Latest Posts on USTaxAid's Blogs

  • What’s the Best Way to Get Start-Up Financing?

    November 26, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    You’ve got a great idea for a business, but it’s going to take some capital and you don’t have that. You might also realize you need to quit your job and are worried about what you’re going to live on when it’s going. Since you’re not quite ready for Shark Tank, what are your options to get the doors open? There are four main ways to get money to start a business:

    1. Sales
    2. Loans
    3. Gifts
    4. Sale of Equity
    That’s assuming your... Read More »

  • Free Tax Advice May Be the Most Expensive Advice You’ll Ever Get

    November 24, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    This past week, I’ve run into a couple of situations where someone wasn’t happy with the advice I had given and quoted something they found on the Internet or heard from a non-professional. (By professional, I mean a licensed tax professional such as a CPA, tax attorney or IRS Enrolled Agent. A non-professional is somebody who doesn’t have the credentials to back up what they say. ) It’s not a new problem. Back in... Read More »

  • Foreign National Issue With Investing in US

    November 20, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    I received a question at USTaxAid from a foreign national who was investing in real estate in the US. The tax laws are slightly different in the case of someone who is investing from outside the US. I receive this question from an Australian who had purchased a property. She didn’t have a Social Security number, and so instead needed an ITIN (individual tax identification number). Now what? Q: I want to open a US... Read More »

  • Basics of Series LLCs

    November 18, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Last week, I wrote an article about a rather obscure tax case that might have just turned Series LLC asset protection planning on its ear. Wow! Did I get a deluge of mail! I heard from attorneys who said they never trusted the Series LLC and this case just strengthen their concerns. I heard from Cal State University who asked me to help out on a Master’s program regarding asset protection. I received two radio interview... Read More »

  • Why I Just Moved My Website Hosting to California

    November 14, 2014 | Posted in Diane's Blog, Internet Marketing Tax, USTaxAid's Blogs | 1 Comment

    I have a number of websites selling products and services and so, I’m on the outlook for the best solutions. For me, that means speed and service so that the websites stay up, but it also means I’m careful about not getting myself into a tax issue by mistake. We recently needed to change our hosting company because we needed more horsepower. Since I’m a CPA who talks to a lot of people about the issue... Read More »

  • Are the Days of the Series LLC Over?

    November 12, 2014 | Posted in Diane's Blog, USTaxAid's Blogs | 2 Comments

    An unexpected court case showed up and completely turned Series LLC planning upside down. Before I go into the details, let me cut to the chase. If you have a Series LLC right now, this isn’t the end of the world. But you do need to read the details of the court case I’m about to discuss or talk to someone who has knowledge about it. I can’t emphasize this last part enough. I’ve seen... Read More »

  • When a Gift Comes With a Big Tax Price Tag

    November 10, 2014 | Posted in Diane's Blog, Real Estate Tax, USTaxAid's Blogs | 6 Comments

    We received this question at USTaxAid. Got a question? Ask us at our website. The question has to do with gift tax and gifting real estate. I’ll paraphrase the question below. Q: My mom owns a condo, currently worth around $250k, which has a $0 basis after depreciation She has written it off as a rental on her taxes. She wants to give me the money the condo will sell for so that my husband and... Read More »

  • What Happens if You Can’t Pay Your Tax?

    October 3, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Ever so often it happens, you owe a whole lot more in taxes than you thought you would. Or, maybe if you’ve got a business that has been growing fast, all of your cash went into inventory, which isn’t immediately deductible. So, you’re cash poor, but taxable income rich. Now what?

    This is a question I hear every now and then, especially now since we’re so close to the final tax deadline for individual income... Read More »

  • When Should You Worry About Sales Tax?

    October 1, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Most business owners have a general idea of how sales tax works. If you sell something to someone where your business and it’s something that sales tax would be applicable on, than you probably should collect and pay sales tax. But not everybody does those basic things. If you don’t pay sales tax, the state will come after you and they don’t play nice. In fact, a sales tax audit is much worse than... Read More »

  • Pay Less Tax By Doing These 5 Things in October

    September 29, 2014 | Posted in Diane's Blog, USTaxAid's Blogs | 2 Comments

    Congress allowed some important tax bills to expire this year. It’s turned traditional year-end tax planning upside down. Usually, we encourage our clients to do their tax planning in September, but this year we have to wait. Hopefully in November we’ll hear from Congress on these bills. Meanwhile, you can’t do a complete tax plan yet, but you can do some very important things to get you ahead of the game before year end.

    Read More »

  • The Real Estate Tax Issue Too Many People Are Getting Wrong

    September 26, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Recently, I reviewed a tax return in anticipation of an audit for one of my tax consultation clients. They had received a notice that their 2012 tax return was being audited and they were concerned. Up until 2012, they had had a tax professional prepare their individual Form 1040 return, but then the CPA quit working and so they decided to do the return themselves. After all, they were going to get Turbo Tax... Read More »

  • If Nexus Isn’t Enough to Worry About, Now There is Trailing Nexus

    August 29, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Nexus means connection. If you have a connection with a state according to their state rules, you will likely have a sales tax or income tax connection as well. That means you owe tax. There are a lot of things that can trigger nexus with a state, including, but not limited to:

    • Employees in another state
    • Putting on a seminar or trade show in another state
    • Hosting your website in another state
    • Leasing property in another state
    • Having your inventory in... Read More »

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