Archived
Can I form a sole proprietorship or LLC selling self-made guitars in order to tax shelter income from my day job?
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Answered on March 05, 2014
The short answer is "yes". But be sure to make a profit within one of the first three years or so in order to convince the IRS that this is not a...
Archived
Am I entitled to 1/2 of the tax return my husband (separated)?
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Answered on March 04, 2014
I think it's too late for the preparer to amend the return. If your portion of the refund is $10K or less, you may have to resort to small claims...
Archived
Should I report him to the IRS?
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Answered on March 03, 2014
If you have no income, I would suggest that you talk to your spouse and seek a cut of any refund or tax savings as a result of his filing married...
Archived
Exemptions
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Answered on March 03, 2014
I am going to hazard to guess that your employer has increased withholding as a result of the IRS advising him that you are not entitled to claim...
What is the record retention period under the Internal Revenue Code for a corporation to keep copies of 1099 s it issues to
Rex's answer
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Answered on March 03, 2014
There is no required retention period for 1099s but the IRS and guidebooks for businesses suggest you retain your 1099 for 7 years.
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Archived
Filed 1040 Instead of 1040 NR last year, what to do now ?
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Answered on March 03, 2014
Yes; simply file an amended return (a 1040X) and attach a 1040NR to it.
I have given a sugar baby about 36k during the last year, should I give her a 1099, she says no but of course she would say that
Rex's answer
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Answered on February 28, 2014
Was she working under your direction and control and exclusively for you? If so, you should give her a W-2 if you were paying her for sex. But,...
Archived
Does the Franchise tax board have a 10 rule to response?
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Answered on February 27, 2014
No; the FTB can take as long as it wants. Many audits are now taking 3-10 years
I set up an LLC 5 years ago and the LLC never did business and never filed any tax returns.
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Answered on February 26, 2014
Yes; as you are listed as an officer/member of the LLC.
Archived
I bought a Toyota Prius in May 2013 in Fla. paid sales tax of 1400 I came to California in Feb.2014 paid 10% sales tax of 700
Rex's answer
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Answered on February 26, 2014
No; there is no exemption for a disabled veteran. But, the DMV should have given you a credit for the 6% sales tax paid to Florida. In other...
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