Move to FL 6 months of the year to save on taxes?

Florida does not have income tax. I am not licensed to practice in Massachusetts, however, it is quite possible that you may have to file a...

1099

You are not required to incorporate. You will report your income as a sole proprietor under Schedule C of your 1040 and will calculate your...

How can I reduce or eliminate tax on an old cancellation of debt from a repossessed car?

Discharge of indebtedness is taxable income unless the discharge was obtained in a bankruptcy proceeding or you were insolvent on the day the debt...

If you have not paid the mortgage then the lender always has the right to take back their collateral. The lender cannot obtain a deficiency...

Understanding taxes

Well, your friend's sister will not get into trouble with the IRS since she did not omit any income from her return. However, if the income is...

The failure-to-file penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty maximum is 25% of...

A loan is not income and therefore not reported on your return. A loan can be income if it is forgiven (i.e. you did not pay it back and the lender...

Resolving tax debt?

It all depends on what you want to do. If you to make payment arrangements for the balance that is fairly easy. If you want to contest the debt...

Tax?

I believe this question has already been asked and answered. If all income is fully and correctly disclosed on a tax return, there will be no...

Audit tax

The IRS is looking for the correct reporting of income and expenses. If your cousin reports all the income he earned (whether legal or illegal), he...