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Form 1120S - line no 12 "Taxes and licenses"? What

Form 1120S - line no 12 "Taxes and licenses"? What constitutes taxes?I am working with cpa to filing my tax return. I am doing s corp return first and then personal. I do Cash accounting for s corp.I am trying to understand form 1120S and have some difficulty in understanding this.Payroll is generated for me. Here is brief overview of various calculation or an exampleBank statement statement total (wages+taxes+fica all) coming to 82704W2 as section1 reported as 79(###) ###-#### line 7 (compensation of officers): 79 781(looks like line 1 of w2)1120s line 12 (taxes and commission): 6134I thought line 12 should have value of bank statement total subtract line 7. I thought line 12 just employer responsibility of FICA. Can you tell me how to calculate value for line 12? Is it employer part FICA?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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However, I prefer not to have my questions made for public

However, I prefer not to have my questions made for public viewing.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Began new Business in 9/14. We sweat our way into a rental building, borrow 12k and never was able to open due to building owners issue w city. Negotiations ceased in August of 2015. After loosing 5k of our 12k loan we had to regroup. Couldnt afford another location. Had to keep borrowing & putting $ back into acct so we could pay loan back. In Nov 2016 I started to see if online would work until we could find another location. BAD idea. So now I find myself not knowing what to do. Havnt filed at all for my LLC since 2014. No income; just pure losses. Finally paid back 7k last month with 5 to go. UGHJA: Is there anything else the Accountant should be aware of?Customer: I have no idea. I dont know how to back track. I filed personal without last 2 years not knowing that even if I had no income I still needed to file

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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I have a 401(k) with my employer. I am returning to India

I have a 401(k) with my employer. I am returning to India and would like to withdraw the same completely and am ok with a tax deduction. I currently have around 17k in my account. Since I will continue with the same company in India, I do not think I can withdraw directly from the 401(k) fund. What is the best way for me to get the money in my pocket. I do not want to move the money to do additional trading etc and would like to use my funds. How much tax (amount) would I lose from this 17k? To what account do I need to convert my 401(k) so that I can withdraw the lumpsum. I am 36 years old.

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
If my social security number has been wrong on my W2 for the

If my social security number has been wrong on my W2 for the past 3 years could it contribute to me owing yearly in taxes? Thanks.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: View topJA: Is there anything else the Accountant should be aware of?Customer: No

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ABC Accounting Group

Bachelor's Degree

684 satisfied customers
I started a small business the beginning of 2016 with a

I started a small business the beginning of 2016 with a partner. The business was formed as a multi-partner LLC. The business didn't do very well and lost money, almost all of which was contributed by my partner.The business model was that he would supply the funds, and I would do most of the work. The business lost about $6700, and I will file my personal income taxes using the standard deduction, but my partner has a significantly higher income from other business sources. I would like to adjust the percentage of the business so that he can take advantage of the loss wright off. I decided to attempt to file a taxes myself using TaxAct 1065, but I think I bit off more than I can chew. Is there a way to get a tax professional to take the TaxAct's file I have already created and review and complete it so that I file correctly? I have entered all of the data into TaxAct, but I have not filed the return with the IRS yet.

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Megan C

Master's Degree

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I have my own consulting business (an S corporation

I have my own consulting business (an S corporation registered in Florida). However, I live in Costa Rica and never set foot in the U.S. any longer. My profit comes to me through the S Corp. I work here in Costa Rica via phone and Skype. I have two questions. First, is the profit from the S Corp (since I do the work here in Costa Rica) counted as foreign income, thereby allowing me to use the foreign income exclusion? I noticed on the Foreign Income Exclusion form it asks for my employer's name, which I don't have. My second question regards ***** ***** that I pay independent contractors here in Costa Rica, and I pay them only in cash. The reason I am forced to do this is that until I get my residency, I cannot open a bank account here, and the people who work for me would not be willing to wait for U.S. checks to clear (at least 30 days.) They submit bills to me to match the cash payments, with their name and Costa Rican ID, and sign the bill acknowledging cash received. I want to be sure this would pass muster with the U.S. (I don't send out 1099s, because they are all foreign nationals.)

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,816 satisfied customers
I am electing to have my business taxed as an S corp this

I am electing to have my business taxed as an S corp this year, I am a llc now, I want to know what I need to do to my accounting records now that I will be an s corp. I've already set myself up with payroll, but what j/e do I make when I take a distribution and how much of distributions can I take?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: thats all

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,816 satisfied customers
Im trying to get qualified for a personal loan; I am not a

Im trying to get qualified for a personal loan; I am not a W2 employee. I transfer money from my corporation to my personal bank account every week, The amount varies depending on how the business did that week. Will the bank deny me if I provide a K-1 statement as income verification? Will it be better if I get a 1099 instead? Does it make a difference? I have already provided my personsal bank statements but they want additional proof of income. Im just not sure what looks better in underwriter's point of view.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,816 satisfied customers
I recently received a "diversification" dispersment from my

I recently received a "diversification" dispersment from my company's ESOP (My retirement program). I want to roll it over to an IRA. I waant to keep out a portion of it, even though I understand that I will pay a 10% penalty. Can I roll a portion over and pay the penalty on the part I do not roll over or do I need to roll 100% of it over? ThanksJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don't think so...

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
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