Archived
As a self-employed blogger, should my business become an LLC or an LLC with S-Corp? What about for tax purposes?
Brad's answer
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Answered on March 10, 2014
Forming an LLC or other legal business entity creates a "veil of protection." Essentially, the business entity is separate from you as an...
Archived
What is the percentage taxed rate in NY when you get a settlement?
Brad's answer
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Answered on March 10, 2014
As indicated previously, settlements are not taxed at a different rate. The settlement either is taxable income to you, or it is not taxable...
Archived
Does it matter to uscis if my wife and I file our taxes married jointly or married separately?
Brad's answer
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Answered on March 10, 2014
They would not care at all. You have the option of filing separately or jointly, and they can not make you file one way or the other. The return...
Archived
I have very complex tax issues that have been plaguing me for years. I called two of those tax resolution places, no help there
Brad's answer
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Answered on March 10, 2014
Generally speaking, the I.R.S. does not prepare returns for people. If you submitted a partial return that had enough information to allow the...
Archived
Can a woman receiving child support and disability claim two children on the federal tax return?
Brad's answer
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Answered on March 10, 2014
In instances where there is split custody, your biggest hurdle will be showing that the children live with you for more than half of the year. In...
Archived
What can I do about student loans that have been sent to IRS for offset of tax returns?
Brad's answer
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Answered on March 10, 2014
Student loan lenders can usually only intercept your tax refunds if your loans are in default. Thus, you would need to contact your lender and...
Archived
If I form an LLC or S-Corp by a certain date, can I treat all of 2014 as if the corp existed the entire year?
Brad's answer
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Answered on March 10, 2014
If you've been operating a business as a sole proprietor from January 1 to March 31, then you would need to report the income and expenses from...
Archived
Can the treasury department put lien on my house that I bought with my husband, for business I had nothing to do with?
Brad's answer
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Answered on March 10, 2014
If the I.R.S. has assessed your husband for past due taxes, and the house is owned by your husband, then yes, the I.R.S. can put a lien on the...
Archived
What do I do?
Brad's answer
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Answered on March 10, 2014
If the tax assessment was entered against your husband when the property was still titled jointly in both of your names, then the lien may be...
Archived
Why did my boss not take federal tax out of my paycheck?
Brad's answer
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Answered on March 10, 2014
If you're making $150 in gross income weekly, then your annual gross income would be $7,800. Because your income is very close to the standard...
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