Search found 102 matches

by ketanco
Tue Aug 14, 2018 12:28 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 432

Re: sole proprietorship in foreign country

You described exactly what i will do: " simply being paid for selling products and services". When you do like this here, you must register yourself with tax department, and an accountant must keep a notebook where he writes your plusses and minuses every month, and submit to tax department. That is...
by ketanco
Mon Aug 13, 2018 9:20 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 432

Re: sole proprietorship in foreign country

What do you mean by leg entity? This is not going to be a company. It is treated the same as its owner, as in the US sole proprietorship, with unlimited liability for the owner. It is not subject to entity tax here for example. It can have any name you choose or your personal name.
by ketanco
Mon Aug 13, 2018 4:09 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 432

sole proprietorship in foreign country

As a US citizen in foreign country, when I open a sole proprietorship here, I know that when doing US taxes I report this on schedule C as usual. Do i need to also file form 8858? Or that form doesnt apply to a sole proprietorship, and it would only apply if I would establish a company? Any any othe...
by ketanco
Fri Aug 10, 2018 5:23 am
Forum: Investing - Help with Personal Investments
Topic: capital loss from stock
Replies: 2
Views: 273

capital loss from stock

i own only 1 stock now and if i sell it it will be at a loss of about 2000$. when i do my taxes for 2018 next year, do i have to enter this loss amount, or can i do it in another year later? so is it at our option to show a loss from a stock later? because this year my income may be low and it may b...
by ketanco
Mon Apr 02, 2018 2:33 am
Forum: Personal Finance (Not Investing)
Topic: Applying some of refund to next year
Replies: 13
Views: 1179

Applying some of refund to next year

Is there an advantage of applying some of your tax refund to next year, other than not having to remember to not miss the estimated tax payment dates? If I do this when filing my tax return now, is there another paperwork or form to be filed too because of this, or we do nothing else and when doing ...
by ketanco
Sun Apr 01, 2018 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

Re: state tax for capital gains and dividends

Do you have a U.S. drivers license? Do you have family in NJ or other ties that might make it appear that NJ is the state you plan to return to whenever you return to the U.S. (regardless of how long you'll be away)? no and no. my NJ drivers license expired as I no longer live there and didnt renew...
by ketanco
Sun Apr 01, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

Re: state tax for capital gains and dividends

Well, every state probably handles this differently. I think the default position the state would take is that you must file in the state you left. For your sake, I hope it is one of those states that don't tax income. But it is very easy to become a resident of a no-tax state if you truly don't wa...
by ketanco
Sun Apr 01, 2018 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

Re: state tax for capital gains and dividends

Well, every state probably handles this differently. I think the default position the state would take is that you must file in the state you left. For your sake, I hope it is one of those states that don't tax income. But it is very easy to become a resident of a no-tax state if you truly don't wa...
by ketanco
Sun Apr 01, 2018 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

Re: state tax for capital gains and dividends

samsoes wrote:
Sun Apr 01, 2018 4:55 pm
ketanco wrote:
Sun Apr 01, 2018 12:32 pm
JoMoney wrote:
Sun Apr 01, 2018 6:41 am
Are you a U.S. citizen?
Yes but i I have no connections left with any US state now
In which state do you vote via absentee ballot?
i never registered to vote. even if i did, would that alone be a reason to file resident tax return for a state while you live abroad?
by ketanco
Sun Apr 01, 2018 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

Re: state tax for capital gains and dividends

Are you a U.S. citizen? Even though you are not a resident in the U.S. currently, What state are you "tax domiciled" in ? https://www.nolo.com/legal-encyclopedia/what-is-your-domicile.html Yes but i I have no connections left with any US state now, and in addition i can easily show that all my life...
by ketanco
Sun Apr 01, 2018 12:15 am
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1498

state tax for capital gains and dividends

The internet company through which i am registered is located in TX, for stock trading online, and they sent me a 1099 DIV and 1099 B for the capital gains and dividends i had for 2017. I have no relation to TX otherwise. Do I need to make a non resident return to TX for this? I already show this in...
by ketanco
Sat Mar 31, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1045 NOL
Replies: 0
Views: 421

Form 1045 NOL

As my LLC schedule C had slight loss the software I am using generated a form 1045 which says do not mail, file copy and at the bottom it gives the same minus amount from schedule C as my operating loss. So this will carry to next year? and for the NJ return I file for last time, it also generated a...
by ketanco
Sat Mar 31, 2018 9:13 am
Forum: Personal Finance (Not Investing)
Topic: state tax to Washigton or not
Replies: 4
Views: 730

state tax to Washigton or not

Hello, When amazon sends a 1099 misc for royalty you earn for your books that are sold on amazon's site, in addition to showing this income for your federal and your own state return such as within your schedule C, do you need to also file a non resident tax return to washington state? or since wash...
by ketanco
Thu Mar 22, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Final schedule C for closed LLC
Replies: 2
Views: 319

Re: Final schedule C for closed LLC

Not an answer to your question, but a heads-up. I "closed" an LLC in Michigan a while ago. I simply stopped filing schedule C, there was no inventory. BUT, to actually have it closed, Michigan required some forms to be filed with the State Franchise Board. I don't know the legal ramifications here....
by ketanco
Thu Mar 22, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

Re: do you need to show a foreign tax as long as you show its income?

As a U.S. citizen, you are to report income from worldwide sources regardless of your residence. If you are not sure as to your U.S. tax liability, use the tax software to do your U.S. return and it should tell you. If the trades were done in 2017, you must report them on your 2017 tax return and s...
by ketanco
Thu Mar 22, 2018 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

Re: do you need to show a foreign tax as long as you show its income?

Two rules on FTC. (1) Your FTC is limited to the U.S. tax liability on the same income. (2) The FTC is a nonrefundable credit, meaning that your FTC is limited to your U.S. tax liability (with certain other adjustments which are not relevant here). Based on what you said, you will not have to fill ...
by ketanco
Thu Mar 22, 2018 7:22 am
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

do you need to show a foreign tax as long as you show its income?

[Thread merged into here, see below. --admin LadyGeek] I live abroad and the foreign coutry i m at said even if my capital gain was entirely from US stock trades, i must pay taxes to them since i am their resident. Now, my whole income for the year is below 10k anyway so i will not owe any tax to U...
by ketanco
Thu Mar 22, 2018 2:56 am
Forum: Personal Finance (Not Investing)
Topic: Final schedule C for closed LLC
Replies: 2
Views: 319

Final schedule C for closed LLC

I am doing a schedule C one last time for the LLC I owned as single owner and closed at the end of 2017. Do i need to show the end of year inventory as the inventory value at the close date of business? Or, since I was the only owner and now everything that was in LLC inventory is automatically mine...
by ketanco
Wed Mar 21, 2018 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

Re: how does it work between foreign tax credit vs foreign income excl

For question one: you can take FEIE and FTC on the same return provided that they are on different types of income. For example, you can take FTC on dividends and capital gain income and take FEIE on foreign earning income and housing exclusion. For question two: you must make an election on form 2...
by ketanco
Wed Mar 21, 2018 6:33 am
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

how does it work between foreign tax credit vs foreign income excl

[Thread merged into here, see below. --admin LadyGeek] A US citizen living abroad can take earned income credit for earned income. But what about other type of income which is not in earned income category but you still pay tax to the foreign country as you are resident there? For example, capital ...
by ketanco
Tue Mar 20, 2018 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 476

[foreign tax credit and income questions]

On form 2555 line 10, the start date for bona fide residence should be january 1st of the year that the taxes are being filed for (if you became a foreign residence before that date I mean)? or, the first date ever (which is prior) that your foreign residency started that still continues?
by ketanco
Tue Mar 20, 2018 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: how to end residency with a state
Replies: 10
Views: 1463

Re: how to end residency with a state

Some states take the position that if you are a resident and you go overseas you remain a taxpaying resident since you haven't established residency in another US state. You have to take active steps to prove to the authorities that you do not intent do return to that state. Proving the negative is...
by ketanco
Tue Mar 20, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: how to end residency with a state
Replies: 10
Views: 1463

Re: how to end residency with a state

This is just one personal anecdote about me and a single state, so it is far from conclusive. Several years ago I moved away from Colorado to a foreign country. Two or three years later the State of Colorado somehow (probably via the foreign address on my federal tax returns) tracked me down in the...
by ketanco
Tue Mar 20, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: how to end residency with a state
Replies: 10
Views: 1463

how to end residency with a state

when I was in the US my last place of residency was NJ. since over a year I am living in a foreign country. My last income tax filling to NJ was a resident form for 2016. Now my 2017 overall income is less than 10K. I had a single owner LLC in NJ in 2017, which I closed in end of 2017. As of now I h...
by ketanco
Mon Mar 19, 2018 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Self employed while in a foreign country
Replies: 2
Views: 217

Self employed while in a foreign country

Hello, When a US citizen lives in a foreign country, and he is self employed there (as a sole proprietor or just as a taxpayer doing business in his own name, so not a foreign company), does he still need to fill out schedule C or just report this on 2555? Is it possible to write a foreign address o...
by ketanco
Wed Jan 10, 2018 8:23 am
Forum: Investing - Theory, News & General
Topic: dividend date
Replies: 9
Views: 797

Re: dividend date

it says january. i see that now. i had not seen it on yahoo plus they showed an older ex date. yes after checking my account i saw that they paid me in october too. that is apparently for september. so i will get one payment in january then, even if i sell it now.
by ketanco
Wed Jan 10, 2018 7:39 am
Forum: Investing - Theory, News & General
Topic: dividend date
Replies: 9
Views: 797

Re: dividend date

okay i see the mistake now. i was looking from yahoo finance and they wrote ex date as september but then i checked another website and they write as december. and then in my account i see that they paid one dividend in october to me. so i think yahoo didnt update their info then
by ketanco
Wed Jan 10, 2018 2:45 am
Forum: Investing - Theory, News & General
Topic: dividend date
Replies: 9
Views: 797

Re: dividend date

will i get paid a dividend in 2018 from GE, even if i sold my GE stock now?
by ketanco
Wed Jan 10, 2018 2:27 am
Forum: Investing - Theory, News & General
Topic: dividend date
Replies: 9
Views: 797

dividend date

Is the dividend date when the company pays the dividend (send money to us)? for example, for GE stock, it says ex dividend date september 15 2017 right? and when will they pay this dividend? or they paid already? and when is the next ex dividend date, or they will write it later? in other words, wil...
by ketanco
Sat Dec 09, 2017 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: doing one time work remotely to another state
Replies: 2
Views: 371

doing one time work remotely to another state

Let's say I will do a work on my computer for a firm in another state and send it by email and they pay me by check. Like independent contractor, on an as needed basis. I do not be an employee of them and I never go there. During tax time next year do i need to make tax return to that state? Does yo...
by ketanco
Thu Oct 12, 2017 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Origin bs Destination based state for sales tax
Replies: 0
Views: 215

Origin bs Destination based state for sales tax

If you are in a destination based state, and sell something to a customer online, from out of your state, you collet sales tax based on buyers state , and file and pay it to your own state or buyers state ? And if you are in a origin based state, you collect sales tax based on your state, and file a...
by ketanco
Thu Jun 22, 2017 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 646

Re: LLCs wrongly elected partnership but file as sole prop

sorry, how do you mark or label the schedule C as final? I saw no box actually there... and my business was all online, had no assets, (i only had domain names in my LLC name as inventory) i just gained some google revenues, and did some very minimal remote consulting and received some income from d...
by ketanco
Wed Jun 21, 2017 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 646

Re: LLCs wrongly elected partnership but file as sole prop

thanks a lot for sharing your experience, I appreciate. and so now what do you think, should I write letter to close the EIN to IRS or, only if they request something after I close, I should respond? when closing my LLC I mean... do you have experience on what to do in that case too? I mean I also c...
by ketanco
Wed Jun 21, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 646

LLCs wrongly elected partnership but file as sole prop

Hello, When starting my LLC (i am the only owner), the accountant who got my LLCs EIN for me, apparently wrongly requested that it should be classified as partnership - but it can not be partnership because I am the only owner. I just realized this, when i was looking at the EIN assignemnt letter IR...
by ketanco
Fri Jun 16, 2017 10:35 am
Forum: Personal Finance (Not Investing)
Topic: opening LLC in another state which only business online
Replies: 1
Views: 404

opening LLC in another state which only business online

I moved out of the US recently and want to open an LLC in a no tax state like FL or TX or WY. I understand it is straightforward to open the LLC. I will get a mailbox street address in that state such as from a UPS store, and with that address I will open my LLC. But how about the countyand city lev...
by ketanco
Mon May 15, 2017 11:00 am
Forum: Personal Finance (Not Investing)
Topic: google adwords income and state tax
Replies: 0
Views: 557

google adwords income and state tax

Hello, if i have revenue from google adwords, do i have to file an income tax in google's home state? or i file only if my google adwords income is over $600? or what other criteria? i have found this: https://www.ftb.ca.gov/businesses/doing-business-in-california.shtml sodoes it mean unless my CA i...
by ketanco
Sat May 13, 2017 6:06 am
Forum: Investing - Help with Personal Investments
Topic: moving LLC to FL and relocating to foreign country
Replies: 3
Views: 579

moving LLC to FL and relocating to foreign country

Hello, After I move to a foreign country, if I move my NJ based LLC (I am only owner) to Florida, then I will not have to do any state taxes correct? My last residence in US is NJ, but I will have left nothing there, after also moving my LLC to another state. and because FL has no personal income ta...
by ketanco
Sat May 13, 2017 6:01 am
Forum: Personal Finance (Not Investing)
Topic: schedule c for single owner llc
Replies: 7
Views: 1004

Re: schedule c for single owner llc

ok so I am confused from the reply sorry,
as a single owner LLC, do I enter my company EIN or just use my SSN?

and if we should not, but we enter, then what happens? I entered it when filing my 2016 tax but I am single owner of my LLC.

what does the new instructions say and where?
by ketanco
Fri Apr 28, 2017 3:30 am
Forum: Personal Finance (Not Investing)
Topic: LLC in Florida
Replies: 3
Views: 595

LLC in Florida

Hello, If I move to a foreign country and setup my LLC in Florida, then I do not pay any state taxes correct? I am currently NJ resident but left US short time ago and I do not have to have anything in NJ. I have my LLC in NJ now but I want to move it to florida. I will have left nothing whatsoever ...
by ketanco
Wed Apr 12, 2017 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Terminating residency and filing estimated taxes
Replies: 1
Views: 421

Terminating residency and filing estimated taxes

I was a resident of nj but starting 2017 i will file as non resident. I still have an llc in nj which i am inly owner and still makes money online. So because of it i will file as non resident as i moved out.
So, how to file estimated taxes to nj as non resident ? Can you show a link ?
by ketanco
Sun Apr 09, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: [Tax] software asks driver license number
Replies: 15
Views: 1834

[Tax] software asks driver license number

Hello,
The software I used asked drivers license number but I skipped that step by mistake and didnt provide it and still software allowed me to file my tax. I am in NJ. I looked and both IRS and NJ says it is optional. What happens if we do not provide this?
by ketanco
Sat Apr 01, 2017 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: may return to CA
Replies: 1
Views: 622

may return to CA

I got an attractive job offer last week from CA. I was a CA resident before. But I left there in 2007 and since then I had nothing whatsoever left there. No house, no mail address, no bank account, nothing... If I accept the offer and return to CA now, do they consider me resident for the last 10yea...
by ketanco
Sat Apr 01, 2017 2:14 am
Forum: Personal Finance (Not Investing)
Topic: schedule c for single owner llc
Replies: 7
Views: 1004

schedule c for single owner llc

When doing schedule c for a single owner llc, which has no employees, is entry of EIN needed? I was always entering EIN and my own SSN, along with my name and my LLC name, since several years that I started my LLC. But an accountant told me that entering of EIN is not necessary, actually we should n...
by ketanco
Thu Mar 30, 2017 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: entering info from 1099 misc
Replies: 6
Views: 670

Re: entering info from 1099 misc

but what is the point of running my business, if it is disregarded and i must still enter everything to my own name schedule C? then my business will be at a loss always. I operate websites on technical subjects and write books on these subjects too. sometimes i even do consulting based on these sub...
by ketanco
Thu Mar 30, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: entering info from 1099 misc
Replies: 6
Views: 670

entering info from 1099 misc

I earned royalty income for book selling on amazon's createspace last year which generated a little over $600. when i was entering my tax info in the very beginning, i wanted to enter my LLC EIN, (i am single owner), but they said no, this is disregarded entity and i should enter my own ssn. so i di...
by ketanco
Wed Mar 29, 2017 5:28 am
Forum: Personal Finance (Not Investing)
Topic: earned income credit question
Replies: 4
Views: 722

earned income credit question

Hello,
I am still entering number to my tax return using software and it seems that i might have very little earned income credit. For this small amount I dont want any refund delays. Can I just say no to this? What happens if we say no to this?
by ketanco
Thu Feb 23, 2017 3:00 pm
Forum: Investing - Help with Personal Investments
Topic: trading with ira
Replies: 8
Views: 694

Re: trading with ira

thanks yes you are right, i meant other accounts...
by ketanco
Thu Feb 23, 2017 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: trading foreign based firms
Replies: 2
Views: 390

Re: trading foreign based firms

ok so it looks like toyota is listed in nyse but i could not see volkswagen, so it means i can buy toyota TM with no special paperwork but if i like to buy vokkswagen there will be paperwork for example?
by ketanco
Thu Feb 23, 2017 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: trading with ira
Replies: 8
Views: 694

Re: trading with ira

yes so for my question, i can do all i want in ira, and for regular trading account, only thing to be careful about is, IF i am selling at a LOSS, then there should not be any trading prior or after THAT sale, in order to avoid wash sale... otherwise, my buying and selling before or after 30 days of...
by ketanco
Thu Feb 23, 2017 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: trading foreign based firms
Replies: 2
Views: 390

trading foreign based firms

Hello, As far as the foreign based firms that are regularly traded in nyse such as toyota or volkswagen etc... is there something special as far as paperwork when you trade them with regular trading account? how about tradig with ira or roth ira? or is it totally the same as buying an american based...