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I'm a dual Canadian/American citizen and currently work as a

I'm a dual Canadian/American citizen and currently work as a contractor at a US company while residing in Canada. I have an opportunity to become an employee of said company. I want to know the tax implications of this, namely will I have to pay any back taxes from previous years to the IRS and will I be taxed twice on my income? Thanks!JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Nope, that is the core of my question.

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
Pearl. I'm not sure if you can answer this, since it does

Hello, Pearl. I'm not sure if you can answer this, since it does seem sort of complicated. I want to start an ecommerce business as a single owner, can I register in Nevada even though I live in Pennsylvania? Would I be double taxed?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Thanks for asking! Not that I can think of, aside from the fact that I will probalby recieve orders in other states, but I don't understand what would be considered a nexus for taxable income in those other states. Ecommerce is complicated. The laws were made for a different time.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
Before I ask a question, please read my situation below: My

Hello!Before I ask a question, please read my situation below:My company become dormant on 20th of June 2015. It has no bank account since then hence any transactions must be made in cash. By this date it has some assets on the balance sheet:1. Laser printer: £27.74 (purchased as used in July 2013)2. Desktop computer: £184.99 (purchased as new in November 2013)3. Computer monitor: £109.99 (purchased as new in October 2014)4. Laptop: £457.06 (purchased as new in May 2014)Total balance amount: 779.78Apart from assets, there are some product stocks left at the amount of £113.11. It's hard to say what the market value could be as not all of it can be found on sale anywhere else. As company has no bank account I find it difficult to sell these products so my suggestion is to buy it of my company for cash (let's say £50) and then try to sell it privately.Depreciation had not been taken since company become dormant so total balance value of all assets remains unchanged at £892.89.My investigation using Ebay and Amazon online stores showed that these products' current market value (17th January 2017) is as follows:1. HP 1018 Laser Printer: £20. (None of it is on sale in the same condition; similar items costs approximately £20 - £30 (+ £7 delivery).)2. Desktop computer: approx. £120. (Similar product with worse specification (2GB RAM instead of 4GB RAM, 160GB hard-drive instead of 500GB) costs £69.99 + £10 delivery.)3. Computer monitor: £80. (Used one on amazon.co.uk starting from £92.85 incl. delivery.)4. Laptop: £229. (This model discontinued and there are no similar products on sale at the moment. I assume it losses about 25% of its value per year. 25% from £457 is £114. Over two years the value dropped to £229 (457-114-114=229).Total current value for company's assets and stock, basing on calculations above, is: 50+20+120+80+229=£499.I would like to close this dormant company and open a brand new Ltd company to do retail business.My question is: What option is better in this situation: sell dormant company's assets to myself for the amount of £499 and then distribute money to myself as company's director (as dividends or somehow else?) or, maybe it's better to sell these assets and stock to my brand new company and then try to sell stock and put assets on balance? If dormant company sells these assets at the market value, which is lower than when it was purchased, will it be liable for Corporation Tax or Capital Gains Tax or something else? Will I, as a private person, be liable to any taxes if I get money from my dormant company after assets sold out or, in another scenario, if I sell these assets to my new company later on?Thanks for your help!

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taxmanrog

Master's Degree

1,020 satisfied customers
If a person borrows money or invest capital in a business,

If a person borrows money or invest capital in a business, this expense must be amortized, in general over 15 years. Is this correct? Now if he starts the business --sells and delivers-- and then makes an investment into business, say he buys computers, does special training, hires and trains staff--these expenses do not necessarily have to be amortized, correct? For example, a 5000 course on how to promote and sell his product could be expensed, correct? Or if he bought computers, he could 179 expense them--correct? I believe his 179 expense will be capped at his income so he cannot take a loss as such. Can he rollover the balance 179 expense into the new year. What is the 179 max for 2016 and 17? Is it down to 25K?? All these questions are based on him actually really starting his business and these being real business expenses.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
I have a friend with some tax dues that are close to 25% of

I have a friend with some tax dues that are close to 25% of her annual income. She declared $20k income on her 2015 but I think she is being charged a lot more than what she should pay. Can a Tax person review her documents and give an opinion on how to lower the debt.Thank you

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
I just did filed a turbo tax, and marked Yes to having

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I just did filed a turbo tax, and marked Yes to having health insurance coverage throughout the year but then I realized I did not have the coverage. It was just a simple confusion but I already filed my tax with turbotax. SO MY QUESTION IS: What is a consequences of ''lying'' about my status of health insurance coverage? Is this consider criminal record?JA: Is there anything else important you think the Accountant should know?Customer: No

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
I have Income from self employment that accumulated over the

I have Income from self employment that accumulated over the year that I want to report. I know the amount but I don't have records and receipts of who and were it came from. Can I report this as miscellaneous self employment income somewhere on tax form? I did earn the money doing numerous small services and I don't want to lose my earned income credit.

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
I have a Multi-Member LLC that provides computer software

I have a Multi-Member LLC that provides computer software services. We used to provide the services ourselves but now what I sell I outsource to other companies. Are the cost of the outside companies just expenses or can they be considered COGS.

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Mark D

Master's Degree

992 satisfied customers
I'm at a professional crossroads and am looking for a

Hi,I'm at a professional crossroads and am looking for a constructive way to figure and plot a new direction. Presently, in part, I'm a chiropractor, working for a multi-specialty medical group and have been with this group for twenty-five years but my position has just been downsized. I've also been developing a second career as a songwriter and that is beginning to take hold commercially but financially nowhere in such position as yet to bring in any predictable nor sufficient income. Songwriting is my primary passion and if it sustained me financially I wouldn't be here asking for insight. But I need to survive financially while I continue to develop that.More specifically, due to economic reasons, I've had my chiro position reduced to just 16 hours per week, beginning the 16th of this month. I feel in part that I don't want to practice anymore and would like to explore another career pursuit that's more in harmony and hopefully synergy with my songwriting, perhaps a writing career of some sort, something closer to my passion that sustains me while I continue doing my best to cultivate a fully sustainable endeavor in songwriting.In the immediate, I'd like input on whether it's smart to keep my part time position and file for part time unemployment to fill in the gap somewhat, aiming to increase those hours over time, which I was told was a possibility, or just resign and take full unemployment and thus have more time to take on a new career evaluation and pursuit. And what steps should I undertake to best figure out what career path to best pursue?Thank you,Robert

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Dr. Fiona Chen

President

Ph.D.

812 satisfied customers
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