Retirement fund cash out and owed taxes

Maybe, it depends on the status of the back taxes you describe. If the back taxes are a different tax liability (in other words, not the liability...

I purchased a tesla for my personal use and used it 50% for my s corp business. But I was wondering if I want to use the $2500 p

No, you don't need the title to be in the business name. You do have to be able to substantiate the business use. This requires keeping a mileage...

Selected as the best answer

In 2013 I was legal separated until the end of 2014, at which time I was legally divorced. For 2014 taxes. I filled single.

If you were divorced on the last day of the year, you are divorced for the year as the IRS sees it. You can write off court ordered alimony or...

Selected as the best answer

If A gives B $3 million outright a year before death, and then A dies with an estate under $2 million, is any tax paid?

Depends on the dates filed on the Federal gift tax Form 709. If you are in this situation, you should contact a WA licensed attorney for help. If...

Wages and other income such as 401K for the purposes of Affidavit of Support I-864/Adjustment of Status.

The I-864 should require income and not just wages. You should seek a consultation from an immigration attorney.

Viaticals and life settlements I am thinking of selling my life insurance policy for a life settlement or viatical.

Yes it can, the cash payment from a viatical is income to you and is counted in the SSDI calculation. You should consult with an attorney or...

I rent a seasonal site from a non profit org. they are raisng my rent and want me to pay tax on this

Not really clear from the question. Are they asking for sales tax to be paid (generally there is no sales tax on property rentals)? Do they want...

How do we treat a pre-existing (but inactive) non-US corporation?

This is really a trademark usage issue. Generally, the first person to use the trademark has the rights to continue to use the mark. I am assuming...

For dependent tax credits, you want the person with the higher AGI (adjusted gross income) to claim the credit. Grandparents do qualify to claim...

What's the best way for my husband to pay me for doing the bookwork for his self employed business? so that I can prove income?

There are two tax forms for reporting employment: W-2 for employees and 1099 for contractors. There are very specific criteria the IRS applies to...

Selected as the best answer