asked
I've just set up an S Corporation for e-commerce. I'm told I have to pay myself a salary. Do I have to document that amount anywhere and what if I don't make enough money to cover the salary? I've read that it needs to be deferred, how is that done? If I'm not making enough to pay salary but I still need to take money that has been made to be able to pay bills - can I do that as a distribution?
December 11th, 2023
A person dies in January 2008. They had a Power of Attorney (POA) prior to dying and a will that appoints a different executor than the POA. Is the POA responsible for the 2007 Federal Tax Returns? Is the Executor only responsible for the 2008 federal tax returns?
March 22nd, 2024
I received stimulus payment forms in the mail for myself and my two daughters. I receive Social Security disability benefits and my daughters receive death benefits. I filed a 1040A with TaxAct.com based on our combined benefits, but I haven't received payment instructions for my daughters yet. I was told to file an amendment form, but I was confused and called the IRS. They said I filled out the form correctly but I might not be entitled to any rebate because our combined income is below the amount allowed to qualify for the rebate. Why am I not entitled to a rebate? My Tax Act account also says my rebate refund is -0-. What am I doing wrong and what should I do?
August 3rd, 2024
After the U.S. Estate Tax has been assessed on the decedent's estate, do beneficiaries who are residents outside the U.S. and file a tax return including Form 2555 and claim Foreign Tax Credits on Form 1116 have to pay any Inheritance Tax on inheritance income they receive as a result of the execution of a decedent's will?
March 31st, 2023
I was recently informed that I needed to refile for homestead after a certain age, which I did not know about. My husband and I are 74 years old and have been paying taxes on our property for years when we did not have to. We are now receiving threats of foreclosure. What can I do about this?
January 3rd, 2024
How do I calculate the estimated taxes due to Federal, California, and South Carolina for 2008, considering I sold farm #1 in South Carolina for a long-term capital gain of $459,000, with South Carolina withholding $30,271, and potentially selling farm #2 in South Carolina for another long-term capital gain of about $220,000?
August 8th, 2023