LLC Formation - Business Formation - S Corp Formation
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folder Taxpayers Guide to LLCs and S Corps
How to avoid or reduce self-employment taxes? LLCs and the S Corp election.
folder Small Biz FAQs
Tax topics about LLCs, small businesses, partnerships and corporations including S-Corps.
folder Rentals FAQs
Questions and answers about rental properties and related tax issues including rental depreciation and rental deductions.
folder Flight Crew FAQs
Tax topics for airline pilots and flight attendants including per diem deductions and travel expenses.
folder ExPat FAQs
Tax topics for expat taxes, taxes for expats and the foreign earned income exclusion.
folder IRAs, 401ks, Investments
Tax questions involving IRAs, 401ks, SEPs, Roths, and other investment-tax related issues.
folder Homes, Real Estate
Tax questions involving your home and other property.
folder Mortgages, Bad Debts
Mortgage loans, deducting bad debts and other questions and answers about loans.
folder Education, Tuition Deductions
Education related tax questions and answers.
folder Medical, Health Insurance
Questions and answers concerning medical expenses and deductions.
folder Charitable Contributions
Facts about what you can deduct as charity and what you cannot plus required recordkeeping.
folder Recordkeeping
folder Audits
Audit risks and how to handle an unexpected audit including taxpayer rights.
folder General Tax Questions
Common tax questions and answers.
folder General FAQs
General questions and answers about the Watson CPA Group.


Recent Articles
 
document How does the foreign housing exclusion or deduction work?
By Jason Watson (Google+) In addition to the foreign earned income exclusion, you also can claim an exclusion (for salaried) or a deduction (for...
13 Nov, 2014 Views: 0 Comments: 0
document Are there automatic filing extensions for military personnel?
By Jason Watson (Google+) A person serving in the Red Cross or under the direction of the military while in a qualified combat zone receives the...
12 Nov, 2014 Views: 0 Comments: 0
document What is the difference between foreign tax credit and deduction?
By Jason Watson (Google+) The IRS allows you to take a credit for foreign taxes paid which reduces your tax liability, or allows you to take a...
12 Nov, 2014 Views: 0 Comments: 0
document As an ExPat, do I need to file a State tax return?
By Jason Watson (Google+) Perhaps. This is an extremely sticky wicket. Generally speaking if you intend to return to the state that you resided in...
12 Nov, 2014 Views: 0 Comments: 0
document Are there any downsides to claiming the foreign earned income exclusion?
By Jason Watson (Google+) Yes, but the exclusion is a very nice tax break. First, you cannot claim a foreign tax credit or a foreign tax deduction...
12 Nov, 2014 Views: 0 Comments: 0
document If I am a self-employed ExPat, what taxes am I responsible for?
By Jason Watson (Google+) Self-employment income is taxed at two different levels- first, the net profit is taxed for social security and medicare...
12 Nov, 2014 Views: 0 Comments: 0
document May I still make contributions to my IRA as an ExPat?
By Jason Watson (Google+) Yes. However, excluded income amounts must be used to compute income thresholds and phase-out limits. For example, your...
12 Nov, 2014 Views: 0 Comments: 0
document How do moving expenses affect my exclusion?
By Jason Watson (Google+) Relocation packages, incentives, signing bonuses, reimbursements, etc. might be considered taxable earned income and...
12 Nov, 2014 Views: 0 Comments: 0
document What is considered foreign earned income?
By Jason Watson (Google+) To claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction, you must...
12 Nov, 2014 Views: 0 Comments: 0
document Are there exceptions to the bona fide residence or physical presence tests?
By Jason Watson (Google+) The only exception or waiver to the time requirements is if you have to leave due to civil unrest, war or similar...
12 Nov, 2014 Views: 0 Comments: 0


Most Viewed
 
document What do I do with a 1099-K?
By Jason Watson (Google+) Look out PayPal merchants, and the like. The IRS is on to you, and they’ve solicited help from intermediaries such as...
16 Oct, 2012 Views: 0 Comments: 0
document What is the difference between a hobby and a business?
By Jason Watson (Google+) The hobby versus legitimate business is a common question. We have written a series of KB articles on this topic as...
15 Dec, 2013 Views: 0 Comments: 0
document Hobby Versus Business Article
By Jason Watson (Google+) This KnowledgeBase posting has been superseded by a series of KB articles on the hobby loss topic. Please click on the...
15 Dec, 2013 Views: 0 Comments: 0
document What business or corporate expenses can I deduct?
By Jason Watson (Google+) The IRS uses two rules for determining if an expense is deductible- in general, you may deduct ordinary and necessary...
16 Oct, 2012 Views: 0 Comments: 0
document What is the difference between an LLC, S-Corp and a C-Corp?
By Jason Watson (Google+) They are all corporations, yet there are some subtle differences. Technically there are only two corporations, limit...
16 Oct, 2012 Views: 0 Comments: 0
document What are tax issues with an LLC owning a rental property?
By Jason Watson (Google+) None. However, if you elect to treat your LLC as an S-Corp you might run into another level of unnecessary taxation....
15 Dec, 2013 Views: 0 Comments: 0
document Can I deduct country club dues as a business expense?
By Jason Watson (Google+) No. But there is a small silver lining. The IRS in Publication 463 (Travel, Entertainment, Gift and Car Expenses) is...
16 Oct, 2012 Views: 0 Comments: 0
document Can I deduct my cell phone charges?
By Jason Watson (Google+) Yes, and you have always been able to. However, the Small Business Act of 2010 removed cell phones as “listed...
30 Oct, 2012 Views: 0 Comments: 0
document Can I deduct internet expenses?
By Jason Watson (Google+) Yes. Here is a snippet from a 2012 Tax Court Memo 2012-272- A taxpayer may deduct the cost of home internet service...
30 Oct, 2012 Views: 0 Comments: 0
document If my employer provides a cell phone, is that income?
By Jason Watson (Google+) Typically No. Since cell phones have been removed from the 'listed property' provision of the tax code, the IRS has...
30 Oct, 2012 Views: 0 Comments: 0