TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE
Ask Tax Question
If I Live In The U.S. And I Work In Mexico Do I Owe Any Income Taxes?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It depends on your level of income. Any earnings that you receive from working in Mexico would be subject to income tax, just like any domestic earnings. However, if you pay Mexican income tax, you may be able to...   Read More
0 0 401K a
DO I FILE 2 SCHEDULE CS
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, since you had a change of entity, file two Schedule C's. Depreciate the assets on both schedules, taking one half of the year for each.   Read More
0 0 1099-MISC
Necessary To Prepay Tax To IRS For A 70K Roth Conversion I Did In Feb 2017? Married. AGI In 2016: 91K - Fed Tax: $6,200 $3K Refund...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There are three safe harbors that will allow you to not make an estimated payment. 1) You owe less than $1,000; 2) You paid in an amount equal to the prior year's tax, or 3) You paid in 90% of this year's liability.   Read More
S-Corp Reimbursement By IRS Mileage Rate After Shareholder Claimed Actual Expenses On Vehicle For His Schedule C Business?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The corporation rightly followed it's policy of reimbursement under an accountable plan. However, the complicating factor here is that the taxpayer has previously accounted for business mileage use on this vehicle...   Read More
Does The IRS's Private Collection Processors Make Telephone Calls To Taxpayers To Try To Colloce Taxes Via Credit Card?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. The process begins with a letter to the taxpayer from the IRS, informing them that the account has been turned over to a private collection agent (PCA). The PCA will follow up with a letter of its own. In no...   Read More
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

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Log into Tax Connections

Not a member?    Register Now For a Free Account
I've forgotten my password
Contact Us Today