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Recent Business Expense questions

2014 Tax question. I am a US citizen working as an

2014 Tax question. I am a US citizen working as an expatriate. I also had a LLC I was running and had a great deal of business expenses.My Question is, how can I avoid overpaying taxes?What can I write off, how can I recoup some of the taxes I have paid?

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
Can I count the cost of sending money from my wife's

Can I count the cost of sending money from my wife's Peruvian business to the US as a fee to lower taxes?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I just opened up my business last year. I created an S

I just opened up my business last year. I created an S Corporation . It started out with just my husband and me but now I want to hire at least 1 or 2 more employees. I am paying for myself and my husband 12.4% on FICA taxes Plus 2.90 HI. My question is if I hire 2 more employees I have estimated a salary of 65, 500 between the two at the end of the year so that would be around 835.08 FICA a month. Plus my salary and my husband's taxes. Does the corporation get any of these back at the end of the year when reporting taxes? Does the corporation get a refund? We are estimating a gross income of 325,000 for this year. Thank you.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,196 satisfied customers
Suppose you are age 67 and on Social Security, and pay $1200

Suppose you are age 67 and on Social Security, and pay $1200 for Medicare B payment, and are self employed with a small busines as well.. If I understand it correctly, this will count as an adjusment to your income on your 1040. But you cannot deduct it on your Schedule C as a business expense. Is this correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
My employer, which is an LLC, purchased a whole life

My employer, which is an LLC, purchased a whole life insurance policy for me as a retirement benefit. The business is closing and he is transferring the policy owner ship to me, this is a name change on paper only. It's a New York Life whole life insurance policy. It's a New York Life whole life insurance policy. I have been and will remain the beneficiary.The premiums paid on the policy equals $85,000. It has gained $2600 in interest, for total cash value of 87,500. The death benefit is 250,000. My question this, since this is a name change on paper only, do I have to pay taxes on this now? If so, on what portion? I do realize that if I don't pay taxes now I will have to pay taxes on the money once I start drawing it out when I retire in several years. I am trying to avoid paying taxes on the lump some now, while I'm in a higher tax bracket. I would prefer to defer the taxes until I'm retired and will be in a lower tax bracket. Is there anyway to do this?We have already discussed this with two accountants. My employers accountant feels the total 87,500 needs to run through payroll so I will pay federal income tax, Social Security, etc. on it. My accountant feels there must be some other way to transfer the ownership on paper only and defer taxes until retirement.

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I have a small business and I have a mortgage on a rental

I have a small business and I have a mortgage on a rental property. My business is about to receive enough money to pay off the mortgage. My idea was to have my business buy my rental property from me and use that big purchase as a business expense, then have the renters pay my company, & I would report the income from the property that I receive monthly as business income for my business. Is this legal, and can I claim the purchase as a business expense so long as I report the income from the property on the business taxes and pay all the property taxes etc?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I have a specific question for an accountant. Do you have

Hi Pearl, I have a specific question for an accountant. Do you have online accountants that I could speak with?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm looking to pay off about $80k in personal debt (about $12k could be considered a loan to the business, was from my parents when I started) from my s corp. I'm just looking for advice on how best to label the funds going out for tax purposes. Distribution? I'm not sureJA: Is there anything else the Accountant should be aware of?Customer: it's california s-corp, single shareholder

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
My husband has a very small business. We paid several years

My husband has a very small business. We paid several years of back LLC taxes this year. Can we claim ALL of them on this coming years tax returns? Minus penalties, I'm sure

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Robin D.

Vocational, Technical or Trade School

21,198 satisfied customers
I am filing an S corp return for a corp generating abaut 350

I am filing an S corp return for a corp generating abaut 350 K in gross revenues. The Corp furnished lunches for Employee's on the road fairly local area doing installations and repairs. This is primary business of corp. This was done for the benefit of corporation, as it wanted the jobs done fast. Lengtly lunches or drives back to the office refrigerator and microwave were not wanted. These were working meals, jobs in progress were discussed, etc. How are these deductible, or are they????? The corp owner is insisting they were a necessary business expense. I can see his point. Not sure if IRS would agree, as they were not done on Employer's premises, though they were for benefit and convenience of employer. Is there any way these can be defensibly deducted, whether 50% or 100%? Or am I putting my neck and the employer's neck on the cutting block if I take these?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
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