Teresa G. asked
I'm 19 years old and I need help on how to pay my taxes. I own a small gardening company as a sole proprietorship with 3 part-time employees, including myself. How do I start paying my taxes and improve my tax situation?
May 7th, 2024
Christian M. answered
To manage your taxes as a sole proprietor with employees, follow these steps: 1. Calculate your net ...
May 7th, 2024
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I am working on a software project with a business partner and we do not have any agreement in place yet. How should we go about establishing a business identity and confirming the terms of the arrangement? I was quoted $900 from a tax attorney, but am not sure if I need that much for the work I need.
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I worked as a bartender, host, and helped with bookkeeping, earning a gross wage of $13,000. My expenses like commute travel and office supplies reduce my gross income, which in turn affects my Earned Income Credit (EIC). Do I have to take these deductions?
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I'm considering shifting some of my stock markets index funds in a taxable investment account to a safer haven like money market or total bond index fund. How do I decide which tax basis method is the best way to go since I have some significant capital gains?
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Can a Wyoming-based LLC/C-Corp., called Creative Housing Solutions, Inc., be used to hold and sell a condominium in New Jersey for a period of 3-4 months in a flip situation, or do we need to set up a New Jersey-based LLC for this one transaction?
December 15th, 2024
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