Latest Posts on USTaxAid's Blogs

  • The Real Estate Professional vs IRS

    December 19, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    The hottest tax topic is still the real estate professional tax deduction versus the IRS. Let’s start off with what that is and why it’s important. You may have heard that the three benefits of real estate investing over any other type of investing are:

    1. Cash flow,
    2. Possibility of appreciation, and
    3. Tax breaks.
    Unfortunately, if you buy too high or in a market with high prices and relatively lower rents, you won’t have positive cash flow. This was especially true... Read More »

  • How to Legally Move Your Business Offshore For Tax Purposes

    December 17, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Let me start by saying it is possible to move all or part of your otherwise US business offshore. You have to follow the rules and you may find that you still need to pay some U.S. tax. You’ll pay more for business set-up and maintenance and your tax reporting will be more expensive. Let’s go over what I call the Easy C’s. First up, customers. Where are your customers from where do you fulfill... Read More »

  • Filing Tax Returns for New Business

    December 15, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    If you’ve started a new business this year, you certainly had a lot on your plate. There’s one more thing to consider – your business tax return. I spend a lot of time talking about business deductions and how to take them, but this is a more basic issue. Which tax return do you use and when is it due? If you haven’t selected a business structure, you’ve got a Sole Proprietorship. That means you file Schedule... Read More »

  • What Foreign Assets Do You Need to Report?

    December 12, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    Got a tax question? Send it in to me by clicking HERE. I received a question about US citizens holding foreign assets and what kind of reporting is required. This is an important question and, unfortunately, there are still some people who get it wrong. Let me tell you how it can go wrong. I heard this again just a couple of days ago. There are unscrupulous promoters who tell people that they can simply... Read More »

  • The Balance Between Low Taxes and Getting a Loan

    December 10, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    One of the benefits of having a business is that you’ll pay less tax. In fact if you make $50,000 in business versus $50,000 in a job, you’ll pay, on average, $5,000 less in tax. Businesses pay less tax. That’s because of business deductions. If you have an expense that can be shown to be ordinary and necessary to the production of income, it will be a deduction. So, you may have things in your... Read More »

  • Tax Extenders for 2014 & Why You Should Care

    December 8, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    On Dec 31, 2013, a number of tax provisions expired. A bunch of tax professionals, me included, have been screaming about it ever since. The House passed a tax extension for one more year, Dec 31, 2014, and supposedly there was an agreement with the Senate and the President to push this through. In exchange, they would then all work together to revise the tax laws for corporations. But then Sen Reid said that he wasn’t sure... Read More »

  • The Difference Between Getting By With a Business and Getting Millions

    December 5, 2014 | Posted in Diane's Blog, USTaxAid's Blogs

    If you haven’t read my blog post from a few days ago, please go back and review that. That one really is the Part One to this subject. What do the 7 figure online marketers do that is so different from the people who simply can’t make money in their business? First of all, they know their business and its model. They’ve already dealt with the questions that are in the first blog post from... Read More »

  • What I Learned From a 7 Figure Group

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

    I recently became the tax advisor for a group of online business owners who all make at least 7 figures. I posted that status on Facebook and was deluged with questions. What do they do? How can they make so much? And I also received a note from a frustrated business owner that asked how anyone could make money in business today. I’ve been asked to write a blog post about what I learned from this... Read More »

  • The Tax When You Sell a Portion of Your LLC

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

    I received a question at regarding the sale of an LLC interest. The basis in the LLC was zero and so the question asked how the sale would be taxed. It sounds like an easy question, but there are actually a number of things to consider. If you’re selling a business, there are a couple of basic things you may be selling. You may be selling the assets, or as in this case, you may... Read More »

  • 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 »

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