Generally three main items get deducted from your check: - Social Security at 6.2% - Medicare at 1.45% - Federal withholding depending on your tax bracket. So let’s just say someone’s hourly salary is at $10 working 40 hours a…
March 15th, 2015 is the typical deadline for filing Corporate tax returns (1120 and 1120S) and April 15th, 2015 Partnership Returns (1065) assuming you are on a calendar year. If the deadline falls on a Saturday, Sunday or a legal…
So these few questions I get quite often when a couple decides to move into a new house or few investors want to buy rental properties. They want to know what should be done with the rental property. To put…
One of the biggest advantages of setting up an S Corporation and if you talk to many small business owners why they set up S-corps, they’ll tell due to savings you can receive from Self-employment taxes. When you set up…
If you are a U.S. Person for tax purposes, and let's say you own a Foreign bank account with interest income, you MUST include your Foreign Bank account income even if it is ONE Dollar. So regardless if you earn…
A Passive foreign investment company (PFIC) is any foreign corporation if 75 percent or more of its gross income for the taxable year consists of passive income, or 50 percent or more of the average fair market value of its…
Dear students and recent graduates on U.S. Immigration status (i.e. F,J, H1B, etc), Please be careful when filing your U.S. Income tax return, it is highly important that you determine if you need to file a IRS Form 1040 vs…
Overview of the EB-5 VISA Program: The EB-5 VISA is program created by the Congress in 1990, which grants an EB-5 VISA holder to conditionally becoming a permanent resident aliens of the United States of America. To obtain a EB-5…
For Partnership Basis: Of course everything is great and peachy if you're partnership is growing and making money, you're basis increases and there is little to worry about, but what if you're partnership takes a hit for the year and…
