Archived
Should we register as an LLC or partnership? Do we run payroll or collect distribution? How do we pay taxes, fees and vendors?
Eric's answer
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Answered on April 06, 2016
To build on what Mr. Russel already said, when deciding what sort of entity to form, you should consider (among other things), how you want to be...
Archived
Should I pick an LLC or an S-Corp? Does a S-Corp require I pay Payroll Taxes & Unemployment Insurance for myself?
Eric's answer
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Answered on April 06, 2016
I think your assumption that an LLC suits you best is correct, but here are two things to consider between Corporations and LLCs.
1....
Archived
Paper Based Fedeal tax return (IRS)
Eric's answer
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Answered on April 06, 2016
Per IRS Instruction 1040(2015) (link below), people who live in Texas generally mail their tax returns to:
Internal Revenue Service
P.O. Box...
Archived
Is there a manner that I can get the IRS penalties and interest removed.
Eric's answer
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Answered on April 06, 2016
The answer, at least as far as the I.R.S. is concerned, is "maybe, but probably not." I'm not a MN attorney, so I don't know about state taxes...
Archived
Tax payment plan?
Eric's answer
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Answered on April 05, 2016
The I.R.S. can and does deny tax payer proposed "Installment Agreements" (pay the debt in full, over time) and "Offer-in-Compromise" (where the IRS...
Archived
Social security benefit taxes
Eric's answer
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Answered on April 05, 2016
I hate to tell you, but the answer is "maybe" and "it depends". The general rule is all income received in 2015 is taxes in 2015 (even if it...
Archived
How to address depreciation recapture to limit tax liabilities?
Eric's answer
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Answered on April 05, 2016
Generally speaking, you should have been claiming depreciation the whole time, and your basis should reflect the depreciation you should have...
Archived
Should I file taxes Married Jointly or Married Separately
Eric's answer
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Answered on April 05, 2016
I recommend you file as "married, filing separately." It does not sound like your wife is someone who can be trusted. I have seen and heard of...
Archived
Are they able to do this legally? Isn't there a statue of limitations?
Eric's answer
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Answered on April 05, 2016
To build on what Mr. Taylor said, it's a long standing maxim that "time does not run against the king." Check that letter carefully for clues...
Archived
I'm on disability (SSDI) with no other income and divorced, and pay child support, do I even have to file taxes ?
Eric's answer
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Answered on April 05, 2016
I always recommend filing a tax return. First, it may be that you are entitled to a refund, and you can't get the refund if you don't ask for it. ...
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