Need an income tax accountant to answer this...?
374644
I really sujest that you seek the advice of a tax attorney rather than a CPA on this one; asthis goes a little further than just taxes.\n\nOn the durface though, it seems simply that you can each take  turns claiming the child on a semi annual basis.  It would be in your best interest to get this in writing in your divorce decree and spell out the terms of the agreement.  On the years where the other party is claiming the child but you are still payaing 50% of the expenses, then there is not much you can do about that.  You don't want to report it as income to the other party, as this will reduce the tax benefits of your child, and inturn do the same to you.  In which case, then why go through this thing at all?\n\nHope this helps a little?\nGood Luck
866963
1.  Hire a tax attorney and get his or her advice.\n\n2. Throw yourself at the mercy of the IRS.  Remember, most IRS agents are pretty much lowlifes who are either trying to get some insider training before getting real accounting jobs, or in the lower 25% of the MBA class and unable to obtain a real job at a named accounting organization.  \n\nIf it were me, I would spend a couple of bucks and get an attorney's assistance.
968066
I think what you are asking is way beyond the scope of anything you will get from this web site.  You need all sorts of market research and tax accountant advice I can't see you getting that here.
373610
If you could be a bit more specific, I could help.  I'm a trainee accountant.
603681
Call the IRS and ask.
139149
don't listen to all the nonsense that people tell you. the real and only answer is what the IRS says in this matter.\nhttp://tinyurl.com/5u0d
551788
You have to call the IRS office.
177035
You have to account that as gains.\n\nWhy don't you get an accountant, this is serious stuff you sould't let it in our hands!
418976
Contact them via e-mail. Or I think there is a number you can call.  \nI think you fill out the form 4868 at.\nhttp://www.irs.gov/pub/irs-pdf/f4868.pdf
258949
Ask your payroll people where you work.. They will be able to help you.
103012
Go to H&R Block, they will itemize EVERYTHING. Or you can do it yourself, but you have to pay a little extra online :o)
1120456
I would contact your local Tax Collections office and inform them of this new information... be sure you get the name of the person you spoke with!
345782
get an extension, and spend that time thinking about how to arrange the money to pay your taxes, or perhaps consult an accountant or someone to help you with your problem.  I think they will give you better advice than myself.
160349
I recommend purchasing TurboTax and finding what it says you owe.  Then, even if you do use an accountant, you have something to bounce it against.
717936
It's 'defaultingly' better to err on the side of the IRS- get a second tax payer ID/ EIN number for the second business and treat it as such- another business.  Your accounting system and accountant/book keeper will probably agree too.
792428
please try to learn accounts soft wares & tax laws.  Salestax / income tax / service tax accounts maintanance & consultancy will fetch good money. software will not pay for your olden days i.e. above forty years of age. Tax consultation will more & more yeilding with more experience. As you have done B com Accounts & tax laws you may have good knowledge.
955222
Way too complicated for an answer here, me thinks.  Spend the cash for a good CPA or Comptroller.