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Recent Double Taxation questions

My wife is the owner of an LLC we created about a year and a

My wife is the owner of an LLC we created about a year and a half ago.It was dormant with no business until two months ago when I decided to really put energy into it.(I was unemployed and believed I had a non-compete,which I didn't).It is an llc taxed as c-corp by default.I am thinking that it would be better if I became owner so that we can make it a single member LLC since I am the only one working.Is this the best for us?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Double taxation Worked in US for 14 years - made a lot of

Double taxationWorked in US for 14 years - made a lot of money - a lot - didn't pay us taxes but rather Italian. - he is Italian.

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Barbara

Enrolled Agent, Paralegal

5,122 satisfied customers
Lane, here... continuing with the tax free (deferred)

Lane,Sam here... continuing with the tax free (deferred) acquisition.386(a)(1)(b), Can a llc be the target acquired by a publicly traded corp within the IRCs?The reason for my question is; llc has a lot less administration annually compared to a c-corp. Maybe the answer is; start with llc and convert/reorg to a c-corp before or simultaneous with the acquisition.RegardsSam

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
1) Which legal structure do you recommend? Why? 2) Can this

1) Which legal structure do you recommend? Why?2) Can this legal structure be changed once it has been established?3) Should the business be formed in or out of state? Why?4) What are the tax implications of the legal structure recommended?5) Will I need an employer identification number (EIN)?6) Should I open a business bank account, or will my personal account be sufficient? Why?7) Do you recommend using accounting software? Why?8) What are the strengths and weaknesses of this business form?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Need to understand the best structure for my situation

need to understand the best structure for my situationHusband: W2 income $300k+Wife: 1099 income $300k+Wife has a company : income expected 400k+ what are the pros or cons of making it a C or S corp

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I am going to start working as an Uber Driver. It is

I am going to start working as an Uber Driver. It is considered an independent contractor and I understand that I will be subject to double taxation from the Self Employment tax. Are there options for me to avoid/minimize that additional tax (i.e. form a business entity...), and is there an income threshold I would need to meet in order to see any savings?

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
I started working in the US when I was twelve years old and

I started working in the US when I was twelve years old and moved away when I was around twenty. Should I be filling out tax forms for the US for any reason?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
Dear Tax expert, My husband and I are Australia citizen who

Dear Tax expert,My husband and I are Australia citizen who is living and working in USA for almost 21 months.I have $16000 AUD saving interests in Australia in 2015, the Australia tax rate (32.5%) is higher than USA. After we report the $16000 interests income and lodged tax return in Australia, the taxation office refund some money to us through Australia investment's loss. The problem starts when my USA accountant lodge my tax return, she ignore the tax we paid for our saving interests in Australia completely, and put full 16000 AUD as income, and ask us to pay $4,693 tax again in USA for the saving interests. I did pay tax for our saving interests in Australia, the money we got back is because have large amount of the loss for the investment. As we belong to the high income in US, the loss we have in Australia got completely ignored in US, but how can my US accountant ignores the tax we paid for my saving interests in Australia, I can't pay tax again for it in USA. My US accountant said she can't see the tax we paid for the saving interests in Australia as I got refund. My Australia tax return calculate everything as a whole, doesn't show individual tax for saving interests, rent, other incomes, but my Australia tax accountant informed me that our tax rate is 32.5% for all income including the saving interests, we got refund because of the loss, nothing to do with the tax we paid. Please help me out here as my US account think we didn't pay tax in Australia for the saving interests. It is so bad that our loss got completely ignored, but we are also forced to pay double tax simply it doesn't show on the Australia tax return paper due to our loss in Australia. What if my Australia accountant give a letter which shows what amount tax$$ we paid for our $16000 saving interests, will these tax we paid in Australia got disallowed simply because of the refund we received for other investment losses? I don't see it is fair at all. We paid tax, we can approve it, the money we get back has nothing do to with the tax we paid.Best Regards,***** *****(###) ###-####

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
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