Each co-owner is generally responsible to pay a pro-rata share of property expenses (mortgage, taxes, insurance, etc.). To avoid penalties, it is...

Will I be liable to any tax rules and regulations if I transfer fund from my bank account in America to my bank in Philippines?

You generally do not need to pay additional taxes on savings income that was properly taxed before. If the foreign financial account in the...

Can I be a sponsor with less than 1 year paying taxes?

Form I-864, part 6, question 20 provides a space to notify the government that your income was below the IRS threshold to file taxes. From an...

Taxpayer claims QualifyingRelative for dependency exemption. QR has no wages or income & does not file a return. Is his AGI "0"?

AGI is an individual's total gross income minus certain deductions. If the qualifying relative has no income, then that relative's AGI would be zero.

Is there a way to convert my NY LLC to a CA LLC? Or at the very least, can I change my NY LLC to a DE one? If so, how?

Both CA and DE allow foreign entities (e.g., NY LLC) to convert into a domestic CA or a domestic DE entity, as long as the state that you are...

Only filed taxes for one year, Will i have to explain it in filing form i-184?

Form I-864 is for the affidavit of support. You will need to check part 6, question 20 of this Form, By doing so, you are notifying the government...

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1.) Yes, paying an unrelated offshore consultant for services is tax deductible. You should know that the IRS is skeptical of these of type of...

Would I be held responsible for tax debt that my husband acquired durring our marriage when we get divorced?

Generally, both you and your spouse are responsible for paying any tax, interest, or penalties from your joint return. However, you may be relieved...