Thats what I do. ASk away. Tax questions. I will try to answer to the best of my knowledge.

Ok...do I really have to pay federal taxes??? Isn't there a way out of it?

It's april already? lol

loopholes...give me loopholes

lol don't wait until April. Taxes are fun :)

Technically. If your credits are more than your payments then you get a refund. So you don't pay any federal taxes.

Few things drive more fear into the hearts of Americans as mention of the IRS. But you need not fear the IRS if you are properly armed with information on how to use their own rules against them, and to legally avoid excess taxation.

Home Office: Turn a part of your home into a home office. If you do not have a business, anyone can start one for around $50 for a business license. Turn your hobby into a business. The secret - the business only needs to make a profit 2 years out of 5, so you get a free ride for up to three years. During that time you can deduct a percentage of your electric, heat, water and other bills from your taxable income from other sources, as well as mortgage interest, part of the insurance etc. Moreover, you can deduct other costs of operating the business, such as a portion of the cost of computers, printers, fax machines, office furniture - you name it. These deductions can often wipe out any tax bill you might otherwise have to pay. If you do not make a profit after three years, you can simply go out of business, then start a new, unrelated business and get those deductions for another three years.

Hire your child: If you have one or more children under the age of 18, you can pay each one a total of $4400 per year without having to withhold taxes or FICA (as long as the child makes no other income). So, using your home office business (above), you can deduct an additional $4400 per year - per child - from your taxes by hiring your minor children. Don't worry that you can't afford it - you would spend more than that on the child, anyway. Now, the child can use that money to pay for those things you would have had to pay for, anyway, so there is no cost to you - only tax savings.

Make Your Child Wealthy: Of the $4400/year you are paying your child (above), put $2000 of it into a Roth IRA each year, until the child turns 18. Since there are no taxes due on income from a Roth IRA upon retirement, and since the child pays no taxes on his income before putting it into the Roth, this income is 100% tax-free. Each $2000 put into a Roth IRA before the child turns 18 will result in about $80,000 when that child turns 59 - all tax-free!

Rent to your business: If your business is made into a C corporation, you can rent part of your home to the business. This allows you to take money out of the business without having to pay those pesky employment taxes.

Cheaper education: New tax credits (Hope Scholarship tax credit) for further education can reduce the cost of education. Better yet, you can borrow the money for the education and get not only the tax credit, but a tax deduction on the interest of the loan, to boot.

Roth IRA: Money can be withdrawn tax free, without penalty, from a Roth IRA after just 5 years.

Eliminate Estate Tax: If your spouse is terminally ill, transfer all appreciated property to that spouse. When you inherit the property back upon the spouse's death, you will owe no estate tax because of the unlimited marital deduction. And you never have to pay tax on the appreciated value, because upon inheriting, the basis is "stepped-up" to the current value. So, if the property had appreciated by $100,000 before turning it over to your spouse, the capital gains on that appreciation will just disappear when you inherit the property back. No tax will be due on it because the basis of a property begins anew upon inheriting property. The catch - your spouse must live at least one year after you transfer the property to him/her.

Travel and Entertainment: Receipts are not required if the cash expense is under $75 and carefully recorded in an expense diary at the time the expense is incurred.

Tax-Free Exchange:When you exchange a piece of real estate for "like kind" property, taxes are deferred.

Let your child sell your stocks: If your child is over 14, and you plan to sell appreciated stocks or property, use your gift exclusion ($10,000 limit if you are single, $20,000 if married) to give the stock to your child, then have him sell it. He will pay much less (about 1/2) capital gains tax at his lower tax rate. If selling the stocks to pay for college, give the child the stocks and let him sell them, for the same savings.

Supporting elders: Instead of paying for supporting elders in your care, transfer appreciated stocks or property. They can sell it and pay far less taxes on the value than if you sold them and gave them cash.

Save by borrowing: If you need cash for college, medical bills etc., instead of selling appreciated assets and paying capital gains taxes, borrow the money using the shares as collateral. No taxes are due on borrowed money.

Need to remove money from your estate? Rather than give your grown children cash, make their mortgage payments for them. They get the same value, and you get to deduct the mortgage interest on their home.

Refinance write-offs: If you refinance your home a second time, any points left over from the previous refinance can be deducted immediately. If you incurred $3000 in points with your previous refi, and have only been able to deduct $500 so far and you refi again, you can now deduct the entire $2500 balance of the original points.

Lots of things I am happy to read.

http://www.latim06800.addr.com/

If you convert a foreign partnership to a foreign corporation in the middle of the tax year, do you record a cumulative translation adjustment on the intial 5471?

Honestly thats not my specialty. http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=cumulative+translation+adjustment+on+the+intial+5471%3F&search.x=14&search.y=11 might help you out.