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Archive for the ‘Ask The Tax Pro’ Category

What Are the Criteria for Deciding Which Country to Manufacture a Product In?

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Gary, What are the criteria for deciding on which country to manufacture a product in (U.S. vs. China/India)? –Mort B. Gary Milkwick from Corporate Tax Network: There is a lot to consider: cost of production, time, import/export expenses, ease of communication, reliability, etc. This is a very broad topic, with a lot of moving parts. […]

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Written by Gary Milkwick

November 26th, 2013 at 12:02 pm

Posted in Ask The Tax Pro

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How Much Can a Business Claim in Business Expenses if They Have No Revenue Yet?

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Gary, How much can a business claim in business expenses if they have no revenue yet? – Crystal S.   Gary Milkwick from Corporate Tax Network: The answer is it depends. If this is a hobby, losses are deductible to the extent of the income, on Schedule A, Itemized Deductions on your personal tax return. […]

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Written by Gary Milkwick

November 7th, 2013 at 9:49 am

Posted in Ask The Tax Pro

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Can I Claim My Adult Child as a Dependent If He Lives with Me? And More Tax Q&A – Ask the Tax Pro 3/7/13

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Sheryl: My son is 20yrs old and earned 13,000.00. Can I claim him on my income tax? He lived at home for the whole year. I paid for more than half of all of his living expenses.

Corporate Tax Network: Hi Sheryl, Here are the rules for claiming dependents. Based on these rules, your son may qualify as a “child” if…

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Written by Carrie Yutzy

March 11th, 2013 at 6:23 am

I Haven’t Paid Taxes in Years. What Should I Do? And More Tax Q&A – Ask the Tax Pro 2/21/13

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Daniel: I haven’t paid and filed taxes for 3-4 years in a row now. How would I immediately find a solution for this?

Corporate Tax Network: Daniel, I would recommend that you file your tax returns as soon as possible. If you owe, you may be able to request an installment agreement, if you cannot pay the amount owed in full within 120 days.

Daniel: What happens if I fail to do this?

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Written by Carrie Yutzy

February 25th, 2013 at 6:18 am

Do I Have to File a Tax Return? And More Tax Q&A – Ask the Tax Pro 2/14/13

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Brandon: Is there an amount of money one can make that the IRS dismisses before it would be taxable income? My thoughts go toward lemonade stands, and infrequent proprietary ventures, also online commerce, like ebay…

Corporate Tax Network: Hi Brandon, if you own a business, you would have to report…

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Written by Carrie Yutzy

February 18th, 2013 at 5:55 am

Are There Tax Advantages to Having an EIN? And More Tax Q&A – Ask the Tax Pro 1/31/13

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David: For Sole Proprietors, are there advantages to getting an EIN vs using your Social Security number when filing taxes? I know getting the EIN is easy, I was told by my banker to do this to keep things nice and separated.

Corporate Tax Network: Hi David, There is no tax advantage per se, however it would help…

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Written by Carrie Yutzy

February 4th, 2013 at 6:23 am

Should I File My LLC Taxes as an S-Corp? Ask the Tax Pro 1/24/13

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Mark: I have just formed my first LLC; can you briefly tell me what the benefit of filing as an S-Corp is? Thanks!

Corporate Tax Network: Hi Mark, an S corporation is a pass through entity and an election must be filed with the Internal Revenue Service to be considered an S corporation. An S corporation provides asset protection…

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Written by Carrie Yutzy

January 28th, 2013 at 5:33 am

Has the Child Tax Credit Been Cut for 2013? And More Free Tax Q&A – Ask the Tax Pro 1/17/13

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Brandon: Has the Child tax credit been cut ? If so how much ??

Corporate Tax Network: Hi Brandon,

The full $1,000 child tax credit has been extended through 2013 and beyond due to the fiscal cliff deal…

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Written by Carrie Yutzy

January 21st, 2013 at 5:30 am

When Is the First Day I Can File My 2012 Taxes? And More Free Tax Q&A – Ask the Tax Pro 1/10/13

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Susan: When is the first day I can file my taxes? And how long will it take for my refund to be issued?

Corporate Tax Network: Susan, due to the last minute law that was passed to avoid the fiscal cliff, the opening of tax season will begin later than normal this year – Jan. 30 will be the first day that taxpayers can file. If you e-file…

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Written by Carrie Yutzy

January 14th, 2013 at 6:07 am

Can I Change My Will to Avoid Estate Tax? And More Free Tax Q&A – Ask the Tax Pro 12/20/12

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Robb: My in-laws are thinking of changing their wills so that individual items are bequeathed directly to specific heirs as opposed to out of the estate, as such. Is there any tax benefit to this?

Corporate Tax Network: Hi Robb, The estate tax is based on the ‘taxable estate”. The taxable estate covers all of the items…

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Written by Carrie Yutzy

December 24th, 2012 at 5:41 am