What punishment can a person face for renting out their basement and not paying tax on the income.
You will very likely not face jail time. However, if any party gets audited, this will be discovered, and you will pay all the back taxes and...
Atlanta, GA
Tax Lawyer at Atlanta, GA
Practice Areas: Tax, Business, Estate Planning
You will very likely not face jail time. However, if any party gets audited, this will be discovered, and you will pay all the back taxes and...
It's not your fault, and it is unfortunate and not uncommon. However, you do owe the tax. You just did not have enough withheld during the past...
Yes, you will if you want to have the legal protections set in place correctly.
You are correct. You may not amend your tax return to go from joint to married filing separate. You should seek a consultation with a tax attorney.
I hope that this has not caused you any problems. Have you received any demand notices from the IRS? You can go to the IRS website, www.irs.gov,...
I strongly suggest you use an attorney to do the will properly.
Do not file a joint tax return with him, and do not give him any of your tax information.
THis is unfortunately not an uncommon problem in my practice. Put your demands in writing, and if you do not get the tax information, you must...
Your "friend" should be asking these questions himself. Regardless of how one gets paid, if it is a taxable transaction, which this very well...
Without much more information, there is no way to properly give you an answer. Please bear in mind that the IRS is incredibly backed up, and...