Tax Fairy's Profile

Tax Fairy

546 answers

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income tax taxes

About Tax Fairy

Member Since September 2, 2008
Female, Binghamton, United States

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My Answers
(546 answers)

How do taxes work when selling on etsy?

You will report your business income and expenses on a Schedule C as part of your regular Form 1040 tax return (unless you become a partnership or corporation). Your profit from the business will be ...

Submitted by Tax Fairy 18 days ago

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Restructured business loan

Yes, but ..... you may be able to make it go away by using form 928 (?) to reduce tax attributes (NOL's, depreciable basis of assets, etc). It can also be cancelled out if you are insolvent. Talk to ...

Submitted by Tax Fairy 1 month ago

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Irs help

You can try filing for an Offer in Compromise. You can download the form 656 booklet on www.irs.gov . You may be able to reduce the amount you owe or at least get manageable payments. The forms are ...

Submitted by Tax Fairy 1 month ago

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Comment to Tax Fairy's answer

Well cken1000, since those details weren't in the original question, you shouldn't have slammed me for the answer. Answer is: don't use it. The IRS would consider it an obvious ploy to jack up basis ...

Submitted by Tax Fairy 2 months ago