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I Have An Opportunity To Work In Hong Kong And Am Wondering How My Compensation Will Be Taxed?
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

As a US Citizen you have the opportunity to pay no US taxes. Primarily, if you are out of the country for a full year there is little or no federal or state income tax owed. The best way to understand what is and...   Read More
A Friend Told Me That I Can Write Off My Service Dog. Is That Really True?
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

Probably. If the animal is associated with a health issue then it would be a medical deduction and subject to the 7.5% limitation of gross income before being able to deduct the animals costs. But the dogs costs...   Read More
At What Age Are My Children No Longer A Write Off On My Individual Tax Return?
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

18 or 24 depending if they are attending college and you paying for it or signing the FAFSA forms associated with the student loans. If the child is disabled the child could be a dependent for life. If they are...   Read More
I Heard That If A Contribution Of $250 Or More Is Made, The IRS Required Certain Documentation. Please Clarify This.
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

The IRS requires that you obtain a written receipt from the charity. If the donation is property the charity should provide you with an estimate of its value. In addition, the charity must indicate the following...   Read More
I Am A Small Business Owner. Is There Anything Helpful Coming Up Tax Wise?
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

The biggest issue facing small business in the USA this year is that the tax breaks we've been enjoying for the past few years are ending. Congress has so far failed to enact any extension of the Bush era tax...   Read More
What Are The Estimated Tax And Tax Return Filing Requirements For Taxpayers Earning Income As An Independent Contractor And Should I...
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

As an independent contractor without an LLC or S corp that your earnings are being paid to, you are most likely to pay a higher amount of tax as a result. The LLC not only offers greater liability protection but...   Read More

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