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I am buying my husband out of his half of a business we

Hello!JA: Hello. What seems to be the problem?Customer: I am buying my husband out of his half of a business we created together. I believe he will have to pay taxes on the buyout money as regular income... but will I be able to write off my payments to him as a business expense?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I will be paying him regular monthly payments over the course of five years

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Matthew Breecher

President

MBA

88 satisfied customers
Lev, I forgot to ask u this question the other day. My mom

Lev, I forgot to ask u this question the other day. My mom passed and has 42k in IRA and 82k in t bills. The are both a money market to bill. There are 6 kids to distribute to. I need to hold back around 15,000. For selling the house expenses. Would it be better to hold back in IRA or does it matter? Mary h

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Lev

Retired

Bachelor's Degree Equivalent

25,404 satisfied customers
I need advice for a mortgage refinance, to pay off debt. I

Hello; I need advice for a mortgage refinance, to pay off debt. I need to know how much extra money that I should get, with the refinance, and if I would benefit paying off all bills vs working through a debt consolidation company.

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bkb1956

Enrolled Agent, Paralegal

6,454 satisfied customers
I need to prepare a Personal Financial Statement. My husband

I need to prepare a Personal Financial Statement. My husband is a sole owner of single member LLC which we file on Sch C. Our business assets are really assets under our personal name, not the business name (for example our vehicles) that we use for business. Do these need to be included in the PFS? What about other business assets, like our supply warehouse, our RV we use for out of town jobs?We have a home office. Do all furnishings in office and electronics, such as computers, need to be included in PFS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
I have a question regarding a new llc i created. how much is

hello, i have a question regarding a new llc i created. how much is it to ask this question and get an answer/ ?JA: It's only $5.Customer: sounds good, how can i payJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok, I created and LLC with my wife early in january this year. We got hired to travel and shoot video, I paid all expenses from my own pocket, equipment, travel, etc. I did not have at the time a company's credit card to pay for this so I used my own money. Now that I have to invoice the client, should I fill the w9 as an individual (since I spent a lot of money for the project) or as a company. I dont know how would this work for tax purposes when it comes the time to deduct all these expenses.JA: Is there anything else the Accountant should be aware of?Customer: i dont know

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
My husband of 52 years passed 2 weeks ago.I will no longer

My husband of 52 years passed 2 weeks ago.I will no longer receive his pension or a soçial security check and can not pay all our bills. He had 3 credit cards in his name and I have 2 in my name. California. I have not contacted them as yet. Do I tell them the situation and try to go to work at 70+ years old (I can pay my card payments. OR do I have to declare bankruptcy which I don't want to do?

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bkb1956

Enrolled Agent, Paralegal

6,454 satisfied customers
My credit score 717 but my credit history is short

HiMy credit score 717 but my credit history is short (8months), what to do to lease a car, i was rejected, and I don't want to finance with deposit almost $ 9000 to get the car. any other option?

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Phillips Esq.

Attorney

Juris Doctor

21,792 satisfied customers
I incur travel expenses that are reimbursed by a client, who

I incur travel expenses that are reimbursed by a client, who then accounts for them as T&E expenses. Should I just account for them as a receivable (from the client) and payable (to me), or as a wash through a single account, or as separate income and expense accounts?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I'm not sure what else would affect the answer.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
No tax questions. This is personal advice. I returned to

No tax questions. This is personal advice. I returned to work after retiring and my husband was put a medicine with a $700.00 a month copay until we get in the catastrophic range. Our medical expenses are way over the percentage recommended. Our income is ok as long as I work but my own health is changing some. We have medicare; medicare supplements; and several life insurances which total up to too much for our budget. complicated problem Want to reduce some costs. Not sure how or if I shouldJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that i know.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
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