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I Keep Track Of The Finances For An LLC That I Am Part Owner Of. What Forms Or Information Am I Responsible For Providing To The Other...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You must provide each owner a K-1 form which is a part of the LLC tax return if you elected to file as a partnership or S Corp. File a 1065 if a partnership or a 1120S if an S Corp. If a C Corp was elected, there...   Read More
Does An LLC File Taxes Itself Or Are The Taxes Filed Just A Part Of The Owners' Own Personal Tax Returns?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That depends. An LLC is a disregarded entity for the IRS. As such you must elect how to file. If it is a single member LLC and you have not elected to file as a corporation, the LLC would be reported on Schedule C...   Read More
I Am Part Owner Of An LLC. Do We Need To Empty Out Our Bank Account At The End Of The Year And Pay Ourselves Equally To Reduce The Amount...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Emptying out the bank account has no effect on taxes, and is not a wise move from a business standpoint. If the LLC has elected to be taxed as a partnership or as an S Corporation, a 1065 or 1120S will be filed....   Read More
I Am Married. I Am Selling My Personal Residence After Living There For 2-1/2 Years. Title Is Only In My Name. I Will Have A Gain Of More...
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

IRS Code Section 121 allows the exclusion of gain from the sale of a primary residence by certain married taxpayers filing a joint tax return of $500,000. Publication 17 clarifies the rules for married couples:...   Read More
How Are Bitcoin Transactions Taxed?
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

Bitcoin is considered property by the IRS and not currency. When you transfer bitcoin the difference in the fair market value at the time of transfer versus the purchase price or fair market value at time of...   Read More
I Have An Online Business In Hong Kong And All The Operation Is There. All Payment Is In USD. I Use USA Paypal To Receive Customers...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Are you a US Citizen or US Resident Alien (green card holder)? If so you need to report your world wide income to the IRS and pay tax on that world wide income.   Read More
How Do I Find A Sales Tax Software Vendor That Handles Colorado Addresses Properly?
User Photo Alan Smith
Tax Professional Level: Tax Enthusiast

Address verification is vital for proper sales tax compliance in Colorado as mailing addresses often do not indicate the true city. There are also Special Districts that cross or encompass many city, town and...   Read More
I Moved From Michigan To Florida In 2015. I Lived And Worked Full Time In Florida In 2016. I Received 2 Payments From Michigan In 2016- A...
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

Yes you would need to file a nonresident return to report your Michigan sourced income.   Read More
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My Husband And I Claim Our 18 Year-old Daughter As Our Dependent Because She Is A Full-time Student. She Has A Part-time Job As A Nanny....
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

Your daughter will remain a dependent on your return as long as she is a full time student in the tax year you are filing and under 24 years old. You receive your daughters exemption on your tax return. Your...   Read More
We Just Built A House 8 Months Ago For $227k And We Owe Somewhere In The 210-215 Neighborhood..We Are Thinking About Relocating And Moving...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you have not lived in the house as your main residence for 24 of the past 60 months, you will owe tax, at capital gain rates on any profit realized from the sale. If you live in it for 24 months you can...   Read More

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