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Recent tax questions

A client of mine owns an LLC. The owner of the LLC is a

A client of mine owns an LLC. The owner of the LLC is a trust. So should we make the tax return a part of the client's individual tax return or should it be filed as a form 1065 as it is owned by a Trust and then pass the K-1 on to the trust?Also since it is a single member owned trust and the trustee is the owner of the trust, can we just take the K-1 and file it in the Trustee/Owner's personal tax return?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I have 2 cp171 letters, they are business, but my new tax

I have 2 cp171 letters, they are for our business, but my new tax guy said businesses get paid thru individual tax returns? Either way I just want to pay them now, they are due today the 16th. The irs website doesnt have an option for cp171, just cp healthcare. They are not open 24/7 so i cant speak to anyone but i am afraid they will put a lien on my bank account. Can you explain the correct way to pay online? Thank you.

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Megan C

Master's Degree

 
29,942 satisfied customers
My wife owns transferred cash to a partnership (LLP) in

Hi! My wife owns transferred cash to a partnership (LLP) in India and became a partner of 33%What are our filing requirements? She is a resident and does not have any US income. The partnership is a Limited Liability Partnership and all the partners have limited liability.Which forms do we need to submit?

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Robin D.

Vocational, Technical or Trade School

 
20,294 satisfied customers
Do I owe federal taxes on property I sell which is fully

Do I owe federal taxes on property I sell which is fully owned by a Trust? The proceeds will be distributed equally among three beneficiaries

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am the sole owner of an LLC that is taxed as an S Corp. I

I am the sole owner of an LLC that is taxed as an S Corp. I also have a solo 401K and I want to make sure that I understand the process for contributing to my 401K while maximizing the contribution.I am over 55 so catchup contribution applies.My understanding is that getting $140K in W-2 wages from the LLC is the magic number so that that the maximum 401K contribution can be achieved. This breaks down as follows. I can have the 1st $24K deducted from my wages as a deferred elective 401K contribution in pretax dollars. This shrinks my taxable wages to $116K.I can have $35K = $140K X 25% contributed as a non-elective contribution.Assuming the above is correct, what I do not understand is where does the $35K come from. Does it come from me as an individual in after tax dollars from the $116 that I am getting in wages or does it come from the profits of the LLC?If from the LLC that I guess the LLC would need to have at least $175K cash = $140K + $35K in order for this scenario to work. Is this correct?Lastly, how is all of this reflected on my W-2 and K-1 of the LLC? Assume for the moment that the LLC has income of $250K for the calendar year.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
A start up LLC gets a investor to give 200,000 % of the

a start up LLC gets a investor to give 200,000 for 1% of the business.the start up makes no profit over the next three years and spends 50,000 on expenses over the three years.There is no profit at all, does LLC corporation pay taxes on the investment?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
Being an LLC How do I file retained earnings?

being an LLCHow do I file retained earnings?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
If I earn millions of dollars on a 1099 in 2016

If I earn millions of dollars on a 1099 in 2016 (this year) can you tell me what percentages of taxes I will pay? ie: medicare, social security, self employment, etc. Please do not leave any taxes out.

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Robin D.

Vocational, Technical or Trade School

 
20,294 satisfied customers
State Taxes: What are the links taxes

State Taxes: What are the links for filing taxes for the following states:MarylandNew YorkCalifornia

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Barbara

Enrolled Agent, Paralegal

 
4,702 satisfied customers
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