Questions answered by E. Martin Davidoff

Archived

IRS has audited us for 2008,09,10; same for New York State. We can't pay everything at once. What taxes get paid first?

E.'s answer | Answered on March 27, 2012

The answer really depends on the amount of taxes due to each jurisdiction, your current income and assets, and your income. Sometimes, it is best...

Archived

How we remove ourselves from CFO & President /shareholders while indebted to IRS ?

E.'s answer | Answered on March 27, 2012

GET ADVICE NOW REGARDING THE IRS PROPOSED ASSESSMENTS. See below. Both of you can issue a letter and resign as officers immediately, and...

Archived

I bought a property for $60K and spent $30K to repair the property before renting it out. How do I treat the $30K on Tax return?

E.'s answer | Answered on March 27, 2012

Probably this will be treated as an improvement and depreciated over the useful life in accordance with IRS rules. Real estate is frought with...

Archived

Asylee, no income, should file a return?

E.'s answer | Answered on March 27, 2012

If you have no income, you have no requirement to file a return. If you had filed in 2010, I would recommend that you file a 2011 return so that...

Archived

Is there a 45 day limit to an IRS audit???

E.'s answer | Answered on March 27, 2012

I see no reason to rush the audit. First of all, by going past April 15th, the 2008 tax year goes off the table (presuming you filed it timely on...

Archived

NJ LLC with 2 Members wants to flip flop their percentage of ownership 7 years after the original formation of the entity.

E.'s answer | Answered on March 27, 2012

The previous answers are correct regarding the legal ramifications of transfer. Transfers can be accomplished by gift or purchase or a transaction...

Archived

Income Season....Should I sign the income tax documents.

E.'s answer | Answered on March 27, 2012

This really is not a tax question. Rather, you should speak with financial aid counselors and the financial aid offices of some of the colleges...

Archived

I am filing my taxes and going through a divorce/child custody battle.

E.'s answer | Answered on March 26, 2012

No, it is not true. Legal fees for the protection of assets in a divorce may be deductible as a misc. itemized itemized deduction, subject to a 2%...

Archived

Is there a true tax benefit for getting married?

E.'s answer | Answered on March 26, 2012

i will answer your tax question. Normally, marriage will save taxes. The more diverse your income (i.e. yours is high and his is low), the...

Archived

We have 4 kids i am a stay home mom my husband puts the joint tax return in his personal account and i get nothing from that

E.'s answer | Answered on March 26, 2012

Your problem is not a tax problem, but a marital problem. You need to be talking to your husband and not posting online about your marriage and...

E. Martin Davidoff's Answers (1160)

IRS has audited us for 2008,09,10; same for New York State. We can't pay everything at once. What taxes get paid first?

How we remove ourselves from CFO & President /shareholders while indebted to IRS ?

I bought a property for $60K and spent $30K to repair the property before renting it out. How do I treat the $30K on Tax return?

Asylee, no income, should file a return?

Is there a 45 day limit to an IRS audit???

NJ LLC with 2 Members wants to flip flop their percentage of ownership 7 years after the original formation of the entity.

Income Season....Should I sign the income tax documents.

I am filing my taxes and going through a divorce/child custody battle.

Is there a true tax benefit for getting married?

We have 4 kids i am a stay home mom my husband puts the joint tax return in his personal account and i get nothing from that