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Several Tax Filing questions about a Multi Member LLC with 2

Several Tax Filing questions about a Multi Member LLC with 2 DBAs and Tax FilingPresently our Multi (2) Member LLC has 1 DBA (operates as Partnership), last year I used TurboTax to create a1065 and 2 K-1s which passed through to our personal tax return.We are thinking about starting a new business by creating a second DBA, so the legal entity with have two DBAs. The original DBA hires nurses used for Home Health Care. A second DBA would be for a Health & Wellness online retail business (the 2 businesses are not related).The Business codes would be different (621610 is used for the existing DBA "includes things like Home Health Care Services") and I'm pretty sure (446190 "Food (health) Suppliment stores, all other health & personal care stores") would match the new DBA Business.1) Would I need to generate a 1065/K-1s for the existing DBA, and a second set of 1065/K-1s for the second new DBA?2) Could I get away with generating 1 set of 1065/K-1s for both DBAs? (problem is TurboTax Business will let you add several DBAs but only 1 Busineess code)3) Should I just operate both business using the original DBA and service code? (can't find code that covers both)4) Don't use a DBA for seconnd business, but this would still require 2 sets on 1065/K-1s?5) Stop using original DBA and just operate everything from the legal entity LLC name?Unless you can tell me an easier way to structure 2 businesses so it generates less paper work at Tax Filing? (And not by creating 2 LLCs)Thank you,

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Lane

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My daughter has spent the last 6 years in Kabul working as

Hi Hi,JA: Hello. What seems to be the problem?Customer: Hi, My daughter has spent the last 6 years in Kabul working as an independent war correspondent covering the war and human interest stories. Unfortunately , she loves what she does and does not make much money in a very dangerous job.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: As an independent contractor, in a foreign country, in a war zone must she file federal income tax? and what support forms must she include in the filing? Many Thanks

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Lane

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My income in the U.S. is a federal pension. If I move to

My income in the U.S. is a federal pension. If I move to Spain as a non-working resident how will I be taxed? By the U.S. or by Spain or buy both?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you need to know?JA: Is there anything else the Accountant should be aware of?Customer: It will be myself, my wife, and my two sons. My oldest is disabled because of autism. we do not plan on working n Spain.

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Lane

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I have a capital gains question, Maine, no, If I will have

I have a capital gains questionJA: What state are you in? It matters because laws vary by location.Customer: MaineJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: If I will have to pay capital gains on a home I sold

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Lane

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Can you help me in this area. Facts: 1. UK parent company

Hi, can you help me in this area. Facts:1. UK parent company owns 100% of US subsidiary 2.UK Parent is owned by one individual 3.The individual now holds E2 VisaThe question is, can the US company elect to be treated as an Scorp under the Owner name (E2)? WHat is the best tax saving strategy for this scenario? Should the owner be treated as a resident or non-resident for tax purposes on his 1040? and more related questions. Let me know

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Matthew Breecher

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I'm looking for consultation involving divorce and corporate

I'm looking for consultation involving divorce and corporate lawJA: Because family law varies from place to place, can you tell me what state this is in?Customer: PennsylvaniaJA: Has anything been filed or reported?Customer: I'm in divorce settlement and need advice in particular arrangement.JA: Anything else you want the lawyer to know before I connect you?Customer: I need Lawyer versed in CPA issues along with family law.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

324 satisfied customers
I am preparing a tax return for someone who just became a

I am preparing a tax return for someone who just became a citizen of the U.S. He withdrew $200,00 AUD from the fund on June 29, 2016 in a lump sum payment. Since he wasn't a citizen prior to 2016, he never reported any of the income from the fund in the U.S. He needed the $200,000 to payoff his mortgage in Australia. I wanted to know if the full $200,000 is taxable pension income for U.S. Tax purposes? What about the non-lump sum w/D he made of about 35,000?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The Superannunation w/D's were taxed by Australia on his Australian tax return for the fiscal year ended 6/30/16. These W/d's were considered an "untaxed element" on lines 7 and 8 of the Australian individual T/R.

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emc011075

Tax advisor and Enrolled Agent

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My husband and I own a tax preparation business. Only work

My husband and I own a tax preparation business. Only work part time at it and most tax seasons make about 10K. We originally started the business as a C-Corp. I was wondering if it would be better to become a S-Corp. We do pay ourselves a meager salary since we don't make a lot and I pay taxes on our income and issue W2s for us at the end of each tax year. We don't have any stock. We just keep the left over profits after wages and expenses in the bank.What would be the advantages/disadvantages if we did switch to being a S-Corp?

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Lane

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I received ,529.64 for my Dads estate4/10/2017 and was

I received 69,529.64 for my Dads estate4/10/2017 and was wondering should I or can I or do I need to pay the taxes on it . early or nowJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: the money was given to me as my part of the sale of his homeJA: Is there anything else the Accountant should be aware of?Customer: Not that I know of

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Lane

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