Archived
Got letter from Bank of America that they received legal order to deduct $4,036.22 from my account by IRS!
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Answered on May 24, 2019
You have a short window of time to contact the bank and request that they put a hold on sending the money to the IRS. Once you do that, you need to...
Archived
Home based biz in CA but looking to possibly INC in another state to possibly reduce tax burden and stay anonymous..
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Answered on May 21, 2019
Changing the state of incorporation will not change the fact that you are doing business in CA and must pay California income taxes. Also, please...
What is domecile?
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Answered on May 13, 2019
Domicile is an individual’s permanent home, the place to which the individual, whenever absent, intends to return.
Archived
Can I request a waiver of interest and fees from IRS if I never received a certified letter of intent to levy?
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Answered on May 10, 2019
Although you can always ask, your chances of success are less than 1% in my humble opinion. I wish you the best of luck and please let me know if...
Archived
I recieved a judgement in a California court.The judgement was 100,000 non economic damages.Is my judgment and interest taxed?
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Answered on May 07, 2019
Damages, other than punitive damages, that compensate an injured person for personal physical injuries or physical sickness are excludable from...
Is it impossible to get an IRS "Offer In Compromise" when your old tax debt is more than your income and retirement is soon?
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Answered on May 03, 2019
No; you need to find a tax attorney that can assist you with this question. Your specific facts are critical to any analysis and you have not...
If I file for chapter 7 would this relieve me of my owed back taxes?
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Answered on May 02, 2019
Not usually as the IRS will be asked by the Judge as to whether the IRS wants to allow the taxes to be discharged. The answer is usually a flat...
Archived
Gifting money to my kids
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Answered on May 01, 2019
The gist of what you have asked is true. You can gift $15,000 per child per calendar year and if married your spouse can give each $15,000 per year...
Archived
If I rent my property for $100,000 do I have to report that and what are the taxes that I have to pay on that?...
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Answered on April 26, 2019
Yes; you have to report it. The federal and state taxes will depend on your tax bracket and your deductions and exemptions. I can only offer an...
Do I need to issue a 1099 or W2 to my mother-in-law who will be caring for my children in our house?
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Answered on April 23, 2019
You are correct that things have changed in the past year regarding independent contractors and employees. Just look at the Dynamex Operations,...
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