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
If you are on social security and receiving a pension and distribution from a 401k, are they considered earned income and are they taxable?
December 22nd, 2023
I have a delinquent balance of $3,460 on a Visa card. I received a letter from the Credit Union stating that under a new IRS regulation, they are required to send a 1099-C to the IRS if no payment has been received within the past 36 months. This would mean I would have to pay income tax on the amount listed. Is this information true? Would I have to pay the IRS?
September 13th, 2023
As the Treasurer of a small group called Holiday Out Pavilion Church, which operates as a church without a Tax ID Number and compensates an organist, choir director, and pastor, what are the tax reporting requirements and potential liabilities for each member serving in the group?
August 29th, 2024
What is the percentage of depreciation for properties, including furniture, machinery, and tools, when they are divided after divorce?
August 24th, 2023
Why do I, a Texas military retiree resident married to a resident Georgia lady, have to pay Georgia state income tax on my retirement and Social Security when I did not live in Georgia or earn any money there in 2012, while my wife does live in Georgia and I only visit infrequently? Turbo Tax software says I must file in Georgia.
September 24th, 2024
I have a home equity loan for which I've been paying for 5 years at $15,000. I found another institution offering the same length of loan at a half percent lower rate. Is it worth switching loans for the lower rate, considering the tax deduction?
October 27th, 2024
I have a lottery ticket with a large winning amount and want to start a charity to donate the winnings to avoid paying income taxes. How can I do this, and what are the tax implications if the charity is audited?
June 6th, 2024
If I am still employed full time after age 70 1/2, is it still necessary to start withdrawals from my employer's 401K plan? Someone mentioned that if one is still employed, withdrawals can be delayed until full retirement (could be at 80 years). Is that correct?
July 16th, 2024
I am a 62-year-old owner of a single-person LLC taxed as an S-Corp, making $200K in profit. How do I determine the best tax structure to maximize my 401(k) contributions and minimize taxes? Specifically, what is a reasonable salary to pay myself, what is the limit on dividends, and how do I manage payroll and tax payments, including the timing and forms required?
July 11th, 2024