What Can I Do If I Owe But Can't Pay?

File your return then as long as your tax liabilities are below $50,000 or as a business you owe less than $25,000 in payroll taxes, you may set-up an online payment plan.

Visit:
https://www.irs.gov/Individuals/Payment-Plans-Installment-Agreements

Are Settlement Charges Deductible?

Usually not.

"Settlement or closing costs.   If you bought your home, you probably paid settlement or closing costs in addition to the contract price. These costs are divided between you and the seller according to the sales contract, local custom, or understanding of the parties. If you built your home, you probably paid these costs when you bought the land or settled on your mortgage.

  The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home.

Items added to basis.   You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home.

  The following are some of the settlement fees and closing costs that you can include in the original basis of your home.

• Abstract fees (abstract of title fees).
• Charges for installing utility services.
• Legal fees (including fees for the title search and preparation of the sales contract and deed).
• Recording fees.
• Surveys.
• Transfer or stamp taxes.
• Owner's title insurance.
• Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions.

  If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement.

Items not added to basis and not deductible.   Here are some settlement and closing costs that you cannot deduct or add to your basis.

1. Fire insurance premiums.
2. Charges for using utilities or other services related to occupancy of the home before closing.
3. Rent for occupying the home before closing.
4. Charges connected with getting or refinancing a mortgage loan, such as:
   1. Loan assumption fees,
   2. Cost of a credit report, and
   3. Fee for an appraisal required by a lender."

   
   

SOURCE: https://www.irs.gov/publications/p530/ar02.html#en_US_2015_publink100011939

What Qualifies A Filing Status of Head-Of-Household?

1. Were unmarried as of December 31, 2015 and
2. Paid more than half the cost to run your home (or the home of a qualifying parent) in 2015 (rent, mortgage, utilities, etc.) and
3. Supported a qualifying person. <----A Qualifying Person is a stricter status than a dependent but a child or parent works.

SOURCE:

https://ttlc.intuit.com/questions/1894553-do-i-qualify-for-head-of-household

Can I Deduct the Sales Tax of a Vehicle Purchased Within The Tax Year?

You can only if:

1) You do itemized deductions.
2) Your Sales Tax on the vehicle purchase exceeds your paid state income tax for the year. Typically state income tax will always be a larger amount making this deduction rare.

**You may not deduct if your state has no income tax**

Home Mortgage Interest Deduction Limits

IN-PROGRESS:
SOURCES: https://www.irs.gov/pub/irs-pdf/p936.pdf

You can only deduct interest of up to $1,000,000 acquisition debt (regular home purchase loan) plus $100,000 of equity debt.  Any amounts beyond this, and the interest is not deductible.   Here is the worksheet provided in Publication 936 Home Mortgage Interest Deduction Pg 12.

How Do I As An Employer Transmit 1099-MISC To the IRS?

You'll need to order both the 1099-MISC and a Form 1060 from the IRS. DO NOT USE THE ONE ON THEIR WEBSITE. The copies they send you will have a scannable barcode on them. To order forms from the IRS check here:

https://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns

1099-MISC are due Jan 31st of each year.

Send both the 1099-MISC and Form 1060 to the following locations:



SOURCES:
https://www.irs.gov/pub/irs-pdf/i1099gi_15.pdf
https://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns
https://www.irs.gov/uac/About-Form-1099MISC

1099-K: Is Square Inc a Payment Settlement Entity (PSE)

Yes.

https://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-k