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Hi Tax Questions: I Have Not Filed A Form 540 Since 2010. For 2011 I Had A Loss From A Schedule C Business, And Therefore Have Not...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Probably not. The California FTB statute of limitations for refunds is four years after the original due date of the return. The 2011 return was due April, 2012. So the statute of limitations ran out on 2011...   Read More
How Can I Receive Earned Income Tax Credit With A Business Partnership Showing Net Operating Loss? I Only Brought In $22k, Only Income Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, you must have a positive earned income in order to get the earned income tax credit. There are no exceptions to this, so you are just caught in a bad situation in regard to the EITC.   Read More
Do I Need To File A Form 1041- My Aunt Passed In 2001 In Washington DC, She Was Married And My Mom Was Her Only Living Sibling. My Mom...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Federal law states that any estate with gross income of more than $600 must file a return. However, since you mom passed in 2010, she (or her estate) cannot inherit any property. When she died, any right to receive...   Read More
0 0 Form 1041
I Am A US Citizen And I Live Out Of The Country. Do I Need To File Tax Returns In The US And Is My Income Taxable?
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

The US taxation rules are based on Citizen Based Taxation or CBT. So the answer to this question is "Yes, a US Citizen has to file US Tax Returns even if living out of the country". One can take the Foreign Earned...   Read More
I Am Retired And Recently Moved To Israel To Volunteer For A Religious Organization. I Will Be In Israel For The Next 5 Years. Do I Have...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I would presume that you were a resident in California just prior to moving to Israel. If the pension was taxable in the state while you lived there, it would remain taxable during your period of time you are in...   Read More
0 0 1099-R
I Want To Get Free Donations To My Business. Should I Start A Non-Profit Or An LLC Company?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

Starting a new business is not for the unprepared or faint at heart. My advice is to start small as a sole proprietorship, under a dba (Doing Business As) registered with your county recorder or you can you’re...   Read More
I Have A Question About Depreciation. Can I Not Take Depreciation So I Can Increase The Net Operating Income. I Know I Will Pay More Taxes (...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It's not a matter of what I think, it is the law that is important here. First, increasing your net operating income by not taking depreciation actually decreases your cash flow as you are paying more tax....   Read More
If Don't Have A Way Of Determining Value Of An Asset At The Time Of Conversion From Personal To Business Use, Eg A Year Or More Ago, Can...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can't use current FMV. You need to make a reasonable estimate of the value as of the time of conversion, and be able to support your valuation with external invormation such as listed prices of similar assets...   Read More
What Would Be An Example Of When Using The Tuition And Fees Deduction Would Be Better Than The Lifetime Learning Credit Or The American...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Generally, it is best to calculate it both ways to determine which one gives the greater tax benefit. The tuition and fees deduction is a deduction which reduces taxable income, so the higher the tax bracket of the...   Read More
Can Non-resident Aliens, Living In Own Country, Who Have US Based Income Use The Foreign Earned Income Exclusion In US Business Tax Filing?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. The foreign earned income exclusion is for earned income, not investment or other types of income. If you are a NRA, I don't see that you could have earned income that is US based. Additionally, the exclusion...   Read More

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