Ask Tax Questions
Robert FergusonTax Professional Level: Tax Enthusiast
Yes. There is no exception as to where the income is made as US Citizens are responsible for reporting their income no matter where it is earned. Whether or not tax is owed is another matter and can only be... Read More
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Robert FergusonTax Professional Level: Tax Enthusiast
If information was incorrect on the original 2011 return, a new amended 2011 return should be filed with the correct information. After the 2011 return is filed new 1040s may need to be filed for the partners... Read More
Gerald NordlandTax Professional Level: Tax Enthusiast
You need to remember that Depreciation is a BUSINESS expense for the investment needed to generate revenue, NOT a Personal expense. If his brother bought the trailer and rented it to him, the brother could deduct... Read More
Gerald NordlandTax Professional Level: Tax Enthusiast
The taxation is determined by the TYPE of Trust (Simple or Complex) rather than whether it can be changed (Revocable) or not (Irrevocable). A Simple trust distributes ALL income to the beneficiaries who pay tax on... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
The first question needing answered is the the total real cost of the rental property and the amount that has been depreciated on those costs. The total acquisition costs include not only the purchase price but all... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
First the best way is to set up the company as an LLC in a state that has very good LLC protections on liability issues. Arizona and Wyoming are two that I have had excellent results with. Then establish it as a... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
Credit - no. Deduction - yes in 2013. Companies are allowed to deduct the cost of providing healthcare insurance providing they offer the same coverage to all employed and at the same level of coverage. Next... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
Most equipment purchased for a business falls under the depreciation rules. However, some of it may qualify for Section 179 write down in the year it is purchased. The limit that could be written down in 2012 was $... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
First go get yourself a good estate planning attorney to set up the trust in the state of your residence. I have one client that has a similar trust to the one you are seeking. He and his wife are the current... Read More
Dan SelnerTax Professional Level: Tax Enthusiast
The a partnership, you do not have a choice on how the business is taxed. With an LLC, it can be taxed in several ways: partnership, S-Corp or Corporation. The method you choose will affect how the business is... Read More
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