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Tax Return, Schedule C Losses I am retired, with retirement

Tax Return, Schedule C LossesI am retired, with retirement income, and interest from investment incomeI wish to operate a rental business,(Large mobile RV Vehicle rentals to actors/actress's) and anticipate first, and second year losses.How much loss can be used to offset retirement and interest revenue to lower tax liability

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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I'm a South African, residing in South Africa. I have a

Hi, I'm a South African, residing in South Africa. I have a Wyoming LLC. The LLC owns my online US trading portfolio. Sometimes I bank some profits and other times some dividends pay out.I just want to make sure what the tax implication is regarding this in the US and also South Africa.

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Robin D.

Vocational, Technical or Trade School

 
20,294 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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I have a client's client who is part of an S-corp and C

I have a client's client who is part of an S-corp and C corp. My client sold them life insurance. Lots of life insurance. She has the idea of deducting life insurance as corporate expense, and thinks she can do it for c-corp, not s-corp. But the beneficiaries are individuals. There are three people in the two corps, husband, wife and key employee. Now, I would think either an s corp or a c corp could insure a key employee as a business expense IF AND ONLY IF the Corp was the beneficiary of the insurance policy.Is there some other way this could be done???Of course, if corp is beneficiary, the income of a policy pay-out would be income and taxable, whether s-corp or c-corp. For C corp it would be corporate income tax and if dividends paid to individuals, these individuals would be subject income tax on the dividends.. For S corp all profit (income less expense) would flow through to individuals and be taxed. Am I correct? Is there any other way of doing this?Is there some insurance trick I am unaware of?

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PDtax

Owner

Master's Degree

 
6,680 satisfied customers
I have heard there is a special tax on S-Corps that

I have heard there is a special tax on S-Corps that converted from C-Corps and have more than $1M in retained earnings. However, I can't find any information online. Can you reference the code / IRS publications?

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12 satisfied customers
I have been renting a property to my sibling years. She is

I have been renting a property to my sibling for 5 years. She is moving and I plan to sell the property for a $100,000 profit. I plan to give her $75,000 of the profit for a down-payment on her first home. Can I deduct the $75,000 as a selling expense on my taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
I have a C-Corp held privately by a husband and wife that is

I have a C-Corp held privately by a husband and wife that is being dissolved. There is still an officer loan balance that is more than retained earnings after paying all debts and liquidating assets. The plan has been to take the officer loan, with accrued interest, as dividends upon dissolution, but not sure how to best handle an excess of loan over retained earnings. Note, retained earnings have been positive throughout the history of this entity, but NOL's in recent years. This is an accrual basis accounting.

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PDtax

Owner

Master's Degree

 
6,680 satisfied customers
If a foreign corporation transfers property to their

If a foreign corporation transfers property to their personal name is ***** ***** penalty for tax avoidance at the corporate level

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
I received money tax free and then invested in American

I received money tax free and then invested in American Funds. 8 Months later the entire amount was cashed in. Will I have to pay income tax on this money?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
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