Theoretically, it is Schedule C income, but it is really small. I would not worry about it unless you continue to do it. Rock, Chalk! Ron...

I am fully familiar with DVC (I am a member) and technically it is a time-share ownership in real estate. If the IRS files a Federal Tax lien in...

How can I pass the tax liability of a $15k cash gift to the recipient?

Just give the recipient $14k and that will be excluded from gift tax, If the recipient is married, you can give $1k to the spouse and your problem...

We want to make an "Offer in Compromise" of 75%. How much will the IRS typically accept, and if they turn you down, what happen

If the total amount you owe is $1300 and you want to make a 75% offer in compromise, I suggest that you not go through all the time and hassle and...

As a tax attorney, the reason I hire a CPA or other professional tax preparer using a Kovel letter is if I am concerned about a potential criminal...

The advantage of the single-member LLC is to insulate your spouse from legal and financial responsibility for the LLC. The tax issue is easy if you...

Legally and financially, should we add her as a member to the existing LLC and create a DBA or should she create her own LLC.

Your photography business and your wife's editing business should be 2 separate LLCs. The reason for this is you do not want cross liability and...

How do i legally teach this subject and are there any rules or prerequisites i need to take before i begin?

If you are not offering degrees or any certificates, there should not be a regulation It also depends on the subject. Good luck in your new...

Alll adults should file a tax return every year. If you do not file a tax return, there is not limitation on the IRS auditing you for that year. If...

No, as a trustee, the money is held by your aunt as a "fiduciary" not in her own personal name. The bank account should've been open with the...