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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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User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The answer depends on your total taxable income and your filing status. Federal taxes run from 10 to 39.6 percent.the New York rate would be between 4 and 8.82 percent.   Read More
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User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you are travelling outside the "general metropolitan area" of your tax home, the entire trip from the church to the funeral, then home would be a reimbursable expense. Hope this helps. John Stancil, CPA   Read More
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User Photo David McKeegan
Tax Professional Level: Tax Enthusiast

Hello Martina,With regards to your message, if your client is living abroad, then we can certainly help answer both of your questions. We deal 100% in expats, and I think it would be beneficial for you...   Read More
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

Full time (40 hours per week) at about 30 weeks would give you $24,000 in income. Assuming standard deductions and that you are a dependent of your parents (which may NOT be the case, based on this income), I...   Read More
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User Photo Ronald Marini
Tax Professional Level: Tax Enthusiast

Your managers advice is completely wrong. If you're getting paid as an individual, at the end of the year each payor will issue you a Form 1099 reporting your income to the IRS; so it's not a question of if the IRS...   Read More
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User Photo Sanzar Kakar
Tax Professional Level: Tax Enthusiast

Depending on type of business there is a quarterly 2%, 5% or 10% Business Receipts Tax on all gross revenue. In addition there is a 20% Annual Income Tax on all net profit. For more information, visit http://www....   Read More
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User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Yes they may. The extension gave them the extra time to file and does not lock them into a filing status. You are good to go with whatever filing status they are comfortable wwith. If you are a Tax Preparer and...   Read More
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

There would not be any tax implications of a foreign entity acquiring a US corporation nor would there typically be any impact upon the debt converting to equity. There would be interest income on the debt, which...   Read More

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