I am a self-employed sole proprietor with a growing business. I have an existing IRS installment agreement from 2014-15 with a remaining balance of about $20,000. I paid my taxes in full for 2016 but haven't made any estimated tax payments for 2017, anticipating an owed amount of $65,000. I plan to pay $40,000 by April or June. Can I roll in the remaining $25,000 into a new installment agreement if I keep the total owed under $50,000? Additionally, since I haven't made any estimated tax payments for 2017, is there a chance the IRS will deny adding this amount to my current installment agreement?
March 18th, 2023
Our mother died and we need copies of her past tax returns. What is the process to obtain them, and is there any specific form required for a death in the family?
December 11th, 2024
Where would the energy credit flow on Form 1040?
November 20th, 2024
My spouse is a Non-Resident Alien living in India with an expired ITIN. I plan to file Married Filing Separately (MFS) instead of Married Filing Jointly (MFJ) and have a written consent letter from her. Can I write 'NRA' in the SSN box for my spouse on both the federal and state tax forms and proceed with filing MFS?
March 26th, 2024
I have a small business that generates about $75,000 per month in profit after expenses. I am currently an S corp, and my wife and I earn approximately $105,000. Should I convert to a C corp or stay an S corp?
August 1st, 2023
Can I claim my grandson as a dependent if he has a part-time job making approximately $7,000?
September 19th, 2024