You should have your tax and business attorney form at least 2 LLCs - one for your NJ properties and one for your PA properties. Normally, it is...

Gift

As a recipient, you do not pay gift tax. If the person making the gift is a US citizen or resident, a US (and possibly State) gift tax return will...

Start a technical support company

Choosing the correct location and form of entity for your business would require further information. When you state you will have a physical...

Monetary Gify from Parents in 2010-one time credit selling primary home

You need a good tax and estate attorney. It sounds like there will not be federal income tax on the sale of the residence since it was their...

Tax examiner has asserted the civil fraud penalty on my tax return , what trouble am I in ?

Please hire a tax lawyer right away. This may just be civil, but you abosolutely should have counsel. Never go to an audit without a tax...

No. The Sales Tax is not like a VAT used in Europe. The Sales Tax is due at the time of Sale. That is why large purchases of taxable items should...

Payroll taxes being withheld in non-resident state only by employer. Any legal issues to status or future issues for GC ?

No, if you are a resident of GA and worked in GA, you should be able to file as a GA resident and NJ non-resident. Please see your tax preparer or...

Can I deduct SEP IRA contribtutions if married filing jointly we make over $300,000 per year?

Yes, under normal circumstances, you should be able to deduct your SEP contribution. You have until the date you file (up to October 15) to fund...

The bank is not at fault and has no liability. They have no way of knowing the deposit was diverted by your "friend." Hopefully, next year you will...

If I inherit property jointly with other beneficiaries, must I pay income taxes on my share if they "buy me out?"

Since the tax basis of the property is "stepped-up" to the date of death fair market value, if you sell it at that price there would be no gain....