We just opened an LLC in Texas with no employees and mostly export services outside the US. What are the sales tax implications for services exported outside Texas, and what federal and state payroll tax filings are required given no employees? Additionally, how should the company handle its federal income tax, including quarterly calculations, filings, and payments?

July 3rd, 2024

Can I start making quarterly tax payments in the 3rd quarter of 2015 using the IRS 1040ES, and if I start quarterly payments for the first time in Q4 2015, do I need to set up a special account or just pay using my social security number and the vouchers in the 1040ES? Can I also contribute unscheduled periodic payments within a quarter, and will starting quarterly payments at the end of the year result in a penalty automatically?

May 31st, 2023

I have a SEP money market IRA account and am planning to purchase a home for the first time. Can I use the money from my SEP IRA for this purpose, and if so, what are the tax implications? Do I have to pay the money back, and will I incur any fees from the IRS? What specific questions should I ask my tax preparer?

January 26th, 2024

We are considering installing solar panels on our primary residence. One source mentioned that 30% of the total cost can be used as a tax deduction and can be carried over to the next year if not fully used in the year of installation. Another source suggested that the expense can be added to the cost basis. Which is correct?

November 16th, 2023

I have a Net Operating Loss (NOL) from 2013 that I want to carry back to 2011. My husband passed away in 2012, and since I can only apply the NOL to my taxable income, there is no benefit to the carryback. My taxable income, figured as Married Filing Separately (MFS), is zero before the NOL deduction, so there is no tax refund and no benefit to filing an amended 2011 tax return. My specific questions are: 1) Should I still file an amended 2011 return to show that I did figure the carryback to the 2nd year? (Since it is too late to elect to forego the carryback) 2) If I do file the amended 2011 return, do I report the full amount of the NOL in line 21, even though the Adjusted Gross Income (AGI) will show as negative, yet the tax will remain the same as before the NOL carryback? 3) In figuring the NOL Carryover to 2012, do I use (for column A, Line 2, Schedule B Form 1045) only my taxable income that existed before the NOL carryback (which would be zero), rather than the joint return taxable income before NOL carryback?

January 21st, 2024