asked
I want to hire an employee who has worked for me part-time on an hourly wage in the past. I would like to hire him to a yearly salary of $48,000, but he has a tax lien against him that needs to be resolved. I want to give him an upfront bonus of $8,000 to help pay off this lien, which would put his taxable income at $56,000. What is the best way to structure this bonus to avoid adding it to his taxable income, and is it possible for the company to pay off the tax debt directly on his behalf as a business expense without adding it to his taxable income?
January 15th, 2024
What would justify a tax increase of $300.00 for 2004 and a $400.00 increase for 2005 without a tax reassessment, especially if no home improvements have been made?
March 19th, 2023
I did a 1031 exchange selling my property in December 2006 and buying a new property in May 2007. I satisfied all the requirements of identifying the new property within 45 days and closing within the prescribed time. I filed an extension in April since the 1031 wasn't going to be completed until May. Now, I need to file my final return and I won't have my 1099 until 2008. How do I report this exchange on my tax return?
June 14th, 2024
I have three children and I always claim one as a dependent and EIC, but law enforcement removed them from my ex's house and placed them with me in December 07. My attorney says I can claim all 3 for EIC. Is he correct? As far as residency, I was told that time at school is considered time with the non-custodial parent. Is that true also?
May 19th, 2023
How much money can a wife, who inherited approximately 3 million dollars from her deceased husband, distribute to her three adult children without incurring significant gift taxes, given that she wants to keep 1 million for herself and distribute the rest as soon as possible?
July 21st, 2023
My ex has filed his taxes and he owes child support. I'm supposed to get a portion of that. How can I find out when or if I'm getting the money entitled to me?
September 18th, 2024