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Recent tax questions

Thanks my question. I have a case where a US citizen lives

Hi,Thanks for taking my question.I have a case where a US citizen lives in Israel, owns and operates a sole proprietor business (not a corporation) in Israel. The business doesn't operate in the USA at all and the tax payer doesn't stays in Israel for more than 350 days.The US citizen pays all of the necessary taxes in Israel and file taxes in the US to comply with the worldwide income rule.My question is: does he need to pay self-employed taxes in the USA? If yes, is there a way around it such as a tax treaty or Totalization agreements?Does Totalization agreements apply for self employed or only for employees?Could you please advise.

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Robin D.

Vocational, Technical or Trade School

 
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I am getting married in September. I expect to make about

I am getting married in September. I expect to make about $250,000 during our first year of marriage, and my wife should make only about $20,000. All of our income is W2 income...at least for now.How much can I expect to save in federal taxes when filing married jointly, as opposed to what I have been paying as a single guy?Are there any strategies you would recommend for maximizing our tax savings? We do not intend to buy a house for a couple years. We are currently apartment renters.

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
If an organization is giving a $25,000 contribution to a

If an organization is giving a $25,000 contribution to a 501c3 for passes or access into an event and the event passes/access have no listed or face value, how much can they claim as the contribution?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
If I rent out my home via airbnb for $8,000 a month months,

If I rent out my home via airbnb for $8,000 a month for three months, and I acquire a temporary residence for those three months and pay $2,000 per month for that temporary residence, is this $2,000 per month expense deductible as it relates to this $8,000 per month in income?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
My husband and I 't know if we should file married jointly

My husband and I don't know if we should file married jointly or separate. I have IRB student loans. On my salary, the monthly rate is $218. If we were to file jointly, the monthly rate would be $650! My husband makes $55,000 and I make $50,000. Is it better to file joint or separate? We live and work in Virginia.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,558 satisfied customers
How is this distribution to an S-corporation taxed: Basis at

How is this distribution to an S-corporation taxed:Basis at the beginning of the year $10,000Income 3,000Tax exempt interest 1,000Distribution 20,000Non deductible expenses 2,000Section 179 deduction 5,000How much is gain and how are the non deductible expenses treated?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,906 satisfied customers
I'm self employed. I work from home. My wife stays at home.

Hello -I'm self employed. I work from home. My wife stays at home. We have two cars and I just bought a 3rd car. I have already expensed the 2nd car as a work car. Can I add the 3rd car as a work car? Does it matter that it's a Porsche? I paid 24,000 for the car.Eric

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a

ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a dissolution (not a BK), will any unpaid portion of an expense included on previous year's tax return under accrual accounting need to be taken back into income for current year? Any exceptions?

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16 satisfied customers
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