asked
I want to set up a website to sell services to US customers. Which corporation configuration would maximize tax savings: 1. Incorporate at an offshore location like the Cayman Islands and set up a US subsidiary, or 2. Incorporate in a corporate-friendly US state like Nevada and set up a controlled foreign company in the Cayman Islands? Additionally, will revenues earned by the non-US entity be subject to US corporate income tax, and if the corporation distributes dividends to US shareholders, will they be subject to personal income tax? If the company is sold, will US shareholders be subject to capital gain tax? Are these options viable, and if so, which is better for tax savings, or is there another option to maximize tax savings?
January 2nd, 2023
My husband and I received personal goodwill from the sale of substantially all the assets of our C corp in 2012. This goodwill is separate from the asset purchase agreement. How should this personal goodwill be reported on our tax return, and is there a specific form or schedule required for this?
October 6th, 2024
How do I start my tax files over?
February 29th, 2024
I exercised non-qualified stock options and the employer took taxes out on the sale. The net gain showed as income on my W2. I have stock losses for 2012 that I was expecting to use to offset some of the gain from this non-qualified stock options gain. How do I do this?
January 24th, 2023
I'm trying to file electronically and I'm stuck in a loop where it keeps asking me to check some figures. I do and hit continue, but it still won't let me file electronically. What should I do?
August 7th, 2024
I received an invoice from Sysco for a large food order. Later, they gave me a credit for items on that invoice out of 'good faith'. How do I account for this in QuickBooks without reducing inventory?
May 30th, 2024