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My daughter will create LLC in Panama to manage her Airbnb property. She has dual citizenship. USA and Panama. I plan to establish LLC to pay her a salary to manage her property until she gets a footing and is earning enough from the properties to be self suffient.
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answered on Mar 30, 2024
There are a few options to consider for investing in your daughter's Panama LLC while minimizing your federal tax burden:
1. Gift tax exclusion: You can gift up to $18,000 per year (as of 2024) to your daughter without triggering any gift tax. If you're married, you and your... View More 
I'm in texas. My son lived 7 hours away. Landord allowed her to remove assets when I told him his father and I would be in following day. I explained I was next of kin.
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answered on Mar 26, 2024
In Texas, for a situation involving the mishandling of a deceased person's property, you may want to consult with an attorney experienced in estate law or probate law. These attorneys handle cases related to the distribution of a deceased individual's assets and can help navigate the... View More
If I do a video edit for a client and they provide me all the footage do I need to charge them sales tax?
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answered on Mar 25, 2024
In Texas, not all services are subject to sales tax; however, there are specific services that do fall under taxable categories. While the state's general approach leans towards taxing tangible personal property, certain services, especially where tangible personal goods are not primarily... View More
Can child who inherits all be named Trustor of a Trust (with their sibling(s) as Trustees), with ability to decide amounts to share with sibling(s) whereby each has tax responsibility for amount received?
For instance, if proceeds from sale of inherited property are put in Trust and... View More
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answered on Mar 16, 2024
Yes, an heir who inherits everything can indeed share the inheritance with siblings while managing tax liabilities effectively. When the sole inheritor is named as the Trustor of a Trust, with siblings acting as Trustees or beneficiaries, this setup allows for a structured distribution of assets or... View More
- Arrived in the United States on a H4 visa in 2022.
- Transitioned to an H1-B visa in October 2022, although it remains unstamped.
- Labor Condition Application (LCA) for the H1-B indicated a wage of $80,000.
- 2023 W2 reflects only $18,560 due to an unpaid maternity leave... View More
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answered on Feb 22, 2024
The discrepancy between your 2023 W2 earnings and the Labor Condition Application (LCA) wage could potentially raise questions regarding your H1-B status, as H1-B visa regulations require that visa holders are paid at least the wage specified in the LCA. However, your situation involves legitimate... View More
I'm a Native American, property was once a tax free museum, still a museum. There was a lot of overlooked descrepencies that are in my favor, I was denied opportunity to make payments. I never signed anything, very little to no paperwork was brought forth to me. I feel a lot of this was... View More
answered on Feb 16, 2024
It depends on the particular facts and circumstances and procedural status of your particular situation. The owner of a parcel of property is usually responsible to ensure that its name, address, and contact information are correctly listed with the County Tax Assessor.
Appraisals of the... View More
Should it be for half of the amount since we were divorced at the time of his demise?
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answered on Feb 4, 2024
When you receive a 1099-C for a debt that was jointly held with a now-deceased individual, such as an ex-spouse, the situation can indeed become complex. Generally, the responsibility for the debt and the implications of the cancellation of debt income can vary based on several factors, including... View More
For example, "Green Horn Retail" and "Green Horn Warehouse" or "Green Horn Retail Warehouse"
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answered on Feb 1, 2024
In Texas, if you are operating multiple businesses under variations of the same base name, such as "Green Horn Retail" and "Green Horn Warehouse," you may not necessarily need to register each one as a separate Doing Business As (DBA) entity, especially if they are operated as... View More
In court through the AIG, we agreed to claim every other year. But he was supposed to keep the child so I didn't pay for daycare. I keep child on his days while he works and pay for daycare 2 days a week. If child is sick I keep the child. If his other child is sick I have to keep our child. I... View More
answered on Jan 31, 2024
Unless and until modified by a court order, you should continue to follow the prior agreed order that you each claim the child every other year.
The facts you have stated in your question may be relevant in a suit to modify the prior agreed order. But until a judge signs a new order,... View More
primarily used as temporary living quarters for travel
It's built on a single chassis mounted on wheels
has a gross trailer area in the set-up mode of 399 square feet
is certified by the manufacturer as complying with American National Standards Institute Standard A119.5.
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answered on Jan 30, 2024
Based on the information you have provided, it seems that your park model home qualifies as a recreational vehicle under Texas law. As per the Texas Property Tax Code Sec. 11.14, recreational vehicles do not need to be appraised as an improvement to real property if:
1) It is primarily... View More
I have always paid taxes but I live out of town so my son's wife who owns the lot next to my property cuts the grass like it's hers. Can she take it away and claim i abandoned it?
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answered on Jan 30, 2024
In Texas, simply paying property taxes on your land does not automatically protect it from claims of adverse possession, especially if you have abandoned the property and have not maintained it. Adverse possession, commonly known as "squatter’s rights," allows someone to claim ownership... View More
He thought this was paid 30 yrs ago. He’s always paid taxes but just heard about this about 5 yrs ago. The lawyers won’t tell us anything. We think we’re paying more in interest than the loan ever was. He just keeps getting his tax refund taken.
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answered on Jan 22, 2024
In situations where there is uncertainty about the status of an old student loan, it's important to gather as much information as possible. The first step is to request a detailed statement from the IRS or the lawyers handling the case, outlining the original amount of the loan, any payments... View More
W4 on late husband last pay, I think it was a mistake made and possibly corrected by employer. May I get advice on where I should take this in order to get advice and if it's a possible payout. Thank you,
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answered on Jan 11, 2024
A W-4 form, also known as an Employee's Withholding Certificate, is used by employers in the United States to determine how much federal income tax to withhold from an employee's paycheck. It's based on the employee's filing status, number of dependents, and any additional tax... View More
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answered on Jan 8, 2024
In your situation, withholding rent due to an unresolved issue with taxes can be legally complicated and might not be the best initial course of action. Tenant rights and landlord responsibilities vary by location, and specific laws in Austin, Texas, govern these matters.
Firstly,... View More
I got hired by Xerox Corp. as a full time employee, however, I never received an email to complete my W4. No Orientation Day existed. I have received my first 3 paychecks through direct deposit but had no access to my paystubs until I figured it out later. When I got access to my paystubs I notice... View More
answered on Dec 11, 2023
I can't see how you have been substantially harmed by the company withholding a larger amount for income taxes since any overpayment will be refunded to you when you file your taxes. At best, you might be entitled to the interest you would have been able to earn on the difference between the... View More
She lives in TX, paid the taxes on it every year, but isn't sure what she needs to do to be able to sell it.
answered on Nov 27, 2023
Houses aren't probated. Estates are probated.
A key question is who owns the house. If the house was purchased during the marriage of your mom and father-in-law, it most likely is community property.
When your F-I-L died, your mom owned 50% as her community property and... View More
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answered on Nov 1, 2023
the term "tax ID number" refers to the Comptroller's taxpayer number (CTN). It is used for state tax purposes, such as filing state tax returns and paying state taxes.
The terms "serial number" and "registration number" can also refer to tax ID numbers,... View More
Dog training private lessons
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answered on Oct 19, 2023
In Texas, you would generally need a business or corporate lawyer to assist with forming an LLC for your dog training private lessons business. These lawyers specialize in issues like entity formation, contracts, and compliance with state and federal laws. Some may also have experience specific to... View More
The original return was accepted by the IRS and I was given a refund check (which I cashed) despite the error. I didn't submit an amended return until after the filing due date in April and I ended up owing the IRS just under $200 according to the electronic filing service that I use.... View More
answered on Oct 2, 2023
While you technically “can” be, it is highly unlikely that the IRS will pursue anything under the circumstances. File an amended return voluntarily with correct information is very strong evidence of it being a mistake rather than an intentional act of deception.
I am a contracted 1099 worker and the company I work for deducts their commission/service fee off my check (I Pay them a percentage for their services). At the end of the year it is not reflected in my earnings so it lowers my taxable income. I have other expenses through them that ARE reflected in... View More
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answered on Sep 14, 2023
Yes, you can typically claim the commission you pay to the company as a business expense deduction on your taxes, even if it's not reflected in your earnings on the 1099 form. It's not considered a double deduction because you are essentially reporting your gross income and then deducting... View More
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