1) What is the max amount one can receive per year withou tax implication 2) Does my wife need to report this during tax filing

Generally, interspousal gifts made by US tax residents are not subject to gift tax. IRS Form 709 Instructions state, "Gifts to your spouse. ...

Selected as the best answer

What is the best election for an LLC to make when first starting out and making smaller revenue? Disregarded entity or s-corp?

You should contact a business attorney to help you out. There are many good people out there who can get you set up at very little cost. That's...

Can i open bank account if i am an alien and no ssn or itin?

You can if you are a non-resident, however, it is up to the bank and very few banks will do this. The few that do are usually branches in major...

Can I file a married filing separate tax return without any penalties?

You will want to make sure you speak to the attorney handling your divorce about this. The best course of action is to make sure you can...

Which for to amend a previous years tax return

Generally, one uses the 1040x for the year they are amending. There are some tricky details with this form and I would suggest getting a tax...

If some embezzles 13K whats the penalty?

Jail, fines, tax liens. Whomever is suspected of doing this should hire a criminal defense attorney ASAP.

Can taxes be filed as "married filing jointly?" if spouse is traveling outside U.S.?

Yes, you can both file as married-joint given your residency status (lawful permanent residents are tax residents unless a treaty exemption...

Do I have to file for federal income tax ?

The IRS has a handy chart in Publication 554 which lists the income amounts which give rise to a filing requirement. They have not come out with...

How can I declare gained interest of small foreign accounts that I didn't include on tax forms last year?

As long as no FBAR/FATCA forms were due, you would file an amended return on Form 1040X. Based on the amendment, you may owe additional tax plus...

Spouse in Jail-How do I file taxes?

You can still file a joint return. The IRS will require Form 2848 (Power of Attorney) to be on file in order for you to sign tax documents on...