Well, as Attorney Lively points out, you cannot deduct cost of your personal auto even if you own it outright and make all the payments. It is not a qualified residence, and there is no "cash for clunkers" credit anymore if that is what you mean.
If this is a business asset, it can be depreciated, but it must be paid for by the business or whoever owns the business if it is sole prop.
But it sounds like your friend has helped you purchase a personal auto and you are looking for some...
The IRS will generally contact the second to file. The first time the SSN is used, it will not be questioned. The second person to file will trigger an alert because they are using a SSN that has already been claimed as a dependent.
Just be ready if they contact you.The language of the divorce decree or child custody agreement is very persuasive. Mail from the child's school which is addressed to the parent is very convincing. If a parent clearly lives in the district where the child...
Pro Bono work is not a write-off for attorneys. And even if it were, doesn't that basically mean they would be writing 35% off at best? I understand that $2,000 seems like a lot of money, but following all court procedures can be a timely process. You are paying for the hours used, and if it wouldn't have been settled, the bill would have likely been much higher.
When you pay a retainer, you are not covering the entire service, and you feel it should, you should talk to the attorney in...
Since this is a tax question, I am assuming you are asking if he needs to file his taxes. If he makes less than roughly $9,000 per year, he does not need to file. If this is his weekly or bi-weekly pay, he needs to file. If this is his annual or monthly pay, he does not.
Well, the taxes will not be different if you are the sole owner. A single member LLC is disregarded for tax purposes and you will still file the same exact Scedule C. If there is more than one owner, there could be some benefit in the form of saved employment taxes, but I would advise that you see an attorney, especially before entering into any business agreement involving two or more owners.
An S corp might be more of what you are seeing if you are a one owner business, as this will be...
Worth it? Well, you could get a reward if the evasion is great enough. Here are the rules for a reward:
"The law provides for two types of awards. If the taxes, penalties, interest and other amounts in dispute exceed $2 million, and a few other qualifications are met, the IRS will pay 15 percent to 30 percent of the amount collected. If the case deals with an individual, his or her annual gross income must be more than $200,000. If the whistleblower disagrees with the outcome of the claim,...
This income is excluded, which implies that it doesn't even need to be listed on the return. Did you receive a 1099? Did it list the amount as taxable? if it shows as untaxable, the IRS already knows this will not be included. Not a bad idea to spend a few hundred dollars on a CPA in years where things like this happen.
Attorney Lively is money tonight. The gift tax is not triggered until your surpass BOTH the annual exclusion and the lifetime credit. However, if you will have a potentially large estate, it wouldn't be a bad idea to talk to an estate planner as you are just robbing from the back-end if your estate might surpass the credit.
Another thing. What is the story with the double gift thing? Are you asking if you can use other people as conduits to get more than a $26,000 exclusion for any single...