Archived
Foundation question for taxes - I am not looking for THE answer, I am only wanting to know that it can be done.
Kenneth's answer
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Answered on January 03, 2017
Donations to foreign charities are usually not tax deductible for the donor. International charities generally set themselves up with a US branch...
Archived
What tax implications will there be if I dissolve my LLC & have $10K left in the account? (All estimated tax and debt is paid)
Kenneth's answer
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Answered on January 02, 2017
It depends on a lot of things. Was the 10,000 capital, earnings, liquidation proceeds, etc.? Additionally, the tax classification of the LLC would...
Archived
What type of power of attorney do I need to be able to file a joint tax return, receive the income tax check, d cash it without
Kenneth's answer
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Answered on January 02, 2017
You would need Form 2848 to prepare and sign the return. To handle a refund check, you should get a general financial power of attorney as well as...
Archived
Am I a non resident alien or resident alien for tax purposes?
Kenneth's answer
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Answered on January 02, 2017
Depends on whether the Internal Revenue Code exempts your days of presence in the prior years and, depending on visa category, how many years you...
Archived
How do I not have to pay state withholding tax on an investment property?
Kenneth's answer
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Answered on January 02, 2017
Yes, MD has a non-resident withholding requirement. It isn't the mailing address you have, it is your residence that matters. State tax agencies...
Archived
Can a 1031 exchange take place on properties from two different states?
Kenneth's answer
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Answered on January 02, 2017
As to whether you can engage in a 1031 exchange across a US state border, the answer is yes. You should consult with a tax professional to set up...
My only income is from pet sitting and walking, cleaning and child care but I don't have a registered business. Can I file taxes
Kenneth's answer
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Answered on January 02, 2017
Yes, you need to file. Use Form 1040 or 1040EZ and report the income on Schedule C or C-EZ. You would report the earnings as self-employment...
Archived
What do I have to do to file for summary judgement on a IRS over payment with the United States Court of Federal Claims
Kenneth's answer
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Answered on January 02, 2017
For the Court of Federal Claims, you will need a tax attorney who handles litigation in the federal courts. The CFC and federal courts are not easy...
Retroactive Sole Proprietor to an LLC w/ an S-Corp tax election before year end, so that I can reduce my 15.3% SE taxes?
Kenneth's answer
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Answered on December 30, 2016
As Attorney Givner stated, you cannot set up a corporation today and claim that past revenues were intended to be earned by the corporation. There...
Archived
What amount can i deposit I have 9,000 in bank and want to deposit 6,000 is that taxable all going to checking
Kenneth's answer
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Answered on December 27, 2016
Depositing funds is not in itself taxable. The source or use of the funds determines taxation (i.e., income, interest, etc.).
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