Unanswered Tax Questions
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LLC, Corporation, or SCorp
Im running a small home business. I make crafts to sell on etsy and am making about 15K per year in additional income. My question is at this volume, does it make any sense to form an LLC, Corporation, or Scorp for my side hussle?
Quick Answer:
This answer is provided for convenience only and is not tax advice. It is important that you speak to a CPA about your individual tax situation.
Asked onFriday, August 08, 2025 by EricCPAs - Sign in to Answer
LLC EIN Question
Hello, I already operate a sole prop business, and I am looking to either open a new LLC or turn this into LCC. Will I be getting a new EIN for the new LLC? It will be single member LCC. Sincerely,
Asked onSaturday, August 02, 2025 by JiwonCPAs - Sign in to Answer
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 onWednesday, June 11, 2025 by MonaCPAs - 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 onSaturday, May 24, 2025 by RusCPAs - 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 onMonday, May 12, 2025 by LindaCPAs - 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 onTuesday, May 06, 2025 by NishantCPAs - 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 onWednesday, April 23, 2025 by YinetCPAs - 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 onWednesday, April 23, 2025 by OliverCPAs - 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 onWednesday, April 09, 2025 by KennadyCPAs - 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 onWednesday, April 02, 2025 by MarenCPAs - Sign in to Answer