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John StancilTax Professional Level: Master Tax Advisor
As a US citizen or resident, you owe taxes on your world wide income, regardless of source. The exchange rate that should be used is the prevailing rate in effect at the time the funds were received, paid, or... Read More
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John StancilTax Professional Level: Master Tax Advisor
As an S Corp, you must pay yourself a reasonable salary but you don't pay Social Security or Medicare on the profits above and beyond the salary. If you file as an LLC (sole proprietorship) you will pay income tax... Read More
Alan SmithTax Professional Level: Tax Enthusiast
A Business Consumer Use Tax Return (DR 0252) is due at least annually by January 20th. Business consumer use tax can be paid annually if your total use tax owed is less than $300 per year, due on January 20th of... Read More
Brett Thompson, JD, CPATax Professional Level: Tax Enthusiast
Yes, however IRC 911(f)...the code section you are referring to has a change in it, citing the change in exemptions for the Alternative Minimum Tax Exclusion levels.. I have not had time to see how it affects the... Read More
Chenming ChenTax Professional Level: Tax Enthusiast
yes. you need to pay two countries income tax. this is test 2 Read More
