I live in Ohio and have been married since 2011. My husband and I have separate bank accounts, and he has managed all our finances and tax preparation since 2007. We filed our tax returns separately until 2013 when my husband suggested filing jointly to save money. I agreed, but in 2015, I received a bill from the IRS for unpaid taxes from 2013, which my husband had not disclosed. He also had hidden debts for 2012 and 2014. We built a new house in 2013, and in 2015, we financed the remaining 40% of its cost, including his 2012 debts. Recently, I discovered more of his undisclosed debts. My questions are: 1. Was it legal to file a joint tax return without warning the other person about possible debts, and can I appeal? 2. In case of divorce, will the IRS take my spouse's unpaid taxes for 2014 from my part of the house equity, since we filed separately in 2014? 3. If my husband becomes disabled or dies, will I be responsible for his unpaid taxes for 2014 and 2015, whether we are still married or divorced? 4. Can the IRS come for my property that was bought before marriage?

August 10th, 2024

I previously completed my own tax returns, but this year I received a notice that IHSS wages were no longer taxable and that I could amend tax returns for 2011-2013. I went to a tax office on April 9 and was told they could prepare all the returns after April 15, and we would get an extension for 2014. All the returns were completed, and the amended ones were mailed on 4/24. I have received a letter from the IRS stating that the 2011 return was filed 9 days late. Now I am being told that there is nothing I can do. Is that correct?

November 18th, 2024

My mother is going to loan me funds to pay off a mortgage on one house so that I can refinance another property. With the refinanced funds (plus additional cash requested), I will be paying her back. Therefore, I interpret it as a loan, not a gift. Are there any tax consequences?

May 14th, 2023

When the company provides a dwelling as a fringe benefit and reports it as fair rental value and wages, can the company purchase furniture such as a desk, TV, and refrigerator for the dwelling and depreciate it? Additionally, what are the requirements for the type of housing, and how should the rental activity be evaluated if the company is a C corporation?

January 16th, 2023

For a 2016 401k, if I have earned income from a job and business income from an LLC I own, and I want to make the maximum $24k contribution as I will be 50 in January 2016, would it be to my advantage to contribute through a Solo 401k to save self-employment tax on the $24k versus contributing through my employer? This question assumes disregarding employer match and the ability to contribute business profits through a Solo 401k. Just an apples-to-apples comparison of $24k, through employer or Solo 401k?

January 23rd, 2023