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Recent tax questions

My organization is 501 (3) C and is exempt from Federal

Hello my organization is 501 (3) C and is exempt from Federal income tax. Is that the Federal withholding or the FICA withholding?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Thank you my question, I am trying to research

Thank you for taking my question,I am trying to research the tax treatment for a single Member LLC that is taxed as an S Corp and pays the health insurance cost for its sole member. There are no employees in the S Corp, only the owner. So far I have only come across an example of a multi-member LLC or S Corp with group insurance.My questions are:1. Should the cost of the health insurance premium be included in Box 1 (W2 form)?2. Can the member deduct the premium cost on his 1040 (page 1) as an “above the line” deduction? Or is this deduction only available for members with group insurance?

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
I am helping a friend file his S Corp taxes .

Hi,I am helping a friend file his S Corp taxes for 2015. My friend has made the S election in time, received an acknowledgment from the IRS, BUT never filed/processed his quarterly and annual payroll reports. I am concerned that if he does it now, then the IRS will apply payroll penalties which will be more than the S Corp tax savings.Is there a way not to file as an S Corp for 2015? Can the taxpayer revoke his S Corp election retroactively? Or, does he have to file the payroll forms for 2015 and pay the penalties?

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12 satisfied customers
An S Corporation want to issue stock to a new employee. The

An S Corporation want to issue stock to a new employee. The value of the shares are 15,000.Does the 15,000 have to be recorded as additional compensation subject to payrolI taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I just learned about nanny taxes as a new parent. We use the

I just learned about nanny taxes as a new parent. We use the site urban sitter and didn't know that when we started using someone semi-regularly we would have to consider them a household employee. As of a few days ago we learned we need an EIN, should have given her a W2. We have no problem doing the proper thing and paying her taxes but are concerned how badly we screwed up. Both us and her filed an extension so we can sort out the mess properly. What steps should we take next? What sort of penalty can we expect having paid our baby sitter over $6000 last year?

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Angie

Bookkeeper

 
460 satisfied customers
If I am a sole proprietor and I pay my kids who are 12 and

if I am a sole proprietor and I pay my kids who are 12 and 15 to do cleaning in my business, do I have to pay payroll taxes on that amount? and how do I report it?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
SCorp Pd Medical Premiums - are they included in the gross

SCorp Pd Medical Premiums - are they included in the gross wages on the DE 9? My DE 9 shows the correct tax withhold but has not included the health insurance in the subject wages paid line C. Is that correct?Question - should line C also include the premiums for health ins. Mine has gross wages less health premiums.thank you

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
I am filling together with my husband a partnership

Hi,i am filling together with my husband a partnership return in NJ, as we own a LLC with employees.I want to claim payroll expenses as a deduction.My question is which parts i can claim.For example (just made up numbers):The gross pay of my employee is $800, net pay is: $710.Can i claim the gross pay or the net pay?Also, lets say the Employee Tax that were withheld for him/her were: $82.The Employer Taxes were about the same, so: $86.Can i claim the Employer Taxes as a deduction right?Also, i use my personal cell phone and home internet line for most of my business, but also personal use. Can i claim a certain percentage of the cost of my cell phone plan and home internet plan on my taxes as a deduction?Thank you so much!

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
If I move to Puerto Rico and live there full time, but work

If I move to Puerto Rico and live there full time, but work for a US based company remotely in my home, which/what taxes do I have to pay?

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37,522 satisfied customers
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