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I think it's actually a legal question. For years I've had a

I think it's actually a legal question. For years I've had a small business with just my self as the employee. It's a C corp, incorporated in NY. I just moved to california. I think, for tax purposes, I'd like to convert the C corp to an S corp. My wife and I had health insurance through her employer. Since she no longer works there, we need to establish health coverage. We're currently paying for COBRA. If I convert the C corp to an S corp, I'll be able to take the health insuruance as a self-employeed adjustment to income. I think. Does that sound correct? and Can I convert a C corp to an S corp?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don;t know

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I have a two-part question regarding taxes. I have been

Hi - I have a two-part question regarding taxes.I have been self-employed Jan - Aug 2016, total income 91,132.00Estimated taxes paid Q1 - Q3: Fed 9,100; GA 1,400 eachNow, as of Sep 2016 salaried employee with annual income 114,000.Question 1: would it be prudent to pay the estimated taxes for Q4 just in case (withholdings with new job is 1 each)Question 2: I have been funding a SEP - to-date 15,000 - can I put another 5,000 since the 401K with the new company is not available until Jan 2017?PS: I do not have an IRAMany thanks,Vera

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
If I am at this point of the year, where I've been 100%

If I am at this point of the year, where I've been 100% unemployed, and I have not yet deducted anything from my IRA, but I've been paying for insurance premiums, medical, dental, and other expenses out of pocket, and I have no major other income, is it possible to deduct from my IRA now, after having paid those other expenses with savings? I'm talking about all payments made within this 2016 year, so I think I'm asking if I can reiumburse myself and savings from my IRA penalty free for any of the above expenses which are eligible for penal free IRA withdrawal... I just didn't do the IRA withdrawal in advance... I'm now mid year and thinking IRA withdrawals may be necessary so I'm trying to bunch any such withdrawals up into something most eligible for penalty-free withdrawal. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
I am doing a tax return for a commercial fisherman. The only

Hi,I am doing a tax return for a commercial fisherman. The only health insurance he has is through the Fishermans Fund. They did not give him a 1095-C form. Does the Fisherman's Fund qualify as health insurance?Thanks,Kathleen

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ABC Accounting Group

Bachelor's Degree

196 satisfied customers
Can I begin withdrawels from my 401k without being penalized

Can I begin withdrawels from my 401k without being penalized by a cut in the monthly amount of money I now receive from a Health Insurance disability payment every month? It seems to me that it would hardly make sense to start payments of $400 a month from my 401k next month, and then later receive a letter stating that my Health Insurance Disability is being reduced by $400!I am thinking of just waiting until my Health Insurance Disability payments come to an end, when I reach age 65, and let my 401k grow in value until then. Or am my worries groundless?.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
This is a question about how health insurance works for new

This is a question about how health insurance works for new babies. My wife is pregnant and is signing up for health insurance. They offer family plans. Presumably, she does not sign up for a family plan until after the baby is born. When the baby is born, how does it fit within her existing plan? Is it covered automatically? For example, if something went wrong, does her plan cover it?

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bkb1956

Enrolled Agent, Paralegal

5,140 satisfied customers
Need to start filing annual Section 125 POP reports to the

Hello,Need to start filing annual Section 125 POP reports to the IRS. Exactly what is required? Further if we change up the 125 Plan to include reimbursement for medical expenses, are the reporting requirements different?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
I am noticing that I am being charged a medicare hospital

Hello - I am noticing that I am being charged a medicare hospital insurance. It seems to be recent. Do you know why I am being charged that amount?

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TaxRobin

Vocational, Technical or Trade School

21,204 satisfied customers
With the same hourly rate (eg. $80/hour) which option is

With the same hourly rate (eg. $80/hour) which option is financially better: W2 or 1099 for a single person.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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