Must I report the sales on income tax and if so, can I include the cost of all the repairs/replacement parts?

Yes, you would report the receipts as gross income. Some of the expenses, such the necessary repairs to fix up the cars, should be deductible....

What type of business should I be opening and how do I do it?

The LLC seems like the best option. It provides liability protection similar to a corporation, but is a pass through for tax purposes like a...

How to account for 3rd party fee tax free from business

I do not know how they charge. Nevertheless, there should not be sales tax charged on government fees such as the filing fee. In most states, legal...

Can i do taxes even though i claimed myself as "married" (one dependent) at my job even though im single?

What you claimed on your W-4 may be incorrect but as long as you have your professional tax preparer do your 1040 as single it should not be a...

What do I do about an incorrect 1099 designation already sent to the IRS

There are 2 things you can do. First you can as the company to do a corrected 1099. There is a box on the 1099 form that would indicate that this...

Am I required to pay taxes as a 72 yr old legal alien parent dependent on her son?

Yes, all 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...

Can I deduct the invested amount on my personal tax this year? If so, how should I list it, and forms will I need?

If the business was set-up right, you should be able to deduct this. Check with the attorney who set up your business. I hope this helps! Ron...

Do I need to claim the money I received from the sale of my mother's house as income?

Usually, there would be no income tax. Upon your mother's death, the tax basis was stepped-up to the Fair Market Value. Unless there was an...

Is this illegal? What should I do?

Matter. Typically the W-2s are filed electronically electronic copies are given to the company management. In any case to make sure you have no...

Since I never filed my taxes in the first place, am I allowed to file my taxes or do I just have to pay the lien?

All adults are required to file income tax returns. Even if you theoretically did not have to file, the failure to file never starts the statute of...

Selected as the best answer