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Tax Help
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July 15th, 2010Best Tax Software
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Tax Help
Tax help???.
I have been working since May 30, 2007 and I got my taxes done and will be getting back a little over $600 but people keep telling me about some other kinda tax money we are suppose to be back. What is it and do only certain people get it?
I am single/no kids
19 years old
been working a little over 8 monthsThere are credits available for working people. Specifically the Earned Income Credit. It depends on your status (single, head of household), whether you have kids, and how much you earned. Need more details to answer.
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How do I file the tax return if 50% of the profit need to give to my partner in Japan?.
I started an online businees one year ago and at that time I don't have any money so my relative who was willing to support me and give me the start up money about US$10000 for starting and we both agree that if we make profit, I only take either 50% or maximum US$5000 monthly. And the rest of the profit will T/T wire to him in Japan. How can I report this tax, do I need to pay taxes on the money I wire to this partner, can I claim that is an expense. Please help me. I don't want to be illegal but I also don't want to pay too much tax.
If you established a partnership, money you send him is not an expense. It's a partner's distribution. It will reduce his basis. It is not taxable to him unless his distributions exceed his basis. The money you send him is not taxable to you either. You should be filing partnership tax returns to report your income and expenses.
You need an accountant.
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