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I Am An Online Retailer And Am Very Concerned About The Marketplace Fairness Act (online Sales Tax Law). What Is The Best Way To Go About...
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

First off the Marketplace Fairness Act allows that small online retailers, those will less than $1M of remote revenue (ie: sales to customers in states where the business is not physically located) would be exempt...   Read More
I'm An American And I Have A Sole Proprietorship That Is An Internet Business. Everything Is Online. I Live In South America And All My...
User Photo Jan-Albrecht Jost
Tax Professional Level: Tax Enthusiast

I would personally suggest setting up your company in a jurisdiction with a territorial based tax regime. Hong Kong companies are subject only to profits tax on income arising in or derived from Hong Kong itself....   Read More
What Is A Domestic Production Deduction(DPD) And What Must We Do To Be Eligible For This Tax Deduction?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

To qualify for a Domestic Production Deduction, you must have Domestic Production Gross Receipts which would include business receipts from: 1. construction of real property you perform in the US 2. engineering...   Read More
We Want To Rent Out Our Primary Residence As A Vacation Rental Four Months Out Of The Year While We Travel Overseas. What Are The Tax...
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

The tax benefits of renting your primary residence is that you will be able to take a tax deduction for depreciation and a portion of the utilities and other costs to maintain the home. The rent you receive will...   Read More
I Am A Freelance Writer Looking To Set Up An LLC. I Heard That Setting Up A Corp In A State Like Nevada Is More Economical And Less Redtape....
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Setting up your LLC in another state will not allow you to avoid CA tax as long as you are a CA resident and plan to conduct your freelance writing business from CA. If you want to set up an LLC, then you may as...   Read More
What Are The Benefits Of Incorporating In Delaware If I Am Operating Out Of Another State?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

From a tax standpoint there are none, it is in fact a negative because you will need to file a Delaware franchise return and will also have to register in the state where you actually operate and file and pay taxes...   Read More
If I Enter Into A Partnership Agreement With Another Business Owner, What Should I Be Aware Of From A Tax Perspective?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Assuming this is a US based business, then you will need to file a US partnership return. If both partners are actively involved in operating the business, then all earnings from the partnership will pass through...   Read More
As A Small Business I Have Been Told That My Company Qualifies For A Small Business Health Tax Credit Going Back To 2010. Can You Explain...
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Small businesses that pay for their employees healthcare coverage may be able to claim the Small Business Health Care Tax Credit. To be eligible you must cover at least 50% of the cost of single (not family)...   Read More
Help! I Have An Independent Contractor That Doesn't Want His 1099 - What Are The Penalties For Him And Me If I Don't Issue It?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

You are subject to a penalty of between $30 to $100 for each 1099 that you don't file. You should know that the penalty is per copy of the form you don't send in also. So the copy you don't send to the IRS is $30...   Read More
I Have An IRA That I Took Money Out Of Last Year For An Investment. Do I Need To Pay Taxes On It?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Yes generally money you withdraw from an IRA is taxable in the year you receive the distribution. You should receive a Form 1099R from your account custodian reporting the taxable about of the distributions you...   Read More
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