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Are you responsible for a previous business taxes when you take over as a new owner?
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Who is responsible for income tax in a business?
The owner or owners of the business operations would be responsible for all of the necessary taxes of the Business operation. Go to the IRS.gov website and at the top of the page choose BUSINESSES irs.gov/businesses/index.html
What happens if a business owner dont file or pay their taxes?
A business owner can go to jail for not filing their taxes. The IRS considers this tax evasion. If a business owner does not pay their taxes then the IRS will get upset and send nasty letters to the business owner, but cannot put them in jail. The best advice is to seek professional help immediately! Don't go with just any company. Go with a company who has an outstanding Better Business Bureau rating and one that is very experienced in dealing with these types of matters. Don't wait and don't be scared! Take action and take control! You can get back on track before it is too late. The key is to ACT NOW!
Who is responsible to pay taxes and capital expenses when there is a life estate on a property?
The fee owner unless those issues are set forth in the document that created the life estate.
How might taxes affect an entrepreneur business decisions?
because taxes are un-neccesary expenses for an business firm and it also decreases the amount of profit it makes a mind of owner thinks "that if he is earning then why to share it with any one(government).
When a home or business property is sold who is responsible for calculating the taxes owed on the sale?
There are two answers to this question. The title owner bears ultimate responsibility for filing and calculating. That being said the assessor and collector of the jurisdiction may determine values.Ê
I am a new home owner where the previous owners did not pay their property tax Do i have to pay it now?
To purchase a home it will be required that the taxes be payed. If the previous owner did not pay them and is not going to pay them then the new owner will be responsible for paying them before they can purchase the home.
Who is responsible for taxes on the house renter or owner?
owner
Who is responsible for income tax in a business?
The owner or owners of the business operations would be responsible for all of the necessary taxes of the Business operation. Go to the IRS.gov website and at the top of the page choose BUSINESSES irs.gov/businesses/index.html
Is the bank liable for Taxes and HOA fees on foreclosed homes in Florida?
The titled owner is responsible for taxes and assessments: if such an owner is a bank, the bank is responsible.
We live in California-community property state.My husband owns his own business. I am not listed as part owner. We file our taxes jointly. Am I responsible?
If his business is an S-Corp, incorporated or an LLC then the only thing on your joint taxes should be his income (in the form of a job-based income), not any business-related taxes or revenue. If he is a sole-propriater, and claims all his business income on your joint taxes, then your filing, as a couple, has equal liability.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
What does a business owner do?
A business owner has full authority and liability for their business. This means they can make the final decision on all matters pertaining to their business. They also receive all profits (after paying things like taxes) and are responsible for paying all debts. This contrasts with a corporation, which is considered a separate entity from those who run it. A corporation can declare bankruptcy while its CEO remains wealthy; this does not happen with business owners.
If there is a tax lien against your property since 1985 from a previous owner you no longer have title ins do you have to pay the levy amount?
In most cases, the lien will have to be paid by the current owner when dealing with real estate as it "run with the land." That means the new property owner becomes responsible for repayment of taxes owed even if the unpaid taxes occurred because of a prior owner.For More Information Go To: http://www.taxdebtaid.com/remove_tax_lien.html
Having a quit claim signed and notarized who is responsible for property taxes back owed?
The new owner.
As the owner of a small business, what do I need to know about filing federal taxes?
All of the information that you will need for filing business taxes can be found online. The official website is www.irs.gov/businesses/.
Who is responsible for paying taxes of the deceased?
His estate...which is actually him continued after death for business purposes. I have received a tax levy in my deceased husband old business account from 2004 Am I responsible
Can a business owner draw employment security from his own business if there is no work?
No Your income is the "OWNER'S DRAW" This is the money the business owner will draw from the businessfor personal living expenses.Variables to unemployment are taxes are based on the wages of the employees and each state has it own unemployment laws,.
