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If I Submitted My Taxes Already And Expect A Refund, What Is The Quickest Way To Get My Refund?
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

The fastest way to receive a refund is to electronically file your tax return and request direct deposit for your refund.   Read More
Do I Owe Taxes To CA If I Moved To Tennessee In July 2013 And Took A Lumpsum Cash Out Of My CalStrs Retirement In Late September 2013 While...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Under Federqal law if you are not a California resident you cannot be subject to CA taxes once you are no longer a resident of the state. The funds were withdrawn after you moved from CA and should not be subject...   Read More
I Have A Client Who Owns A House In India. He Was To Take The Interest Of That House Off His Tax Return. My First Question Can He Do This?...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the interest expense is for payments on a mortgage on the home, and the home qualifies as his second residence, it is deductible as mortgage interest on Schedule A. If it is not his residence but is an...   Read More
0 0 Deduction
When Preparing Donor Statements - Should The Recipient Be An Individual Or Household?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no hard-and-fast rule. Generally, it is preferable to prepare the statement by taxpayer. Thus in a family unit, a statement woud be issued to husband and wife. If any of their children give, a separate...   Read More
If Your Claiming Your Dependent And They Work Also Could You Put There W2 On Your Return?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. You cannot put a dependent's income and expenses on your return. He or she would have to file their own return, not claiming their dependency exemption. If you could, you wouldn't want to do it since you're...   Read More
0 0 Form 1040
What Are The Tax Implications Of Making A Seed Investment In A Startup? As They Raise Money And The Valuation Increases Or They Merge Or...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There are no tax implications of investing in a company. The amount of your investment is your basis for gain or loss when the investment is sold. In the event of a merger, buy out, or conversion of the investment...   Read More
I'm Doing My 2016 Taxes, And I Didn't Have Health Insurance For All Of 2016. There Is An Option On My Tax Return To State That I Couldn't...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You should \complete Form 8965 to determine if you have any exemptions, including not being affordable. If you claim an exemption that yo do not qualify for, you could be subject to penalties for filing an...   Read More
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

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