You need not check on liens of the recipients to provide gifts. Also, there is no tax to pay for gifts over $15,000 per year. However, you do...

He can amend his return and pay the tax and interest. In such a situation, the IRS will rarely assess penalties. If the IRS finds the error,...

You may file jointly with your deceased husband for 2020 as if you were married the entire year. So, that appears to mean that you will get to...

I believe Mr. Cohen's advice is sound. No state or federal agency is going to argue that you treat the individual as an employee. However, be...

I agree with the prior attorney's answer that you must report all pre-LLC income on your schedule C and pay self-employment tax on the pre-LLC...

You will file a Schedule C to report your income and expenses and Schedule SE to report your self-employment tax. These are schedules in the form...

Yes you can. In fact, the usual time-frame to pay the 4th quarter 2020 estimated tax payment would be January 15, 2021. You can continue to make...

If you decide to buy a home for investment, you could enter into a 1031 exchange wherein you exchange the rental property you currently own for a...

I agree with previous attorney that it is an audit risk. Going forward, do not agree to hire a subcontractor unless they provide a W-9. Even now,...

My suggestion is to go to a CPA or an enrolled agent and have them assist you in preparing a Schedule C. Schedule C is where you would have...