A related party loan would have imputed interest which would be taxable...
Even if forgiven?If interest is forgiven it would probably be considered a gift. But why would unpaid interest be (income) taxable. (I am assuming that you are talking about a free loan).
I'm currently looking for a new health insurance. I'll probably go with care connect. Should I specifically get a high deductible plan so I can open an HSA? would that help me with all the self-employed taxes i pay?
If you're a sole proprietor, I don't believe the HSA contributions would be top-of-the-line, thereby reducing your self-employment taxes. See: https://www.hsaresources.com/pdf/Small_Business_Owner_HSA_Contribution_Guide.pdfBased on what I have seen, a C-Corporation allows the best pre-tax treatments for various benefits.
Thanks, I'm an LLC. How about general income tax?
Can anyone recommend someone sharp for getting US taxes done in Israel? Nothing too complex, but my biggest concern is proper tax treatment of keren hishtalmut and pension funds. Thanks.
question- if i buy a house and a seprate lot in one estate sale for 100k and then i go sell lot for 20k is that considered 20k profit or is it now considered that I bough house for 80k?
First, it depends on the value of the house and lot. If the house is really worth 80k and the lot is worth 20k so when you bought the lot you paid 20k for it and now your selling it for 20k = no profit.
my accountant confirmed like this.
I would like to form a not-for-profit entity in NJ. Can someone guide me to a good resource that can walk me through the process?(Background- I am an accountant by trade but have no "tax" experience)TIA
Do you want to do it yourself or have someone with experience to do it for you?