How much a US LPR living overseas should pay for taxes?How do they calculate the taxes if you are self -employed living overseas

The first step is to compute your federal tax as if you were in the U.S. Then, if applicable, you get an earned income exclusion. Finally, you...

You can call the IRS to get account transcripts for earllier years.

I was told that since our S.corp is being dissalutioned it would be best to sell all income property in same tax year?

Usually it is the sale of property that will give rise to the flow-through of taxable income from an S Corporation to its shareholders, not the...

Tax Documents required for interest payments on personal loan??

No, they are not equired to notify the IRS. However, the recipient is required to report the interet received as income.

Would it be feasible to get a lawyer to fight a state garnishment for income taxes I don't owe?

Yes, a lawyer can fight a state garnishment for taxes you don't owe. You can find one here on Avvo or through the local bar association. Good luck.

Can I open a closed store due to sales tax?

The best answer is "it depends". We need a few more facts. But, let me fill in some blanks and take a stab at this. You can open a store in the...

1. Paying off a consultant, even if they live abroad, is tax deductible to you. 2. You report your income, and claim your deductions on Schedule...

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Am I breaking the law taking a gift of money from my boss, who is also a close friend.

I agree with both previous answers. It appears the reality is that your boss is merely paying you ahead of other employees. The income is taxable...

Tax debt relief

The IRS colletion period is limited to 10 years, subject to certain exceptioins. The best advice is to get a consultation with a tax attorney who...

Lets say a person was considered an active participant and had 100,000 at risk and a loss of 120,000. How is this treated.

Previous attorney gave you a correct answer...not enough information. You should definitiely work with a CPa or tax attorney. Generally, you may...