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Recent Federal Tax Returns questions

100% DISABLE RECEIVE DISABILITY (SSI) INCOME. DO I INCLUDE

100% DISABLE RECEIVE DISABILITY (SSI) INCOME. DO I INCLUDE THAT INCOME AS MAGI FOR INDEPENDENT HEALTH COVERAGE?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
I am selling a property that I lived in years and have been

I am selling a property that I lived in for 3 years and have been renting it at a monthly loss for approximately 6 years. Do I qualify for an exemption under California law for the property was last used as my principal residence without regard to the two year time period?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: or do you think I would be better off selecting an exemption based on resulting in a loss or zero gain for CA income tax purposes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,764 satisfied customers
I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

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90 satisfied customers
I've been running two small businesses (both LLC/S-Corp)

I've been running two small businesses (both LLC/S-Corp) in CA, USA for several years - one Internet/Media-related and the other selling electronic/gadget accessories thru' online channels (e.g. Amazon) and distributors around the world (with majority of the products manufactured in Guangzhou, China, which is next to Hong Kong). The two companies have a total of 1-2 independent contractors (1099's). I'm considering to relocate both companies to Hong Kong, where I have my roots (with HK Resident ID card). I plan to continue hiring independent contractors in CA, USA to support the two businesses in Hong Kong. I'm aware of FATCA reporting requirements.What are the proper procedures for small companies (like mine) to relocate to foreign countries??In particular, I'm only concerned about USA-side: For example, whether I need to (somehow) officially close down my businesses here in CA first and then reincorporate in Hong Kong (the latter is simple & straightforward and not an issue). If so, what are the “step-by-step” procedures, such as preparing & filing “closing” financial statements & specific tax forms (for Federal & State), etc. Hope my CPA who prepares the annual tax returns for both of my businesses would be able to do it.Are there other alternatives, such as setting up two companies in Hong Kong first, and then buy-out (or merge with) the two companies in CA, USA?? If so, what are the “step-by-step” procedure??

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Mark Taylor

Certified Public Accountant

Masters

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432 satisfied customers
I have a scorp and probably did only one billing this year

I have a scorp and probably did only one billing this year for 10k few days . what would be right way to run payroll and the options i have if there is going to be no billing for the rest of the year.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,764 satisfied customers
I had a tax ID number company. I retired and my accountant

I had a tax ID number for my company. I retired and my accountant put it on hold?? My accountant retired I know live in AZ. how can I reactivate my old TIN?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: He is retired, he was in Ohio. I can't locate him? When we retired we moved to AZ in 2006JA: Is there anything else the Accountant should be aware of?Customer: No I want to start doing case management again I am a nurse. My old company was home healthJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
I realized today that I forgot to include my 1099 forms when

I realized today that I forgot to include my 1099 forms when I mailed in my federal tax return. I have them, I just failed to include them. What should I do?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,928 satisfied customers
Does an officer compensation of a NYS C Corp has to pay NYS

does an officer compensation of a NYS C Corp has to pay NYS and NYC tax if he filed a federal tax return and has a 1042 with a 30 percent of taxes withheld?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
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