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John StancilTax 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
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John StancilTax 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
David Hughey, EA, MAccTax Professional Level: Tax Enthusiast
According to US tax laws, the portion of the standard mileage deduction that is used for depreciation is twenty-five cents per mile. The remainder covers other kinds of actual expenses on the car itself. Tolls... Read More
David Hughey, EA, MAccTax Professional Level: Tax Enthusiast
Normally, all such miles would be considered commuting mileage as if you were working directly for your client as an employee. The business owner, however, can keep proper mileage logs indicating other business... Read More
Thomas Rex, CPATax Professional Level: Tax Enthusiast
You should be able to get another installment agreement, provided you are current with filing all of your tax returns, and your withholding and/or estimates will cover all of the taxes owed for 2017. Read More
Randall KleinTax Professional Level: Tax Enthusiast
As you were the one that was employed and was the subject of the tort or injury, you were the one that was paid. Therefore, you are the rightful recipient of the money and the tax document. You are fully... Read More
Clinton Donnelly, LLMTax Professional Level: Tax Enthusiast
The short answer is yes. There are a variety of tax amnesty programs for different situations. Many tax payers when they move overseas will think that they do not have to file taxes when their lower longer in the... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
In order to optimize your CPA Firm’s overall efficiency, effectiveness, and productivity in connection to researching and resolving a tax issue and determining the sustainability of a tax return filing position... Read More
Thomas Rex, CPATax Professional Level: Tax Enthusiast
The answer is that it depends. Generally the IRS has a 3 year statute of limitations to make changes to a return. That time is increased to 6 years if there is income omitted from your return greater than 25% of... Read More
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