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Recent Taxing System questions

First, we have used Turbo Tax to do our income tax returns

First, we have used Turbo Tax to do our income tax returns for last two years. For tax year 2015, we owed $6000 in taxes, which we paid when we filed our return electronically. But Turbo Tax said our estimated taxes due would be $1850 per quarter, instead of $1500.(which is $6000 divided by 4). I thought the estimated taxes were calculated on the amount due at the time of filing the return, which was $6000. Is this true?I am paying the $1500 amount, instead of the $1850, but not on the schedule exactly laid out by Turbo Tax, but by Jan 2016, the total amount (which will be $6000) of the estimated tax will be paid. Anyway, if I have not paid the estimated taxes exactly on time, will we get penalized when we file our 2016 tax return? If so, how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,222 satisfied customers
My parents built a house a few years ago. Their cost basis

My parents built a house a few years ago. Their cost basis was about $2 million. I suspect the house is now worth about $3 to $3.5 million. If they were to pass away, we (the kids) would get the house and under current law, not owe any estate tax since it is under the $5 million threshold (is that the right current threshold?). What happens to the tax basis at the time the property transfers to the kids? Does it get marked up to the current market value at the time we receive it or does it retain it's original value until we sell it?Should we do anything before they pass away to make the transfer of the property tax free? I.e. put it in a trust or put the kids' names on the deed sooner rather than later?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I have an Etsy shop and my own website. I got 1099's for

I have an Etsy shop and my own website. I got 1099's for both which didn't include paypal. I didn't make enough through paypal for them to 1099 me. I still have to add up those sales and include them in my income, correct? How would the IRS know if you didn't declare that income without a 1099?

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Dr. Fiona Chen

President

Ph.D.

560 satisfied customers
If I do some work for a foreign country (Sweden) and get an

Hi thereJA: Hello. What seems to be the problem?Customer: If I do some work for a foreign country (Sweden) and get an income from them, how do I declare it to the IRS?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I do not have my own business, or anything like that.JA: Is there anything else important you think the Accountant should know?Customer: not that i can think of

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Dr. Fiona Chen

President

Ph.D.

560 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.

560 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

1,262 satisfied customers
I am non Us citizen.I have an offshore company.I would like

Hi,I am non Us citizen.I have an offshore company.I would like to trade in Us stock market,trough Us online brokerage firms.My question is:I need to pay Tax in Us after capital gain or i need to pay in my country?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
If you are a single male living in an apartment can you

If you are a single male living in an apartment can you claim 3 for dependents ( 1 single 1 head of household and 1 automatically ) or what do you claim

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,222 satisfied customers
Trying to understand something about the Green Party USA. What

Trying to understand something about the Green Party USA. What type of business is it. http://www.gp.org/about It says it is a federation of state parties. Contributions are not tax deductible so I assume it is not a non-profit. Therefore is it a for-profit or how where would I go to look up that info. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
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