Is tax liability based on face value?

I disagree that the authorities will say nice try because everyone knows this scenario is problematic. An American eagle coin is legal tender. An...

Can one corporation with significant income purchase another with significant losses to offset that income and thus pay less tax

It depends on how the deal is structured, the value of the corporations, what is exchanged for the purchase, and what are the losses, operating or...

I'm being summons to court because my mother owns taxes.

On the other hand, can you clarify why you are being summoned to court, by whom, and when. If your name is on the debt, you may be primarily...

NEW YORK STATE INCOME TAX..,,,,i live in Florida, if i hold a mortgage for a guy on a house in New York State,

It would seem so because the real property that produces the income is in New York.

For federal tax purposes, if you meet the substantial presence test, you are a U.S. Resident for tax purposes even if your immigration status...

Hi, I am 22-year old, US citizen, and I need to know whether I'm in violation for not submitting tax reports since I turned 18.

It's quite possible that you may have been required to file us tax returns and fbars if you had income and foreign financial accounts. I recommend...

As a sole proprietor, I can't deduct SE tax. But of I have an S Corp, I'm the only employee, can I deduct the payroll taxes?

As a sole prop you can deduct half of the s-e tax on form 1040. Take a look at the form and look at schedule s-e. You also can deduct the...

I live in Florida and am thinking about opening a small personal trainer business. I was thinking of filing as an LLC.

To add to Mr Cappuccio's answer, very roughly you pay the self employment tax of 15.3% plus withhold federal income tax ?% which you could estimate...

I'm unemployed for last 1.5 years and have not made any income. I've traded some securities this year and got capital loss

If you have no income you may want to consider harvesting some capital gains and re-taking positions in the stocks, if you have capital gains. You...

I view this as a fringe benefit so without knowing specific details, you can look at group term life insurance under section 79 and 264. See also...