I owe about $15,000 in back taxes and about $30,000 in back child support. Will my civil settlement be taken before I get it?

Normally, the settlement will not be taken before you get it unless the IRS gets wind of it and specifically seizes it. Regarding your tax debt,...

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Can a new car purchase be considered as business tax write off?

You can deduct the percentage of your automobile used for business within the limits set forth by the tax law. See IRS publication 463 at...

If a gift that exceeds the annual limit is returned, do both parties have to file a gift tax return?

Think about this. Was the payment to you possibly a loan that you have now repaid? The previous attorney's suggestion that you speak to a tax...

IRS says CEO pay should be reasonable but how do companies have $1 salaried CEOs? This is hardly reasonable.

If your business, when organized as a Corporation, cannot pay you a reasonable salary, then it simply does not. The minutes of the company and/or...

You should consult with an attorney for guidance. You have just made an admission on a public board that you committed a crime (lying to the IRS)....

What should the status or tax bracket be for a revocable living trust?

Normally, a revocable living trust is not a taxable entity. The grantor of the trust, who has the power to revoke it, is taxed on all of the...

Hi, got a letter from NJ division of taxation regarding taxes and penalties owed from online cigarette purchases in 2006.

I believe you should show your letter to a seasoned NJ tax attorney. One possible alternative is not to respond. But, that requires a seasoned...

Filling tax as an individual or S corp

The primary advantage to doing business as an S Corporation is that you can take some of your income as a return on investment and, accordingly,...

Question about gambling and taxes?

The person is taxed on the fair market value of the prize. Often, that value is less than what is reported to you. So, if you can substantiate a...

You can report the income on your tax return to prevent being accused of tax fraud. Keep detailed records of your pay so you can support your...