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1120s line Taxes and licenses

When in doubt - go to the instructions. See the instructions for Form 1120S Line 12: Don't deduct the following taxes on line 12. Federal income taxes (except for the portion of built-in gains tax ...
littleadv's user avatar
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1120s line Taxes and licenses

No. Federal taxes are not deductable from federal taxes, though some kinds of state and local taxes may be. The money you owed last year has little effect on what you need to do this year, except in ...
keshlam's user avatar
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1 vote
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J1 Internship Tax Years

Yes, you will file a tax return for each year. Your employer will probably have some assistance program to help you with that. You might also need to do some tax reporting in your home country.
littleadv's user avatar
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3 votes

Filing an extension with IRS without an ITIN

From the instructions for the form 4868, Part I line 2: If you’re a nonresident or resident alien and you don’t have and aren’t eligible to get an SSN, you must apply for an ITIN. Although an ITIN ...
littleadv's user avatar
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0 votes

When Estonian private limited company has to provide annual tax report

Annual report has to be submitted by any undertakings in Estonia within six months of the end of the financial year. It's up to a company to specify the financial year. The exact dates of your ...
2kai's user avatar
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8 votes
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Apartment from non-US parent abroad

It will not be zero for either case. For gifts the basis is determined based on the donor's basis, with some adjustments. See details at the IRS page on basis for gifted property. For inherited ...
littleadv's user avatar
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1 vote

What happens when you don't pay your property taxes?

In Iowa I think it works like this (read here): The taxes are owed to the county There is an annual sale where people "bid" for the taxes. The "bid" is a percentage of ownership ...
Jason Goemaat's user avatar
1 vote

What happens when you don't pay your property taxes?

For Texas, the county tax appraisal district assesses the property taxes for all taxing entities (schools, cities, counties, utility and service districts), and after a property owner fails to pay ...
user15741's user avatar
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2 votes

What happens when you don't pay your property taxes?

Some states, such as Oregon, have a way to apply for deferral of property taxes. Someone who qualifies can continue to live there and have their back taxes taken out of the estate when they die.
Davislor's user avatar
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0 votes

Child account investment options (EU)

I am not tax consultant so it is not investing recommendation. According to my research for German taxes, we can dedicate some money for children on separate junior-depot-account, but I personally ...
Eugene Kaurov's user avatar
9 votes

What happens when you don't pay your property taxes?

Per your comment, this is one state's process. In Florida, property taxes are administered at the county level. While some money may go to the state or local jurisdictions, the county administers ...
Pete B.'s user avatar
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29 votes
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What happens when you don't pay your property taxes?

Property taxes are local not federal. You owe property taxes to the town, city, or county. What happens when you are late paying depends on your jurisdiction. The local procedures define the steps and ...
mhoran_psprep's user avatar
0 votes

Investment property turned LLC

In the US, for federal income tax purposes, single-member LLCs are treated as disregarded entities by default, unless the taxpayer elected otherwise. A disregarded entity's activities are fully ...
xuhdev's user avatar
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0 votes

Investment property turned LLC

In the US, LLCs are disregarded for tax purposes unless you explicitly chose to treat them as a corporation. If you did - then corporate rules apply, here I'll assume you didn't. You cannot deduct ...
littleadv's user avatar
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