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How can I prepare for my first tax filing?

Ara Oghoorian, CPA
Certified Financial Planner & Accountant
Ara Oghoorian is a Certified Financial Accountant (CFA), Certified Financial Planner (CFP), a Certified Public Accountant (CPA), and the Founder of ACap Advisors & Accountants, a boutique wealth management and full-service accounting firm based in Los Angeles, California. With over 26 years of experience in the financial industry, Ara founded ACap Asset Management in 2009. He has previously worked with the Federal Reserve Bank of San Francisco, the U.S. Department of the Treasury, and the Ministry of Finance and Economy in the Republic of Armenia. Ara has a BS in Accounting and Finance from San Francisco State University, is a Commissioned Bank Examiner through the Federal Reserve Board of Governors, holds the Chartered Financial Analyst designation, is a Certified Financial Planner™ practitioner, has a Certified Public Accountant license, is an Enrolled Agent, and holds the Series 65 license.

Ara Oghoorian, CPA

Certified Financial Planner & Accountant

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Question

How do you know if you have to file local tax?

Michael R. Lewis
Business Advisor
Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin.

Michael R. Lewis

Business Advisor

Expert Answer

Only local governments in 12 states have a local income tax. Check with your employer since they may be required to withhold the tax from your wages. You can also check with your local tax assessor to determine if an income tax is owed.

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My husband and I are filing jointly, but I got money from abroad ($13,000). Should I wait to pay for tax? How much would I owe?

Michael R. Lewis
Business Advisor
Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin.

Michael R. Lewis

Business Advisor

Expert Answer

Since you and your husband file a joint return, the $13,000 you received would be included in gross income for tax purposes unless it is exempt for some reason (a gift or inheritance). The amount of tax due on the $13,000 would depend upon the joint taxable income after deductions and exemptions.

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I have earnings to submit on my individual 1040 and I have an LLC that also has earnings. What do I file?

Cassandra Lenfert, CPA, CFP®
Financial Advisor & Certified Public Accountant
Cassandra Lenfert is a Certified Public Accountant (CPA) and a Certified Financial Planner (CFP) in Colorado. She advises clients nationwide through her tax firm, Cassandra Lenfert, CPA, LLC. With over 15 years of tax, accounting, and personal finance experience, Cassandra specializes in working with individuals and small businesses on proactive tax planning to help them keep more money to reach their goals. She received her BA in Accounting from the University of Southern Indiana in 2006.

Cassandra Lenfert, CPA, CFP®

Financial Advisor & Certified Public Accountant

Expert Answer

If your LLC is a single member LLC (you are the only owner) that has not made an election to be taxed as a corporation, you can report the earnings directly on your personal Form 1040. The schedule you will report the earnings on depends on what they were for. If they were for earned income (for example, you worked as an independent contractor for another business), they would be reported on Schedule C. If they were for rental or royalty income, they would be reported on Schedule E.

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