I found a potentially large error from 2020 and 2021 with my business that opened in 2020 regarding Schedule L. The business was quite flat regarding profitability in 2020 and 2021, but Schedule L shows retained earnings of $461,156 in 2020 and grew to $580,927 in 2021. Is this possible, and what could be the cause of this discrepancy?

June 27th, 2024

I want to apply for e-residency in Estonia and open a company. Can I keep my earned money in the company without distributing dividends to myself, thereby avoiding paying taxes in my country of residence (UK)? By not distributing dividends, my taxes will be 0% in Estonia, and I will only pay 20% tax in Estonia when I distribute the money. I plan to distribute the money as dividends when I move to a country with a lower dividend tax rate and tax treaties, so that I will pay 0% tax in my country of residence. Is my logic correct?

December 27th, 2023

I am self-employed with multiple income streams, including marketing for doctors, video commercials for oil and gas companies, owning a recording studio, doing Amazon review videos as an influencer, and acting as a broker for screen printing. I currently file as self-employed with an LLC. Should I switch to an S corporation to pay myself a salary and minimize my tax liability, given my gross income is around $200k?

June 24th, 2024

Will I incur any legal or tax ramifications if I accept money from a friend serving overseas and use it to pay their down payment for a home in Texas?

August 13th, 2024

Hi, my mom passed away 15 years ago and I already paid the inheritance tax then. I only left 1 property under the estate because there was a loan on it. I paid off the loan now. I’m going to retitle the home to be under me and my sister. Once I retitle the home, would I need to do the estate taxes anymore? It’s the last part of the estate. Also, what is a transfer tax and would it apply in this case?

September 18th, 2023