What's the best legal formation for setting up an LLC for personal currency trading?

You will need to speak with a corporation/tax attorney to get a specific answer to this question. The general answer is, it depends. One would need...

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My dad is not a US citizen. He wants to open a joint account with me and deposit about 100k. What should I do with IRS?

He will need to obtain an ITIN with a letter from the bank stating that they need to report the interest earned on the account to the IRS. The IRS...

How can I get my I.D.

Social Security needs to prove citizenship, age, and identity to reissue your Social Security card. Citizenship and age can be shown with a birth...

If you are eligible to work in the US, you are eligible for a social security number (SSN) and cannot use the ITIN. You need to apply for and...

I have a question on my tax home in USA

You need to speak with a tax attorney or CPA as your situation depends a lot on specific facts. Also, I am not certain as to what you mean by "tax...

I have not filed my taxes in years! The IRS recently sent a letter, should I call them?

You should speak with a tax attorney and show them the letter you received. There are a number of things that could be going on: the IRS may have...

Yes, you can play. Your tax liabilities may be different from those for US citizens/residents. Good luck!

What is the benefit of filing tax separately when... I am married with 2 small children My husband works and makes a good

The two main benefits to fining separately are: 1. Tax liability is separated between the spouses. 2. In some situations (in non community...

How much money can I give my wife as non-taxable gift.

Inter-spousal gifts are excluded from the gift tax. See 26 U.S.C. 1041. In other words, there is no limit. The exceptions to this are: one, if...

Hi, My name is Franchesca. I have a question regarding my online business. Do you need to be in a corporation and a tax id?

No, you do not need to be a corporation to start a business. If you start a business just using yourself, you are a sole proprietorship. The...