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Recent Deductions questions

US Tax: How do I report my foreign employees provident fund

US Tax: How do I report my foreign employees provident fund (EPF) of India (www.epfindia.com)? What all forms I need to attach with my return and how to calculate any income/interest etc.? I moved from India to the US in 2013. My 2013 US tax status was Non-Resident. This is for tax year 2014. My 2014 US tax status is Resident (married filing joint). Both employee and employer contribution to the EPF stopped in 2013 due to my change of employer (move to US). However, my EPF receives a yearly interest on the cumulative amount. I.e. in 2014 the only activity in my EPF is interest credit.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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Our non profit is looking to purchase some cosmetics from a

Our non profit is looking to purchase some cosmetics from a French company. We are hoping to contract with this company a discounted rate on the items so that we can sell them in the US to underwrite our charity. Can the French company use the discounted amount as a tax deduction on the items under French tax laws?

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Dr. Fiona Chen

President

Ph.D.

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I do payroll few small companies. one of the companies is

i do payroll for a few small companies. one of the companies is beginning to do a retirement plan and health insurance for employees. I use qbooks, I understand about the deductions portion of it, but how is the amounts submitted to the ret. plan itself for each individual. sorry never done this before.

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
I just received a correction on my 2014 taxes. It says I

I just received a correction on my 2014 taxes. It says I missed a collected amount from my sole proprietorship of $69,156. And I owe 27k thats with 4k of interest and fees. I checked my online shop and realized that the 1099-k Etsy give you does not contain paypal payments I then pulled my 1099-k from paypal. Long story short the IRS was right.Now my question is should I just pay it or can I amend my 2014 taxes and hope for a lower correction? Does the IRS assume the highest self employment tax in these situations?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,724 satisfied customers
Currently, my father in-law pays my wife a salary and takes

Currently, my father in-law pays my wife a salary and takes out taxes, social security etc.We formed a LLC. We are wondering if my father in-law paid the LLC vs. my wife, if there are tax advantages for us or would we have to pay more because of state business tax on that income + state taxes, fed, and social security?

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
I paid $20,000 to my xwife as part of a divorce decree. Does

I paid $20,000 to my xwife as part of a divorce decree. Does she have to claim it as income on her taxes?As part of separate settlement agreement I paid an additional $1,250 Does she have to claim it as income on her taxes?Do I receive any benefit or tax deduction from paying her legal fees?

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Robin D.

Vocational, Technical or Trade School

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20,596 satisfied customers
I am not a US-citizen and I have a single-member

I am not a US-citizen and I have a single-member Delaware-based LLC. I am the sole owner. The LLC has a separate bank accounts, and all business expenses and income is kept separate from my personal finances. I keep the LLC finances in QuickBooks.I have two issues, related to getting money out of the LLC.- What is the proper way to get money out of the LLC to my personal bank account?- When do I pay the taxes on the LLC income - every time I make a money transfer from the LLC to myself (on the amount transferred), or once a year (on the total annual revenue of the LLC for that year)?

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Barbara

Enrolled Agent, Paralegal

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4,846 satisfied customers
OK, This is 1116 and. T/P sold real property non business at

OK, This is 1116 and amt.T/P sold real property non business at a lT gain of 946,309 in South Korea. She lives here in the US. She paid a foreign tax on it of 405,319. She does have 9600 in wages. That is it. No other income. standard deduciton. no dependents. I am putting this as passive ordinary income on the 1116. Correct? Do I put this on the line for qualified dividends and capital gains from Country? I feel like I am going in circles. This is also triggering AMT.

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Dr. Fiona Chen

President

Ph.D.

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62 satisfied customers
I have a house in the country, sitting on 3 acres, but

I have a house in the country, sitting on 3 acres, but surrounded by 160 acres my husband inherited 3 years ago. We also inherited the house. We would like to sell the house as well as 40 acres adjacent to the house. The acreage around the house is leased to a farmer for crops. If we sell the house with 40 acres, will we be responsible for capital gains taxes on the extra acreage? I heard that since the acreage isn't homesteaded, then we would have to pay cap gains. But then I also heard the opposite...that we wouldn't have to pay cap gains on it cuz we are selling it with the house...Please help! I know already that we won't have to pay gains tax on the house itself because the gains will be less than $500k. I appreciate any help you can give me.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
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