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Recent Business Tax questions

Currently, my father in-law pays my wife a salary and takes

Currently, my father in-law pays my wife a salary and takes out taxes, social security etc.We formed a LLC. We are wondering if my father in-law paid the LLC vs. my wife, if there are tax advantages for us or would we have to pay more because of state business tax on that income + state taxes, fed, and social security?

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Mark Taylor

Certified Public Accountant

Masters

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376 satisfied customers
We prepared inhouse, business tax retrun, 1120s. this

we prepared inhouse , business tax retrun, 1120s. for efile this return, software asks for Tax prepared ID number or efin number. As it is prepared as a "self preparer" we dont have any of above mentioned number. I called IRS, they said to apply for efin number. But it seems long procedure. And size of business is so small , it is not worthwhile. So which is most cost effective method to efile business tax retuen 1120s? And NYS IT 201?

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Barbara

Enrolled Agent, Paralegal

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4,852 satisfied customers
It is a business tax liability, We were audited years (2011,

Hi, it is a business tax liabilityJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We were audited for 3 years (2011, 2012, 2013). We appealed, everything denied. We incurred about $35000 in interest and penalties.JA: Is there anything else important you think the Accountant should know?Customer: Well we failed to file tax returns for the above mentioned years because our accountant dragged it and dragged itJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
I'm an engineering consultant and own a small storage

I'm an engineering consultant and own a small storage business. I consult in another state from where my storage business is located. I travel home every weekend to manage my storage business. Can I deduct the air travel back home, to manage my storage business?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
Are legal fees myself as owner of my medical business tax

Are legal fees for defending myself as owner of my medical business tax deductible. My legal fees to defend as erroneous charge was over 30,000

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Christopher B, Esq.

Attorney

Juris Doctor

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4,786 satisfied customers
I have a small business of which I am looking to sell half.

I have a small business of which I am looking to sell half. The agreed upon price is $400,000, $130,000 of which is in equipment. I need a general idea on how I need to structure the agreement so as to pay the lease amount in taxes and how much(ballpark figure) on how much the taxes will be.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
My employees receive tips directly from customers. Tips are

my employees receive tips directly from customers. Tips are reported correctly via my payroll service provider. On my business tax return, if i enter the gross salaries, wages, & tips, it appears that I am expensing tips paid by others. Am I required to lower the gross number on my tax return to what I actually paid??? Or do I keep it with the gross that contains the tips paid by my customers?Not a restaurant or beverage/bar.LLCemployees are paid service wages.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
I was wondering if Richard could answer a question about

I was wondering if you could answer a question about filing my business taxesI spoke with a tax consultant for a second opinion about my semi truck purchase being included as an expense/deduction at the end of the year, and I'm confused!She said absolutely "not allowed" as far as claiming the trucks cost or any of its depreciation, but the interest on the loan payment is allowed. Sounds crazy because I'm facing trading it in on something newer with less miles, but who can afford to spend 75,000 on a vehicle if it's not considered a business expense. !! Is any of that true because it sounds iffy. Thanks

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Angie

Bookkeeper

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462 satisfied customers
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