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- Question: I am on H1B, can I start business?
Answer: Yes, you can start business as C Corporation.
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- Question: I have a C corporation, how can I draw money from the business account?
Answer: C Corporation is taxed twice which means taxes have to paid on the profit earned in C- Corp. After paying taxes, if you draw profit from the C Corp, you will have to pay dividend tax of 15%. Call us to know more about C Corporation or visit this link on our website http://www.rajparuthi.com/learnabout.html
- Question: I have a small business, can I setup a SEP or 401K plan for retirement for me or my employee.
Answer: Yes, we can help you setup any retirement or benefits plan.
- Question: Do you have a payroll service for employees in more than one state?
Answer: Yes, we offer payroll service for employees located/working in all 52 states
- Question: Can I get per diem?
Answer: You may be entitled to per diem if you do business travel away from your home (working at a place which is different than your usual living place). Hence, if you have a traveling job and you do not claim actual travel expenses, you could claim per diem if this is more beneficial to you. IRS has specified standard per diem rate for each major city. The standard per diem rate covers lodging and meals expenses. Check with your employer if you are entitled for per diem.
- Question: I want to start a small business, is there any benefit in starting business in Delaware or Nevada or Texas (like tax free state)?
Answer: Many people have this confusion that there are no taxes to be paid if business is setup in Delaware or Nevada etc. Please note that there is no tax benefit to setup business in those states if your business revenue is below $50 million or you do not want to make public offering of your company stocks.
- Question: I have multiple W-2 from Multiple States on it, Can you help filing tax return for all those states?
Answer: Yes, we can help. We do file taxes for all 52 states.
- Question: My parents visited me this year; can I claim them as dependent and apply ITIN for them?
Answer: The ITIN can only be applied at the time of filing taxes. If your parents are still in United States, remember to make a copy of their passports (first page, last page, visa page & I-94 page) before they leave United States. At the time of filing taxes, please bring a copy of parent’s passport (first page, last page, visa page & I-94 page). If your parents already left United States, ask them to make good photo copies of the passport and send. You may not have I-94 in this case but we can give it a good try.
- Question: My wife or child come to USA this year, can I apply SSN for them on H4 visa?
Answer: You can not apply SSN for the person having dependant visa (like H4, L2). You can apply for ITIN at the time of filing taxes. Please bring a copy of their passport (first page, last page, visa page & I-94 page).
- Question: I have incurred medical expenses which include co-pays and deductible; can I claim them in the tax return?
Answer: You can only deduct medical expenses to the extent it exceeds 7.5%% of your salary. Hence, if you have large medical expenses, please let us know to see if these expenses are deductible for you.
- Question: My employer does not provide health insurance. Can I deduct the health insurance premium I paid?
Answer: Yes, health insurance premium is deductible to the extent it exceeds 7.5% of your salary because of the threshold limit set by IRS.
Medical expenses have a threshold limit of 7.5% which means first 7.5% are deductible We would suggest you take up this matter with your employer and ask them to run your payroll from the sates you are located.
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