7
votes
Forming an LLC to reduce personal income
The question was reopened so I'll rewrite my answer tailored more to this specific use case.
First of all - LLC is a legal entity, what you're looking for is a tax entity. It can be an LLC, or it can ...
- 166k
6
votes
Accepted
Yearly 401k Contribution Limit Question
Since this is the last paycheck I'll get for the year, would that be considered my last contribution for the year?
Yes.
Would the amount that will go into the 401k in January for the last week in ...
- 166k
5
votes
Accepted
How is 401k basis calculated? (Warning, wrong question.)
There's no cost basis in Traditional IRA for investments, the cost basis is for contributions.
Whatever after-tax contributions you've made - that's your cost basis, and you use it to reduce the ...
- 166k
2
votes
What's the consequence of not filling out IRS Form W4P accurately
The IRS doesn't care how you pay your taxes, as long as you pay them.
However...
As long as I pay estimated taxes without underpaying: does it actually matter what's in the W4P ?
Not really. However,...
- 166k
1
vote
Accepted
How do I report Interest on tax refund from India?
You file the form 1040-X with the new form 1116 based on the updated numbers, and calculate the difference in tax liability based on the updated (reduced) credit.
Since the foreign government paid you ...
- 166k
Only top scored, non community-wiki answers of a minimum length are eligible