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Recent Individual Tax questions

I'm setting up a new company in Quickbooks and have a

Hi - I'm setting up a new company in Quickbooks and have a question about the Owner Contribution / Owner Equity account. I would be really be easiest to speak with someone on the phone, if possible. Would someone be able to call me at(###) ###-####Thank you *****

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Dr. Fiona Chen

President

Ph.D.

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I am thinking to buy a property in FL which is out of state

I am thinking to buy a property in FL which is out of state for us and open LCC with my husband.Q1. Can I just open LCC online? is it easy to do? Which online site is good to use?Q2. What if I open LCC this year and we could not buy any property this year which is no income, can we still file the tax next year? Can we create LCC and do nothing?Q.3 We would like to use the same name for the other state LCC. Can we use the same name for LCC?Q4. How much do we need to maintain LCC, what is the cost? how much is the tax filing? Can we file with tubotax?

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Mark Taylor

Certified Public Accountant

Masters

1,236 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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Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
We have investment property (vacant lot) that we would like

We have investment property (vacant lot) that we would like to be able to write off as a loss against capital gains (sale of stocks), interest and dividend income. We think our transfer options may include foreclosure, estoppel, or sale for less than we paid. Are all these options legal with the IRS and is there any other option(s) we need to be aware of?What paperwork and forms would we need to file with the IRS? Does Turbo Tax have a form for this?

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Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
I have a single member LLC. I do online sales, as well as

Hi, I have a single member LLC. I do online sales, as well as in-person sales at a market in Washington, DC via the Square app. I have not actually "paid myself" yet from my business checking account. I know there are several ways to do this as an LLC. But what is the best way to track this, and should I be taxing that income when I "pay myself"?

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Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
I sold my business on a promissary note that the buyer

I sold my business on a promissary note that the buyer defaulted on 6 months later and has since bankrupt the company. It is a $250,000 loss to me.Can any of this be a write-off?

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Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
My husband started a partnership LLC with his brother. My

My husband started a partnership LLC with his brother. My husband wants to be removed - however, his brother wishes to retain the EIN number since he plans to continue with the business. Can my husband write a letter asking to be removed? We were told that his brother has to do it in order to retain the EIN number, but his brother is dragging his feet. What kind of implications are we looking at tax wise if my husband isn't removed? Thank you so much for your help!

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Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
I'm researching the chances for abatement for late filing of

I'm researching the chances for abatement for late filing of 1120S S-Corp return. S-Corp makes little $ and has only 2 shareholders.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Rec'd CP162 Notice for 2013 tax year. Not sure if FTA applies since our accountant had to request an abatement in 2010 due to his mistakes in filing the extensions for all his clients.JA: Is there anything else the Accountant should be aware of?Customer: We have the 2014 returns ready to file so they will show as late also. Wondering if we should address this in the abatement request also or send a separate penalty abatement letter along with the 2014 filing.

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Mark Taylor

Certified Public Accountant

Masters

1,236 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

1,236 satisfied customers
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