Archived
Will I be held liable for my parent's tax liabilities and debt if I claim them as dependents on my tax return?
Magda's answer
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Answered on June 13, 2016
Your claiming them as dependents does not result in your becoming liable for their tax debts or any other debt. You are only liable if you...
Archived
Can I take any tax credits for paying caregiver expenses for my elderly mother?
Magda's answer
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Answered on June 13, 2016
I am wondering if you have done the numbers and determined that your mother does not qualify as your dependent. She lives in your home full time....
Can I file IRS form 2553 (S-Corp election) without filing form 8832 first?
Magda's answer
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Answered on June 13, 2016
As a single owner LLC you are by default a disregarded entity and report income and expenses directly on your income tax return.
If you want to...
Archived
Do we need a prenuptial agreement because of a tax lien and inheritance?
Magda's answer
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Answered on June 13, 2016
Your partner's tax liability is not your liability. The IRS will not come after your separate property in order to collect your partner's debt. The...
Archived
Hi my question what can I do about my payee sevice
Magda's answer
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Answered on June 13, 2016
I do not really understand your question. I recommend that you provide more specific information and resubmit your question.
Archived
What to fill out on 1040x?
Magda's answer
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Answered on June 13, 2016
You have to enter information on all the lines which apply. There are three columns of information required. The amounts original reported are on...
Archived
What is the correct procedure for adding a creditor after the 341 meeting in a no asset chapter 7 case?
Magda's answer
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Answered on June 12, 2016
That is correct. There is also a fee involved.
Archived
Are Gross Receipts taxes dischargeable? Are penalties and interest on unpaid Gross Receipts taxes dischargeable.
Magda's answer
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Answered on June 12, 2016
You should discuss this with a tax attorney who is knowledgeable about the discharge provisions of the bankruptcy code.
If the tax you are talking...
Archived
Is a health insurance scholarship received as part of a teaching assistantship subject to self-employment tax?
Magda's answer
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Answered on June 12, 2016
No. The self-employment tax is paid on income earned from self-employment which requires that some sort of business be carried out. You are an...
Archived
Can I claim tax refund on unvested but early-exercised startup options?
Magda's answer
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Answered on June 12, 2016
I recommend that you discuss this with a CPA who can figure out your options. The period for amending your 2013 return is still open. If you filed...