asked
For a jointly filed husband-wife Federal and MN State Income Tax Return, what are the standard deductions for MN State for 2018 and subsequent years? Additionally, clarify the deductions allowed for the following in MN State Tax Return: (1) Interest on a loan borrowed against a rental house property used for any purpose, (2) Interest on an educational loan for a child, and (3) Property tax paid on a self-occupied home.
August 28th, 2023
I have a client who did not file their 2013 tax return. In 2015, I prepared the return showing a refund, but it was never mailed. Now, past the 3-year filing period, they are facing a levy for not filing a Federal return. They mailed the 2013 return in 2018, but it was returned by the IRS for lack of a signature. They have an NOL in 2014 and filed an extension for 2014, giving us until 10/15/18 to carry back the NOL to 2012 and 2013. Should I ignore the unsigned 2013 return and file a new one with the NOL carryback? Will the IRS flag a new filing? Should I explain this to the IRS, and what does the "cleared by statutes" stamp mean?
April 12th, 2023
I donated $13450 to my local church, which is the majority of my deductions. When I enter this amount into H&R Block Tax Cut software, I owe $808 to the Federal government. However, if I enter $13 instead, the amount I owe increases by only $200. Given the changes in standard deductions, does this seem reasonable?
November 3rd, 2024
I owed state taxes from 2008 and received a letter stating they would use my 2014 Federal return to offset the balance. I called the state office and the IRS, but neither confirmed receipt of payment. I was supposed to receive a refund of $6,432, but only owed $4,500. Why haven't I received the balance?
November 29th, 2023
I am starting a freelancing web design business and have completed my first website for a client. They have given me a W-9 form to fill out. If I get an Employer ID Number (EIN), does this allow me to charge sales tax for my services? Can I just get the EIN and build websites for clients without charging them tax, but instead have them each provide a W-9 form? Should I get a DBA or LLC, or can I continue as an independent contractor requiring each client to submit a W-9 form? What is the difference between getting a DBA and registering with state tax authorities to start a legitimate business, and just filling out a W-9 form for each client serviced? If I get a DBA for my business and charge sales tax for my services, do I still have to get a W-9 from clients even though they paid sales tax on the service provided? When a client asks for a service, why do I have to get a W-9 from them if the studio where I work as an independent contractor does not require it?
May 26th, 2024
How do I apply for a tax ID number (EIN) for an LLC that has already been registered with the state of Mississippi?
September 25th, 2024