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Ronald J. Cappuccio's Answers (3707)

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Can a parent be forced to pay debts and med bills of adult child if he claims the adult child as dependent on his income tax?

Ronald's answer | Answered on March 06, 2013

Declaring someone as a dependent on a tax return does not increase the liability for their debts. It sounds like you are an adult and if your debts...

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If 1 million people gave me $1.00, (as a gift, not through sales) how much US tax would I be expected to pay?

Ronald's answer | Answered on March 06, 2013

$0. Gifts are not taxable income to the recipient. However, my fee for this advice is .... $1mil Have Fun! Ron Cappuccio www.TaxEsq.com

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Would obtaining an EIN require an LLC to file yearly with the IRS ?

Ronald's answer | Answered on March 05, 2013

This is an interesting question. First, you did not say if the LLC was formed in the US. If you are the sole owner, and you have done nothing to...

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I OWE 42,000 IN BACK TAXES.HOW MUCH WILL A RETAINER ATTORNEY COST.HOW LONG DOES IT TAKE TO GET RID OF THE IRS?

Ronald's answer | Answered on March 05, 2013

Please do not believe the ridiculous tv ads! A good tax lawyer will charge you for an initial review. most tax lawyers will charge $400-700....

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Traditional IRA has insufficient balance for Required Minimum Distribution -- how to report?

Ronald's answer | Answered on March 05, 2013

You need to talk to a tax lawyer. You may have met an exception to the usual RMD requirement. Ron Cappuccio www.TaxEsq.com

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Dad wants to claim me but I don't meet dependency test for taxes?

Ronald's answer | Answered on March 05, 2013

It sounds like you might be a dependent for tax purposes. Your. Dad should check with his tax preparer. Ron Cappuccio www.TaxEsq.com

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Can an employer deduct money from my commission to off set the employment tax he has to pay on the commission

Ronald's answer | Answered on March 05, 2013

Your employer is required to treat your commission is any other pay and to have both federal and state withholding. Because a commission may cover...

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Can I hire my husband as an employee?

Ronald's answer | Answered on March 04, 2013

Yes. You are able to be a single member LLC and higher your husband. Even if you file a joint tax return, he could still be an employee. Unless you...

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Would filing tax return jointly benefit me?

Ronald's answer | Answered on March 02, 2013

Most likely, filing jointly will save taxes for him. It also may expose you to liability if there is a balance due. i suggest you both go to the...

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How do you get money out of your LL without engaging in commingling ?

Ronald's answer | Answered on March 02, 2013

I presume you are treating this as either a 1065 Partnership or Schedule C on your 1040. In either case the income and expenses will pass through...