Archived
I want to sell online (crafts, yard sale)and take out for taxes + write off expenses. Just for me, no employees.What do I need?
Henry's answer
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Answered on October 13, 2014
This may seem like a hobby to you, but it sounds like a business. A "hobby" for tax purposes has a specific meaning in that it is not done for a...
Archived
Where do we go from here, we now have no paperwork, no 1099s. tried to do the right thing, and got screwed
Henry's answer
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Answered on October 13, 2014
Unfortunately, the tax resolution business is full of companies that take your money and do not complete the job. This is a serious situation and...
Archived
Can the IRS stop you from flying?
Henry's answer
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Answered on October 09, 2014
If the IRS has filed a tax lien travel can be restricted. However, if the taxpayer has entered in an installment agreement or has requested a...
Archived
INNOCENT SPOUSE RELIEF: FILING SEPARATE RETURN BUT LIABLE FOR HALF OF HUSBAND'S TAXES BECAUSE OF COMMUNITY PROPERTY?
Henry's answer
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Answered on October 09, 2014
Did you try to for an annulment? You may want to discuss this with a family law attorney. An innocent spouse claim can only be made if you file a...
Archived
Is it legal for my ex boyfriend's wife to claim my kids on income tax?
Henry's answer
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Answered on October 09, 2014
The custodial parent (you in this case since the kids live with you the majority of the time), is entitled to the deduction. The custodial parent...
Archived
1031 Exchange Tax
Henry's answer
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Answered on October 09, 2014
When a property is foreclosed on the lender will typically issue a 1099 to you for the cancellation of debt income. This is taxable as ordinary...
Archived
How to find out if your failed business from 4-5 years ago still owes tax to IRS and see if it's your responsibility now?
Henry's answer
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Answered on October 09, 2014
The only way to determine if the corporation has any tax liability is to get a transcript. This must be obtained from the IRS. Any tax debt that...
Archived
I received money from an inheritance What is my tax liability.
Henry's answer
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Answered on October 09, 2014
It is impossible to tell without further information. The tax on an inheritance is based on the value of the Gross Estate, less the allowable...
Archived
Tax Sale Past Due Water Bill for Home
Henry's answer
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Answered on October 09, 2014
Best advise I can give you is to hire an attorney to protect your rights.
Archived
2nd garnishment
Henry's answer
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Answered on October 09, 2014
The calculation of what the IRS can take from your wages is very specific. This may or may not be what you consider "disposable income." If you...
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