Unanswered Tax Questions
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LLC is active but won't generate revenue. Do I file for taxes?
I'm a Canadian resident. I registered an LLC last year in Washington. The LLC is in active status but does not operate and won't generate any revenue. Do I still need to file with IRS?
Asked Wednesday, June 11, 2025 by Mona K.Sign in to Answer
Tax-Free Gift
How can I transfer the title to a second home to my child tax-free? It is valued around $200,000 and no other large gift has ever been given. The property is in Texas.
Asked Saturday, May 24, 2025 by Rus A.Sign in to Answer
Rule of 55
Do I need to wait until my 55th birthday to use the Rule of 55? Is it required to pull money out of the 401k, even if I don't need it?
Asked Monday, May 12, 2025 by Linda T.Sign in to Answer
Foreign owned US based LLC funding
Our LLC is incorporated in the state of Wyoming and the members are based in India. The members are transferring funds to the LLC, however, it expected 2-3 months for the process to complete. As a supplier payment is coming up, I want to check if a US-based relative of the members can pay the supplier using their credit card? Members are ok to record this as a gift and the donor does not expect the funds to be returned to them. I wanted to understand what are the tax and book-keeping considerations and if this would be a recommended approach?
Asked Tuesday, May 06, 2025 by Nishant V.Sign in to Answer
LLC
Hello, I was gathering information about forming an LLC and I read that for tax propose is better to have it in Delaware or Wyoming but I live in Massachusetts and I want to make sure that I will not be taxed twice. I will have an 100% online business selling classes for the state in different states with no US employees or physical location so its just me working from home. Is it convenient for me to have my LLC in Delaware or Wyoming ? I'm trying to make sure I don't make any mistake before register my LLC. Looking forward to hear from you soon. Thank you very much!
Asked Wednesday, April 23, 2025 by Yinet F.Sign in to Answer
What LLC would be best for me
I’m a day trader who trades BTC in the market. It’s only me who operates the trading orders. What LLC would suite me best. Regular LLC, DAO LLC, S-corp
Asked Wednesday, April 23, 2025 by Oliver P.Sign in to Answer
Do I owe Ga taxes, while living in TN?
If I am employed in GA but live in TN, will I owe GA state taxes? If so, will I be able to get a refund/credit when I file my taxes for the previous year?
Asked Wednesday, April 09, 2025 by Kennady B.Sign in to Answer
Tax for income outside of US only
Hi, I opened the LLC last year, but there is zero income in the US only outside. I assume I still need to file something, even though tax is 0. Please help me with this. Thanks
Asked Wednesday, April 02, 2025 by Maren H.Sign in to Answer
1099c
What do I do with 1099c for closed s corp ? What do I do with a I received a 1099c for tax year 2024 for a credit card that had last payment paid 5/2017. The s corp was closed/dissolved 12/2022 and final tax return filed. 1099c has taxpayer id as 00000000 and box 5 borrower was personally liable for repayment thank You
Asked Saturday, March 29, 2025 by john k.Sign in to Answer
Help Needed for Nonresident Tax Filing (OPT, TPS, Incorrect W-2)
Hello, I need assistance with filing my 2024 taxes as a nonresident alien for tax purposes. Here’s my situation: I was on an F-1 visa with OPT for most of 2024, and I am now under TPS (Temporary Protected Status). As an F-1 visa holder for less than 5 years, I am exempt from Social Security and Medicare taxes, but my employer mistakenly withheld these taxes from my paycheck. My W-2 is incorrect because it does not properly reflect my earnings or tax withholdings. However, my employer provided a separate document showing my gross and net earnings so I can calculate and pay what I actually owe. I need to file Form 1040-NR and Form 8843 to notify the IRS of my tax status. I also bought and sold $10 of cryptocurrency, which I need to report. My main priority is correctly filing my taxes and ensuring I pay only what I actually owe while also addressing the W-2 issue. Where can I find a CPA or tax expert experienced with nonresident tax filing for individuals on OPT/TPS? Would you be able to assist me, or can you recommend someone?
Asked Monday, March 24, 2025 by Gian B.Sign in to Answer