asked
I owe $9600 in state tax and $23000 in federal tax, but I only have $10000. Should I pay off the state tax first and try to get a payment plan with the federal tax? I am in New York State and haven't taken any steps yet besides filing and picking up my paperwork.
March 8th, 2024
We purchased a home for $180,000, financed $90,000, and spent about $30,000 on upgrades over one year. We are both over 71 and retired, but our former employer has offered us our old jobs back in another city. We have talked to a realtor who estimates our home would sell for $240,000. We have lived here for about one year. Will we be subject to any taxes besides the current property taxes for this year if we sell the home and move quickly?
November 30th, 2023
I own a small business with no employees, paying contractors via 1099 misc. One contractor is significantly behind on his taxes. I am in Michigan. What steps should I take, and would it be acceptable to terminate the contract because of this?
March 18th, 2023
I need the AGI from my 2016 tax return, but I don't have a copy of it. I filed with TurboTax in 2016, but I had a different address, phone number, and email account at that time. How can I retrieve my AGI?
April 11th, 2024
A relative is a trustee of my uncle's trust. I am considering filing a complaint with Adult Protective Services on a different though somewhat related matter. So, I don't trust giving my relative my social security number. His attorney says he needs it to file a K1 and a trustee report he needs to file with the probate court. The attorney has also indicated that the trust will be paying the capital gains taxes for the sale of the house (the only asset in the trust). It's been 10 months and he hasn't given any of the beneficiaries a K1. If I need to sue my relative trustee to get my distribution of my uncle's estate that he has given to everyone else, what is the statute of limitations from the time the trustee made the distribution?
January 27th, 2023
We created a single purpose LLC which was used to purchase land, build a home, and ultimately sell it for a profit. My wife is 80% owner, and we have 2 partners with 10% each. I have all expenses, costs, commissions, etc. I missed the 03/15 filing deadline. Can I do this through TurboTax or is it too complicated? Is there a penalty for missing the deadline? Is there a way to request a waiver of such penalty through TurboTax? Lastly, since it is a single purpose LLC, will I indicate that it’s both the first and last return? When we closed on the house, return of capital was wired to the bank account of the LLC, gains/proceeds were wired directly to partners. Does this affect how taxes are reported on 1065 K-1?
October 31st, 2024