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I have a single member LLC. I do online sales, as well as

Hi, I have a single member LLC. I do online sales, as well as in-person sales at a market in Washington, DC via the Square app. I have not actually "paid myself" yet from my business checking account. I know there are several ways to do this as an LLC. But what is the best way to track this, and should I be taxing that income when I "pay myself"?

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
My mom owned her property in a trust and died in 2011. It

My mom owned her property in a trust and died in 2011. It has appreciated since then (by approximately 220k) and we the beneficiaries are thinking of selling now. It was not transferred from the trust to the beneficiaries. What are the tax implications?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
My father left a house to myself and my brother in a living

My father left a house to myself and my brother in a living trust. As trustees/beneficiaries of the estate, are we entitled to pay the property tax and also take the tax write off for it? Or do we need to change the title of the house from the living trust to our personal names before we can claim tax benefits from the property tax write off?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
ACA question - If an individual is receiving alimony but the

ACA question - If an individual is receiving alimony but the alimony is not taxable to the person receiving it, does it have to be included when calculating what your income is to figure out what your premium should be.thank youJeannette

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Robin D.

Vocational, Technical or Trade School

20,950 satisfied customers
Lane, (following the laws) I wish to be the Trustee and one

Lane,(following the laws) I wish to be the Trustee and one of the beneficiaries of an Irrevokable Trust that is the Shareholder of the C Corp. previously discussed.I am aware I can not be the "Grantor, Creator or Trustor" and Trustee.I have business friends, and one family member who is sophisticated in business. Can I have one of them be the Grantor, appointing me as Trustee and beneficiary?On the surface this smells, what is to stop someone from getting a bum from under the bridge to be the Trustor? The substance over form issue...So, what are the guidelines, safe harbor to safely achieve this?RegardsSam

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
In 1990 my grandmother created a trust. She at that time put

In 1990 my grandmother created a trust. She at that time put her home in the trust.My father and her sister, (no other siblings) were the original partners in the trust.My father died and then my mother. In their wills their interest in the trust were given to me and my brother. My grandmother died recently and because my parents died, my bother and myself inherited from the trust the 50% interest in trust. My aunt who is still alive retained her 50% share of the trust.The house was last month and will close this month.No one has any idea what the house cost to build in 1950 or any cost for updates, etc.Do my brother and I have to worry about paying capital gains tax on what we receive or do we owe anything in taxes?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I'm interested in purchasing a home here in Nevada and

Hello,I'm interested in purchasing a home here in Nevada and trying to figure out the best way to spend money for a $100,000 mortgage downpayment plus $14,000 closing costs($114,000 total) from the following:1) $18,000 Bank checking2) $127,000 IRA3) $56,000 Mutual Fund (this pays about $250/monthly income)My annual income is about $42,000 ($1166/month -social security, $250/month -Mutual fund dividends, $2033/month -life annuity). Also, I will start receiving a $105/month pension in 2017.I would like to keep my income unchanged.Currently in 25% tax bracket, single, no dependents/debt, 64 years old, pay $0 state income tax in Nevada.Thanks

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
Facts: In 2013 we cashed in an annuity of $84,135, the

Facts: In 2013 we cashed in an annuity of $84,135, the Federal tax withheld was $16,827. Using the H&R Block tax software we filed the 2013 return in May 2014 as we calculated a refund and understood in such cases the return does not have to be filed on or before April 15th. We believed we rolled over the $60,000 by reinvesting it in an insurance company. The tax software entered the $60,000 on line 2 (rollover of partial distribution) on the 1099-R worksheet. We overlooked reporting small dividends in the amount of $295.We received an IRS Notice CP2000 dated May 4, 2015 which added the $295 and the $60,000 to our taxable income and stating we owed taxes in the amount of $15,397. Plus penalties and interest totaling $19,557. We filed a 1040x to correct the $295 amount and to explain the rollover of the $60,000. We have been arguing with the IRS since and now are told we owe $21,146.17 due to more interest and penalities.Now we received an IRS Notice CP91 dated June 13, 2016 intent to seize 15% of our Social Security benefits. This seizure has been completed with our August 2016 benefit payments.My question is, how did we incorrectly report the rollover of the $60,000 from the annuity as that is the lion share of the additional income the IRS states we received. And secondly how do we now correct the error if there is one?

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
I am a joint owner of an LLC. My income is predominantly

I am a joint owner of an LLC. My income is predominantly made up of distributions from the LLC - So, most of my income is recorded on a form 1065 (Schedule K-1). I would like to max out a roth IRA this year, but I was told that I may make too much. Are there income limits generated from a K-1? If so, what are the income limits?

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
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