Are computers, computer networks and their programming that much less complicated than US tax code? 

Answer by Wray Rives: Mike Emeigh and Richard Fritzler make some very good points in their answers.  I would just add one more perspective.  In college I was required to take classes in Fortran and Basic, so I have a very rudimentary skill at computer programming and can even write a really simple program and […]

As a non-U.S. resident alien (citizen and resident of India), if I form a single member LLC in Delaware with no U.S. presence or U.S. sou… 

Answer by Wray Rives: First I would have some questions about your situation and some of the assumptions you present. You say owners.  An LLC with multiple owners could not be a disregarded entity.  An LLC with multiple owners where one or more of the owners is not a US resident or citizen would only […]

What are the top 3 legal tax shelters to reduce Airbnb federal tax income? 

Answer by Wray Rives: My first suggestion is that you should contact a tax professional to help you with your taxes.  No offense, but from the way you phrased parts of the question, my assumption is accounting and taxes is not your primary area of expertise.  Unfortunately Turbo Tax has done a great job of […]

2015 Tax Rates 

Individuals Tax Rate–Single Taxpayers–2015 Taxable Income Over But not over Tax Tax % On Amount Over $                     –        9,225.00                     – 10%                                  –        9,225.00      37,450.00            922.50 15%                     9,225.00      37,450.00      90,750.00        5,156.25 25%                  37,450.00      90,750.00    189,300.00      18,481.00 28%                  90,750.00    189,300.00 […]

Since DOMA was struck down, can same-sex couples who were legally married in their state refile their taxes as married filed jointly? 

Answer by Wray Rives: The answer is yes a same sex couple who are legally married in a state or foreign jurisdiction that allows same sex marriage can file an amended return to file as married filing jointly (MFJ) or married filing separate (MFS) as long as the 3 year statute of limitations has not […]

Selecting Your Small Business Legal Structure 

One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes you pay and your personal liability. Read the guide to selecting your small business legal structure.

My wife has never been to the US. I am currently a tax resident alien in the US. Can I claim my wife as a dependent and file my tax retur… 

Answer by Wray Rives: You can file married filing jointly if you choose to treat your wife as a US resident alien for the entire tax year even though she has not resided in the US.  That means she will be taxed on foreign sourced income in the US.  So if she has no foreign […]

What is the most tax-efficient legal entity a non-US resident can establish to do business (e-commerce) in the US? 

Answer by A Quora admin: First a disclaimer, there are a lot of nuances to US taxation of non-US residents for income generated in the US, so I highly recommend you work with a US tax professional who can become familiar with your unique set of facts.  One small change in the business could change […]

Are states with only sales tax, and no income tax, regressive? 

Answer by A Quora admin: It is not an absolute, but if a state has no income tax then obviously the state will tend to rely on sales tax and property tax for revenue.  Both sales and property tax tend to hit lower income families more than the typical income tax. But the regressive nature […]

What differences in accounting work are there between a sole proprietorship and a single-member LLC with S-Corp status? 

Answer by A Quora admin: You are correct that the major difference is paying yourself a reasonable salary and paying payroll taxes on those wages.  You will have to file a separate tax return for an S Corp as opposed to a sole proprietorship which is just a schedule C on your personal tax return. […]