being a sole proprietorship or forming a sole member LLC offers the same deductions.

Just Answer rules prohibit questions on different topics in the same thread, but I will address your newest question.

Do you claim your son as a dependent (qualifying relative)? If so, you can deduct his medical expenses.

If not, there is an exception to claim the medical expenses of a non-dependent.

See the following: https://www.hrblock.com/tax-center/filing/adjustments-and-deductions/claiming-non-dependent-medical-expenses/

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Customer reply replied 2 months ago
Thank you for the information I do appreciate it.Have a good week...
Tax Professional: Barbara, Enrolled Agent replied 2 months ago

My pleasure.

You do the same.

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