I have a penalty for late filing of partnership LLC tax returns and am looking for examples of reasonable cause. I am also checking if we could be eligible for the First Time Abatement (FTA). My LLC was registered last year (2016), made no income, filed 2016 tax returns in November, and received a penalty of $195 per month for late filing. No personal income tax of all partners has been filed.

February 12th, 2023

My daughter works at a bar and receives cash tips and cash for hours worked. Her employer refuses to provide paper paychecks or W-2 forms. My daughter has not filed a tax return for 2016. She claims to have discussed this with her manager, but I suspect there is peer pressure to keep it all silent. How should she report her income, and will this get her in trouble with her job?

April 2nd, 2023

As a sole proprietor, I paid myself wages as if I were an employee (W2 wages). I understand this is not correct and want to know how to rectify this for tax purposes. Should I amend my returns to exclude these wages and employer taxes from my net income calculation, or is there another way to correct this without amending?

April 16th, 2024

How do I plan for 2018 federal taxes if I have $150,000 in annual medical expenses for my wife and a gross income of almost $200,000, mostly due to a long-term care policy that pays over $120,000 annually?

April 9th, 2024

I am looking into purchasing a 2018 Chrysler Pacifica Hybrid. My question is that if the 2017 model is on the IRS website, why is the 2018 model not on the website?

December 19th, 2024