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Thomas Kerester, JDTax Professional Level: Tax Enthusiast
As the Tax Advisor to TaxConnections for all developments on Capitol Hill, I am responsible for keeping members informed daily of significant developments on President Trump’s major tax proposals. To the extent... Read More
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William Rogers, CFP, MBA, EATax 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
John StancilTax 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 The funds were withdrawn after you moved from CA and should not be subject...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
William Rogers, CFP, MBA, EATax Professional Level: Tax Enthusiast
No, you would not be required to withhold taxes to a freelancer who performs their services outside of the US and maintains no permanent establishment in the US. Be sure that the freelancer complete an IRS Form W8... Read More
William Rogers, CFP, MBA, EATax Professional Level: Tax Enthusiast
Yes, you are right you can review W2 Box 12 Code W and check to see if the Box 1 wage amounts were reduced compared to Box 3 and Box 5. You may want to review a few paystubs to see how the HSA contributions were... Read More
William Rogers, CFP, MBA, EATax Professional Level: Tax Enthusiast
Individual income taxes are dischargeable in a Chapter 7 Bankruptcy. Read More
John StancilTax Professional Level: Master Tax Advisor
If the interest expense is for payments on a mortgage on the home, and the home qualifies as his second residence, it is deductible as mortgage interest on Schedule A. If it is not his residence but is an... Read More
Manasa NadigTax Professional Level: Tax Enthusiast
Yes, your client can take the interest paid on the home loan on his house in India as a deduction on his US taxes. This would go on Schedule A. If this is an investment property than the interest would go on... Read More
Caran Ebert, CPATax Professional Level: Tax Enthusiast
You must file for a separate EIN for your California LLC. Your EIN is belongs to the specific company registered in the State of Illinois. It is like your individual social security number and only follows the... Read More
Bernell Ward, EATax Professional Level: Tax Enthusiast
You are required to claim your household income. The worksheet is your backup documentation. Read More
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