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I have a questions regarding the following situation.- I

I have a questions regarding the following situation.-I have an S corporation business that we prepare small income returns , very simply returns and also in the same office i do insuranceIm the owner of the S corporation , and i do have two bank accounts one for the money that comes in from the tax preparation services and one for the money that comes from the nationwide insurance ,but the money that is from the insurance company at the end of the year they issue to me a 1099 i mean because its paid out to me on my name and i do deposit that money on my personal checking account every two weeks because they paid me commission , so what can i do to report that income i was planning in claiming the income on the schedule C because this is a 1099 and then expense it all out as an outside services , then i will claim that income on the S corporation return, and then bring the income back minus all expenses that i have in total on the schedule K , it's legal to do it like that ? or do i just need to report the income from nationwide on the schedule C, please advise

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
I am a bookkeeper for a small financial recruiting firm.

I am a bookkeeper for a small financial recruiting firm. They hired an outside benefits administrator for their 401K plan. When they transfer funds out of their checking account directly to the Administrator, how do I categorize this in Quickbooks? Is it a Liability and not an Expense?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
If someone rents a stabilized apartment in NYC and gets a

If someone rents a stabilized apartment in NYC and gets a roommate, who is not on the lease, whose rent is paid by welfare checks to the primary tenant -- is that money required to be claimed as income on the primary tenant's federal and state tax returns? Does anything change if the primary tenant signs the checks directly over to the landlord (rather than putting them in the primary tenant's checking account and then paying the landlord)? [The total amount paid by the subtenant is exactly half the rent plus 10% for furnished room, plus half of gas/electric/cable/phone bills, it is an even split.The subtenant has a larger room however).

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TaxRobin

Vocational, Technical or Trade School

21,226 satisfied customers
I am setting up an online accounting system to track

I am setting up an online accounting system to track expenses in (only) a corporate checking account.We receive regular cash deposits from other accounts owned by our enttity to fund this account, used for general operating expenses. Since I am not tracking those other accounts in this system, and they are not contributions from the owner nor are they owed back to the other accounts, I'm unsure of how to record them. Given it isn't owed to, or from, an owner or another account, I'm hesitant to create an account for it that considers it equity vs. an asset.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
I am the sole beneficiary of my late mothers money market

I am the sole beneficiary of my late mothers money market account, and executor of her estate. When I visited the bank, they opened an estate account with funds from her saving and checking account. But, opened a Traditional IRA with the money market account, giving me basically no other option. When I questioned the opening of the IRA, the banker advised me that I could take a lump sum, but I would be hit with quite a high tax if I did so. Isn't a money market account just like a savings account? If so, why would it be taxed at such a high rate? Also, I realized that evening that I was not given any information regarding the IRA, not an account number, information sheet..nothing.

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TaxRobin

Vocational, Technical or Trade School

21,226 satisfied customers
I'm trying to build my credit history ... Will using my

I'm trying to build my credit history ... Will using my debit card for all the transactions smallest to biggest affect it negatively?Any tips on building a good credit?

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bkb1956

Enrolled Agent, Paralegal

5,150 satisfied customers
I would like you to evaluate my retirement and personal

I would like you to evaluate my retirement and personal investments. My wife and I are 74 and only debt is home mortgage ($156K) and vacation cabin ($95K). Our SEP value is $162K and invested in these Equities: Enerplus Corp, Ford Motor Co New, GE Cap Corp, Callable, Ishares Gold Trust, Kinder Morgan, Northwest Pipe Co, and, Tembec Inc New; AND, in this mutual fund: Nuveen Small Cap Select; AND, in these two Taxable Bonds: Goldman Sachs Cap II FLTG, and, Transocean Inc.We are interested in income and income/growth, so that is the reason for the bonds and others that pay dividends/interest.We are too old for growth alone. Our broker is not too hot on investing in long term growth stocks/mutual funds. Not much time at our age to recoup significant losses.Our Personal Savings value is $58K, and, is invested in: Enerplus Corp, Telecom Argentina SA, and, American Cap World Grow and Inc Fd.We have $252K in cash (savings and checking). We have $228K in equity of our home, cabin, cars, and travel trailer.Our estimated net worth is $700K. We get $30K/year from our SEP ($2,500/month) and $36K/year in SS benefits.What are your thoughts of our investments? What changes would you suggest in any area of this information? Good paying interest/dividends on Bonds are very rare now. Our broker keeps an eye open for good paying bonds. We are conservative in our spending and our main checking account grows some each month. Do you think we are pulling out too much from our SEP-IRA?

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PDtax

Owner

Master's Degree

6,996 satisfied customers
I registered a foreign corporation with California that originates

I registered a foreign corporation with California that originates in Florida. The LLC has not made any money at all and operates' at a loss since it enception. The California Franchise Tax Bureau sent me a notice in Florida that I did not send in the $800 for 2012. The want the $800 plus taxes and penalties. I went to the Franchise Tax Board and was told I had to pay it. I explained that I lost money every year since the LLC was formed. I have not made any money from it or made any money. I told them the LLC has only about a $100 in it. They Implied they could get it from me personally, can they?

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37,986 satisfied customers
I had a quick question with a tax professional, im doing

I had a quick question with a tax professional, im doing this for a friend and would like assistance from an expert.He basically overstated his expenses on a schedule A while reporting and now the State of NY has asked him to respond with further elucidation. Worst case they will proceed with standard deduction and he is OK with that but since he recently received a Federal Tax refund he wants to know if the state govt. will get in touch with the federal govt. to corroborate and correlate in this case and he wants to know what the best way to proceed is in this case.County: Kings CrossCity: BrooklynState: NYThanks in advance.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,026 satisfied customers
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