Use H&R Block executive tax services. Problems with CPAs. 1) They're expensive. 2) They make many mistakes. 3) Worst, if 1x of their clients gets caught up in some organized criminal activity (accidentally or on purpose), this can trigger a blanked audit of all clients, as the CPA is flagged ...
Yes, forming an LLC in a tax-favourable state (e.g. Delaware or Wyoming) with residency outside of the US in the upcoming tax year may be beneficial, as it can help protect personal assets and provide tax savings. Yes, you may have to file state taxes in your original US state but this may vary ...
Form 5472 is a tax form that must be filed by certain foreign-owned corporations that are engaged in a reportable transaction with a related party. If you are a foreign founder of a C corporation and you engage in a reportable transaction with the corporation, you may be required to file Form 547...
The best place to start a company is Delaware. It has the most protections for businesses and has a long history of being the state of incorporation for almost all of the major companies in the United States. The incorporation process can be difficult but there are some services that help like n...
It depends on the type of business product or service. If it is a service basis company, and all the services have been done by the owners in PR, then the income would be not the U.S source of income. International tax is one of my expertise. My tax firm, SBS Tax and Consulting Services, works c...
As a Limited Company, you have the option to defer the tax on a van you've purchased by capitalizing the cost of the van and treating it as an asset on your company's balance sheet. This means that the cost of the van will be spread out over several years through annual depreciation expenses, rat...
From the IRS point of view sub companies without an FEIN are the same as the mother company. Just add their names and profit and loss on your taxes. Sub companies with a FEIN but not incorporated are the same as the mother company, nothing extra to do here either. Sub companies with a Fein and ...
Doesnt matter for Federal Income Taxes, Only State Income Taxes. You will have to report the income in the State where you generate the income and reside. So report the income in California. But, If you do conduct business in Montana then you would have to complete a Non-Resident Tax Return.
First: Get out of California. Move to Texas or Tennessee or Florida, where taxes are far lower. This single step will solve many problems. Next: Work with an attorney to answer your questions. Also a tax professional. Cheapest tax professional you can hire is H&R Block Executive Tax Services...
I am not an accountant or an attorney and this is not "professional advice." As a Canadian living in the US, my understanding as you have dual citizenship is that you must pay US taxes on everything you make anywhere in the world. So in addition to any taxes you may pay Canada, you must pay taxe...