If a final legal judgement has not yet been made and I am paying my spouse a monthly amount so that the final judgement amount is not such a burden, who is liable for taxes on this amount? It is coming out of my personal account.

February 20th, 2024

Will my Florida LLC be paying wages, salaries, or commissions to employees working in New Jersey within the next 6 months? Additionally, is the work my Florida LLC expenses for the work being performed by its subcontractor-individual (1099) considered employee wage or salary or commission?

March 1st, 2023

I paid an Alternative Minimum Tax (AMT) of $5,000 last year and am unsure if I should have paid it. My Adjusted Gross Income (AGI) was $160,000, I paid $28,000 in mortgage interest, and I file jointly with my spouse claiming 3 kids. On the AMT worksheet, I entered $3,500 in interest used toward the house, which may be incorrect. This year's tax filing did not prompt me to file for AMT, and I noticed a significant difference in my returns from last year to this year. What should I do?

May 22nd, 2023

How can I avoid paying the tax on an IRA (annuity) from which I had to transfer $50,000 to my ex-wife in our divorce settlement? My attorney failed to include this in our divorce decree and now I am faced with paying $15,970 in taxes on money I did not receive.

October 7th, 2023

I have been in 'non-collectible' status with the IRS since 2009 for taxes owed in the amount of $25K. I filed for an extension for 2010 tax but have not paid. I was able to work enough in 2010 & 2011 to survive but now owe an additional $10K (approx) in tax. I am currently unemployed and have exhausted all my assets, savings, stocks, money, or the ability to borrow. What shall I do?

November 13th, 2024