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MY MOTHER IN LAW LIVED WITH ME AND MY WIFE. SHE PASSED AWAY A YEAR TO DATE 1/19/16. AM I STILL ABLE TO CLAIM HER ON MY AND WIFE'S TAX...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The rule is that the dependent must have lived with you at least half (or all for some dependents) the time during the year that they were alive. Therefore, since she lived with you the entire time during 2016 that...   Read More
I Keep Track Of The Finances For An LLC That I Am Part Owner Of. What Forms Or Information Am I Responsible For Providing To The Other...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You must provide each owner a K-1 form which is a part of the LLC tax return if you elected to file as a partnership or S Corp. File a 1065 if a partnership or a 1120S if an S Corp. If a C Corp was elected, there...   Read More
Does An LLC File Taxes Itself Or Are The Taxes Filed Just A Part Of The Owners' Own Personal Tax Returns?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That depends. An LLC is a disregarded entity for the IRS. As such you must elect how to file. If it is a single member LLC and you have not elected to file as a corporation, the LLC would be reported on Schedule C...   Read More
I Am Part Owner Of An LLC. Do We Need To Empty Out Our Bank Account At The End Of The Year And Pay Ourselves Equally To Reduce The Amount...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Emptying out the bank account has no effect on taxes, and is not a wise move from a business standpoint. If the LLC has elected to be taxed as a partnership or as an S Corporation, a 1065 or 1120S will be filed....   Read More
We Just Built A House 8 Months Ago For $227k And We Owe Somewhere In The 210-215 Neighborhood..We Are Thinking About Relocating And Moving...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you have not lived in the house as your main residence for 24 of the past 60 months, you will owe tax, at capital gain rates on any profit realized from the sale. If you live in it for 24 months you can...   Read More
I Have A Client Who Prepared W-2s For His Restaurant, TY 2013, That Were Not Submitted To SSA. The W-2s Did Not Include The Tips Reported...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes. Since the employees received the incorrect W-2 forms and filed taxes based on those, you should submit the originals. Then prepare and send in the corrected ones, giving a copy to each employee.   Read More
Are Proceeds From Insurance Claim Taxable To A Business?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Any reimbursement for damage to your property is not taxable to the extent it was used to repair the property. If it was a total loss, if the reimbursement exceeded your basis and was not reinvested comparable...   Read More
What Are The Exemptions For The ACA?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Exemptions include Your lack of insurance coverage was for three months or less. You aren’t required to file a tax return because your income is too low. You are incarcerated. You are in the U.S. illegally. You...   Read More
If You File Separate Returns, You And Your Spouse Each Must Attach Your Form 8958 To Your Form 1040 If A Taxpayer Wants To Forego And...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

By not filing Form 8958 the IRS may adjust the incomes based on the way it is reported on the W-2, 1099's or other documents. It is simply an explanation of how the incomes are allocated under the state community...   Read More
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Can You Tell Me The State To Move My Business To With The Lowest Tax Rates?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That's pretty much an unanswerable question. In looking at business tax rates, you must first consider the legal form of your business - sole proprietor, S corporation, C corporation, or LLC. Then you need to...   Read More

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