Q: Can the section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year?
A: Yes, 179 expenses can be carried forward if enough income is not present to be used in the current year.
Q: What should I do if I made a mistake on my tax return that I have already filed?
A: It depends on the kind of mistake that you made. Most mathematical errors are caught in the processing of the tax return itself, thus the IRS will recalculate the 1040 and will send you the proper return based on the recalculation, so you don’t have to do anything in that instance. If you did not attach a required schedule, the IRS will contact you and ask for the missing information. If you did not report all your income or did not claim a credit, you should file an amended or corrected return using Form 1040X (PDF), Amended U.S. Individual Income Tax Return.
Q: My business is in arrears on its payments. What is my best course of action?
A: There is no one standard answer for this situation. With that said, generally it is best to not ignore the obligations in which you may be in default of. Calling the creditor, being forthright, and knowing your rights are tantamount to survival and recovery in the process. If a creditor does not know you’re willing to work with them, they have no choice but to pursue other legal options against you.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors