Can I sale breast cancer t shirts as a fundraiser and donate the money to a cancer instute

The profit you make from selling the T shirts will be taxable income to you. You would then be able to take a charitable deduction for the amount...

Can I give money to an organization that is still waiting on their 501c3 or does it hurt them?

If their 501c3 application is approved, their tax-exempt status will usually be retroactively granted back to the date they filed the application...

What can I do on my taxes with depreciation from rental properties that I can't claim? AGI is more than $150,000, out of luck?

The issue is that rental properties are subject to the passive loss rules. These rules were designed to limit losses when the taxpayer is not...

What are the tax implications after a foreclosure?

Mr. Cortez gave you great advice with The Mortgage Forgiveness Debt Relief Act. This relief expires on December 31, 2013 and you can exclude up to...

Does wife, (separated & getting a divorce), need to sign past joint tax returns (filing late)? Is she owed a portion?

To file jointly, both spouses must sign the tax returns. However, joint filing is not required—it is optional. Most spouses file jointly because...

After my student loans are discharged due to disability and testing for solvency, do I have to add my income to the insolvency

You would take a snapshot of assets & liabilities immediately before the debt discharge. Future income would not be included as an asset. ...

Filing a 1120s

Yes-file k-1s along with the 1120S tax return. Each shareholder should also receive a copy of his/her k-1.

We own a home in Michigan. We now rent that home & reside out of state. How do we file for our home taxes in Michigan?

Living in the home as your homestead actually helped you. When you lived in the home as your principal residence, you qualified for the Homestead...

Will the IRS come after a spouse for tax owed by the other spouse?

Based on your fact scenario, the IRS cannot come after the non-tax owing spouse. The tax is the separate liability of the tax-owing spouse and can...

You should ask for a paystub or payroll report showing what taxes are being paid from each paycheck. If he doesn't give you this information, I...