I agree with my colleagues' answers, but I would also like to add that you will need an EIN if you hire employees in the future, and it is...

Income Tax Question - I recently got a new job (was unemployed for a year) and need to know info about income tax.

Your boss did not do you any favors by not having you complete a W-4. He or she is treating you as an independent contractor for federal tax...

Is a Buy Out taxed as ordinary income or capital gains?

You have provided no facts that would enable a tax attorney to answer this question. What is being sold? What type of an ownership does the seller...

I have no substantive facts that will enable me to render a clear opinion on this question. But it suffices to say that using a tax prep...

We live in Maryland. My husband has an installment to pay back taxes to the IRS. Will the IRS levy our state refund?

It depends. If your husband is in the type of installment agreement that provides for the full repayment of federal taxes within 72 months, the IRS...

Is lump-sum settlement amount in lieu of income loss in the future taxed in USA? Thank you.

Yes, this is taxable income. The only damages excludable from taxation are those traceable to physical harm. Since employment discrimination...

Earning capital gains instead of straight income

You're essentially seeking to recharacterize a commission payment (ordinary income) as a capital gain. This is simply not permitted under the...

I have a court judgement from an apartment complex, can they tax my federal tax return?

No. Private party judgment creditors cannot levy against your federal income tax refund.

Do I have to pay income tax on a forgiven student loan?

You need a tax attorney or CPA to carefully evaluate the details of this issue. There are sections of the Internal Revenue Code that exclude...

Tax return

Generally, no. A married taxpayer can file either (1) Married Filing Jointly or (2) Married Filing Separately. Only in very limited occasions can a...