asked
I filed my 2018 federal tax extension electronically for free on TurboTax online. I entered $0 as my tax liability by mistake instead of my estimated liability of $3700. I paid $4300 in taxes in 2018 and do not owe any taxes. Will entering $0 as my liability instead of $3700 result in my extension being rejected, and is it okay if I submitted a 2018 federal extension twice with two different websites?
January 3rd, 2023
Can I still claim my student son as a dependent for tax year 2018 if he has earned income and files his own taxes?
August 19th, 2023
I owe $200,000 in taxes and need a 120-day extension to pay. I am self-employed and made $900,000 last year, with some employee write-offs resulting in the $200,000 tax liability. I can pay some of the taxes but need an extension for the rest. What are my options for obtaining an extension and handling the payment process?
October 12th, 2023
I closed a small business corporation where I was the sole owner and investor. I initially received stock for $120,000 in cash (purchased at issuance) and later loaned $40,000 to the company, which I converted to stock before the company's closure. Can I treat the initial $120,000 as section 1244 stock, apply $100,000 against my 2018 income (married filing jointly), and treat $20,000 as a long-term capital loss, and $40,000 (recent conversion from loan) as a short-term capital loss?
February 9th, 2023
I had to file an amended 2016 return due to omitting some income and now find that I also omitted some R&D expenses that were capitalized. How do I file another amended return?
March 30th, 2023
A corporation in California, owned by two people, has not filed taxes for several years and the state is now pursuing one owner. The corporation is no longer operating, and the other owner is unavailable. The state is asking for $117,000 for 5 years of business. Should the available owner attempt to create tax returns from bank records, and would this person be liable for the entire amount?
October 2nd, 2024