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Can Someone Older Than 70 With Earned Income Contribute To Any One Of The Following Retirement Accounts: 1. Employers 401K, 2. Traditional...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

In the year in which you reach age 70 1/2 you may no longer contribute to an IRA or a Roth IRA. However, as long as you are working, you may participate in and contribute to a company sponsored 401(k) plan.   Read More
How Much Self-employment Tax Must Be Paid By A Self-employed Individual Whose Entire Earned Income Was Excluded From US Federal Income Tax?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The foreign earned income exclusion applies only to income tax. Any self-employment earnings are subject to the self-employment tax unless the host country requires him to pay into its "social security" system, and...   Read More
My Business Partner Wants To Avoid Double Taxation, Meaning Paying Taxes Here In The US And Spain. I'm A U.S. Citizen, She Is Not.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

My first response is to wait for the Trump tax bill to pass. One of the features of his proposal is to eliminate worldwide taxation in the United States. Assuming that the LLC is chartered in the United States,...   Read More
If A Recent Retiree Rollover A 401K To An IRA, And Turn Around And Make A Withdrawals Can The Rollover 401K Funds Be Considered His Basis...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Basis is obtained only when the taxpayer makes contributions to the retirement plan and pays tax on those constributions, as one would with a non-deductible traditional IRA, or a Roth IRA. If he had no basis in the...   Read More
Can An S Corp Pay Dividends Other Than When It Used To Be A C Corp And Had EAP Or If A Shareholder Goes Negative On Basis? I Say No, And...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Technically, an S Corporation does not pay dividends. An S corporation owner pays tax on his share of the profits regardless of any distributions. What is often referred to as a dividend for an S Corp is simply a...   Read More
One Of My Clients Is Interested In Starting A New Business. He Asked Me To Help Him Start That Business And/or If I Knew Of Any Federal...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I would suggest the state Small Business Development Center or the local SCORE chapter. Although these are not loan sources, they can advise him and point him in the right direction. He could also check with the...   Read More
International Trade Is Being Discussed At Many Levels In The Federal Government, The States, The International Community, And In The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There are a host of sources. One is simply to subscribe to business magazines and read them. Read online blogs about international trade. Find college courses - either online or in the classroom. MIT has an open...   Read More
If W8BEN Has Been Filled By The Foreign Owner Property, Income From Rental Property Still Get Tax Withold. Is That True? What Are Their...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

A W-8 BEN msut be filed by a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien. If you are the...   Read More
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If I Submitted My Taxes Already And Expect A Refund, What Is The Quickest Way To Get My Refund?
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

The fastest way to receive a refund is to electronically file your tax return and request direct deposit for your refund.   Read More
Do I Owe Taxes To CA If I Moved To Tennessee In July 2013 And Took A Lumpsum Cash Out Of My CalStrs Retirement In Late September 2013 While...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Under Federqal law if you are not a California resident you cannot be subject to CA taxes once you are no longer a resident of the state. The funds were withdrawn after you moved from CA and should not be subject...   Read More

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