asked
Since I've gone through the entire levy process and have been granted an uncollectable status by the IRS, is there any chance the Automated Collection System (ACS) won't have me tagged and these funds will be levied, or must the process start over? Additionally, after being placed in an uncollectable status, the IRS filed federal tax liens on us again due to the amount being over $25k. Can they levy us with our current status, and what are the implications of our 2011 taxable income on this status?
October 28th, 2023
I withdrew $36,328.01 from my IRA and deposited the full amount into a savings account. I am 54 years old. How much tax and penalty will I have to pay for the 2019 tax year?
October 28th, 2023
I have been making payments on a house for the last few years at $400 a month. We made payments on the taxes on the house and are at our 47th payment of the house. Now, the owner says we owe him more. What can I do?
July 19th, 2023
For the past 2 or 3 years, I have received a 1099-misc form for income from board work in a micro-cap, employee-owned company, paid in illiquid penny-stock shares that cannot be sold due to the company's financial difficulties. Is there any mechanism to defer declaring this income, such as marking the year-end value of the stock to zero due to its illiquidity, even though it theoretically has value?
January 3rd, 2023
I spent $25,000 on establishing a business in 2017 and 2018, primarily on travel and entertainment, but have not received any income yet. Can I deduct these costs on Schedule C in 2017?
January 23rd, 2024
How much can my 14-year-old stepson earn from working before he would owe taxes or be required to file a tax return, given that he receives $228 a month from his mother's disability benefits and we claim him as a dependent?
December 7th, 2024