Tax Q&A

I am setting up a small business on my own. Would I benefit from incorporating as an LLC?

In three words—yes and no. We have a new tax law this year that has what’s called a Qualified Trade or Business [QTB] deduction. It’s very complicated and before you set up an LLC or a S Corp, you would need to have a tax advisor run numbers. This deduction is not available to high […]

Is there a Statute of limitation( do they forgive or forget unpaid tax )

In 2002, after receiving a green Card in the USA I got SSN. In America I never worked and left it. I live in Russia , the green card was for two years. Have not been there for 14 years. But in 2002-2005 my SSN was used to get payments through the sites. As far […]

Did You Get Married This Summer?

By Eric P. Rothenberg, Esq. – Tax tips for the recently married or getting married before year end: Your filing status changed so change Form W-4 (withholding), address and name changes on Form 8822, change your name to the Social Security office, and forwarding addresses at the Post Office. Remembering to do these tasks will […]

My company does not withhold taxes from my paychecks.

I am a foreigner currently working in the USA and my company does not withhold taxes from my paychecks. So I was wondering if it is possible for someone who is knowledgeable in taxes to let me know how much (what proportion) of my salary should I set aside for taxes purposes? p.s. I am […]

Will we have to pay capital gains tax?

My father gave his house to me and my sister before he died,if we sell the house will we have to pay capital gains tax? If he truly gifted you both the house and retained no rights, then your basis is the basis your father had [purchase price plus capital improvements]. But most likely, and […]

Do I need to report income from a sold property in another country?

I am planning to sell a house in Albania (Europe). This house was given to me as a gift by my parents. If I sell this house, the Albanian government will hold 10% of the total sale in taxes. Do I have to report this money to IRS even though I paid the Albanian government […]

Haven’t filed tax returns in over 40 years.

A long time friend of mine told me that she has not filed tax returns in over 40 years. Now, she is going to retire and is afraid she will not be able to get her social security checks. What can she do? Will she be arrested? Go to jail? What can she do about […]

If more than one name is on a Certificate of Deposit, who is responsible for paying the taxes?

When you open a CD account, you sign a Form W-9 which identifies to the bank the Social Security number on the account (or Federal ID if a separate legal entity). That person or entity must report the income. by Eric Rothenberg

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