A client started docking facility for boats at South Padre Island. He rents the docking facility to the public. He registered his business as a single member LLC. Can he use the 1040 Schedule C to re...
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A client started docking facility for boats at South Padre Island. He rents the docking facility to the public. He registered his business as a single member LLC. Can he use the 1040 Schedule C to report his income and expenses or is he required to file his income and expenses on 1040 Schedule E?
The father is a Resident Alien, the mother is a resident of Mexico and the child is a US citizen living in Mexico with the mother the whole year. They are filing a joint tax return.
I guess my question should be: For purpose of the Child Tax Credit, Does an under 17 years old dependent child must lived more than six months with his father (in this case) in the USA? I want...
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I guess my question should be: For purpose of the Child Tax Credit, Does an under 17 years old dependent child must lived more than six months with his father (in this case) in the USA? I want to thank you very much for all your responds. It is helping me make the right decision.
I am thinking that the child does not meet the residency test since the father lives with his wife and son only on weekends and holidays in Mexico. I attended an IRS webinar this Thursday and I did a...
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I am thinking that the child does not meet the residency test since the father lives with his wife and son only on weekends and holidays in Mexico. I attended an IRS webinar this Thursday and I did ask this question but I did not get an answer at all. I have read the rules for CTC/ODC and I just see that the child must have lived with tax payer for more than six months. I am assuming that they must lived for over six months in the USA and not in Mexico.
Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages and also has a legitimate construction business LLC and has a $35,380 loss but is only allow...
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Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages and also has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700. Can anyone help me?