Unanswered Tax Questions
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LLC tax rules for non-residence owners
Dear Accountant, I have a company in Hungary but I would like to establish a US LLC because it has better conditions. I found a good agency but they cannot answer to my questions about different tax rules. I hope, you can give me personalized advises and I can start my US company as soon as possible. I would like to start an LLC with my partner so we will be two of us in the company. We don't have any US office, warehouse, or anything else, we want to do our online business (web development and own webshop) and according to plans we won't sell to the US countries. Please, share information about these questions below: 1. Do we have to pay additional taxes in addition to capital gain? 2. Can we start an LLC without a US bank account, for example with a Wise account? 3. Do we need EIN number if we won't sell to the US countries? 4. How can we transfer our income into our private bank account? 5. How often do we have to pay taxes? Monthly or annually? Finally, please let me know any information which can be important as a non-residence. We appreciate your answer in advance. Kind regards, Mark Benkovits
Asked Tuesday, April 04, 2023 by Mark B.Sign in to Answer
Taxing and withdrawing of LLC income
I have a "side hustle" LLC, which provides technical knowledge and advice, and no real physical products being sold. Strictly a "brain rental" business. No real expenses involved as well. I claim all of my 1099 income in conjunction with my normal W2 totals, and pay quarterly EFTPS payments. Today, I have accumulated a rather large nest egg in a local bank's business checking account of strictly 1099 funds. The question is, how to move the income to a high yield type personal account, and eventually access the funds that have already been taxed. Are there restrictions?
Asked Tuesday, April 04, 2023 by Mark H.Sign in to Answer
Retirement
Retired, I made $15,816 year. I took $4,000 from Ira to pay bills. Do I need to file taxes?
Asked Tuesday, April 04, 2023 by Cassandra V.Sign in to Answer
IRS Form 1065
I created an LLC partnership with my husband last year and received our EIN. I didn't open a bank account or do anything with the LLC. I didn't spend any money on it besides what it cost to create the LLC with the state. I was told by the person that did our personal taxes this year as well as our other business taxes that we needed to complete the 1065 form even if I didn't make or spend anything for it. I just want to know if I need to pay her to file this form. Thank you.
Asked Monday, April 03, 2023 by Kendra G.Sign in to Answer
Why does TurboTax say I am not eligible for the Lifetime Learning Credit?
Hi! I am a graduate student filing my tax return through TurboTax. After uploading my 1098-T and answering all the education questions, it said I was not eligible for any education credits. However, according to the IRS eligibility requirements, I should be eligible for the Lifetime Learning Credit? Do you know what reasons would make me not eligible for it?
Asked Monday, April 03, 2023 by Katherine T.Sign in to Answer
Estimating taxes
I am 1099. I am employed by a firm and serve their client. Do I have to pay estimated taxes? Is there a way I can minimize that payment at first, and/or throughout the year?
Asked Monday, April 03, 2023 by ERic A.Sign in to Answer
Dependents
I am claiming my gf and her 2 kids as dependents this year as the gf went back to school and both kids qualify for me to do so. We also have a newborn who is forcing me to claim HOH as well. The question I have is, do I have to claim the kids as other or can I claim them as step children? There's a $1500 difference per kid of what we'd get back but as the gf had no income last year being she's back in school, she doesn't have anything to file this year. Thanks.
Asked Monday, April 03, 2023 by Jake J.Sign in to Answer
Converting Primary Residence to Rental and Buying New Primary Residence
How do I create an LLC for renting out my house? How do I formally and legally declare my current primary residence as a rental property after buying a new primary residence?
Asked Monday, April 03, 2023 by Laurhyn G.Sign in to Answer
du i have to file 2022 taxes
age 79 social security $26,185.20 distribution $8,314.60 interest $28.21. do i have to file taxes federal or nys
Asked Monday, April 03, 2023 by walt c.Sign in to Answer
How to handle the sale of stock in 401K after retiring for best tax savings
Trying to get tax advice. I recently retired from AT&T. I kept my 401K account and haven't rolled it into anything else yet. I have some Warner Brothers Discovery stock in that 401K that I received in April 2022 when AT&T spun off Warner Brothers. They gave us WBD shares but the value of our AT&T shares dropped at the same time. And the WBD shares are worth less than the basis. We are being forced to move the WBD stock to another investment in the 401K by April 10th. Is there a way to just sell the WBD shares (and take the cash) and pay little to no taxes since it's technically a loss? Since not yet 59 1/2, guessing there would still be the 10% penalty. Would Net Unrealized Appreciation do anything to help in this situation? As far as taxes go, am I better off cashing out the WBD shares or better off moving the money from the WBD stock into another investment in the 401K and not pulling the money out at this time? Or is there another option I'm not aware of that would be better tax wise. Prompt advice is much appreciated, thank you.
Asked Monday, April 03, 2023 by J M.Sign in to Answer