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Recent Tax Court decision could wreak ha

Glover v. Comm, a recent tax court decision, presents several issues to Merchant Mariners. Mr. Glover worked for Reinauer Transportation. His tugs pushed oil coastwise as far as Virginia. The tugs wou

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Recent Tax Court decision could wreak havoc on Mariners

State Taxes and Mariners

Suz asked this question So, what about if you live in one state (TN) and work as a merchant mariner in another state (HI), 45 days on/45 days off rotation? Do you pay HI state taxes, or does the payro

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State Taxes and Mariners

Mariner Tax Update January 2011

E-Filing alert! How many times have you read that mariners cannot E-File? How many websites have posted this. Year after year. And then all of a sudden preparers start proclaiming “mariners can

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Mariner Tax Update January 2011

Employee vs. Non-Employee LLC and S-Corp

I’ve been a client of yours for a few years now and I had a general tax question concerning my wife’s job status. She currently works full time for a marketing firm in “Deleted”

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Employee vs. Non-Employee LLC and S-Corp Planning for Mariners and their families

Maritime Tax Preparers and the Alternati

What they don’t want you to know… This video points out the tremendous effect of the AMT on merchant mariners. Seamen taking business deductions and offsets may very well be realizing litt

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Maritime Tax Preparers and the Alternative Minimum Tax

Inherited Assets

0
by on January 11, 2011 at 7:19 pm


What are the tax consequences?

My uncle passed away and
left me a $50,000 inheritance. What will I have to claim on my
income taxes this year?

Most likely nothing.
When we inherit assets the tax is generally to the Estate and not
the beneficiary if at all. Although the Estate Tax has phased back
and forth through the years, it is still alive and well within many
states. A $2,000,000 estate may not have a Federal Estate
Tax due for 2010, but Massachusetts will still want a piece.
Massachusetts is one state that still baselines it’s tax with a
unified credit (more…)

Employee vs. Non-Employee LLC and S-Corp Planning for Mariners and their families

2
by on January 10, 2011 at 8:12 pm

I’ve been a client of yours for a few years now and I had a general tax question concerning my wife’s job status. She currently works full time for a marketing firm in “Deleted”. She intends to cut back to a part time status where she can pick and choose which projects to work on. Some people in her field create their own “small business” if they are contracting out their services. She has the option to stay on her company’s payroll or to create herself into this “business.” I don’t know what the pros and cons are to this move tax wise. We are currently living in the “deleted” Area and I am still going to sea. If you could give me a little advice I would really appreciate it.

To LLC or not to LLC… That is the question… Or is it?

First off – like political economic theory – this is (more…)