HSA/HRA question and joint filing. My wifes employer offers
HSA/HRA question and joint filing.My wifes employer offers $2100 in an HRA if you use your spouses insurance.My employer is pushing the HDHP with and HSA. Part of the structure of my employer plan is $1000 in employer contributions. There is not a mandatory personal contribution. I have read the 969 publications from the IRS and still can't figure out if I can accept the $2100 as a general purpose HRA or if I have to take it as a Dental/Vision only HRA. Since it says I can't make contributions to the HSA, does the employer contribution create a concern?
Vocational, Technical or Trade School
As the end of tax year approaches I'm looking at legal ways
As the end of tax year approaches I'm looking at legal ways to get more write offs for my sole-proprietor business. One vendor I work with said it would be OK to send them say $3,000 that they would keep for me as payment against future orders (most likely for 2017). I think that is legal. I asked them if they could ever refund all or part of that money if there were any exenuating circumstances (in which case I'd report the refund as income). However, they said "no". What they did suggest however is that they could send me an accounts receivable invoice instead. I'm assuming I could not claim the money I gave them against that invoice unless I actually PAID THEM the money ... in which case I'm no better off than I would be with the first option. Please advise.
JD, MBA, CFP, CRPS
IRA has mutual fund with recognized capital losses. Wife and
IRA has mutual fund with recognized capital losses. Wife and I are both 57.I believe that gains and losses are not relevant. My hope is that I could trade out of it and keep the loss so I could match and have tax free withdrawals. Can that work?
I have a question about a business loan that I acquired with
I have a question about a business loan that I acquired with Kabbage.Kabbage set the reimbursement to a 6 months period, I alredy use for a year, never be late. But since renewing the loan of 24k, it comes now to over $4k a month to reimburse, which I cannot do under such plan. I asked them to switch to 24 months to be feasible, they wont !.Now my plan is to get in post collection and find an arrangement for 24 month installment.My question :This is a business loan that is ONLY reported on my business account, would they report it on my personal as well if default?In case they refuse if it ever goes to collection, would my PERSONAL credit could be affected?Let me know
Sr Financial & Tax Consultant
My k-1 (1120s) incorrectly reported ordinary income as
my k-1 (1120s) incorrectly reported ordinary income as non-passive on the attached supplemental schedule (they filed the attachment with their 1120s filing). Is it necessary for them to amend the return to correct the designation (non passive to passive) - does the irs crosscheck the supplement info against what is filed on the 1040- if the S corp doesn't amend and I report as passive, then will it be a red flag? Note, this activity was non-passive the prior year, but this year, I did not material participate. Is that another red flag - I do have a CF prior year passive loss I could take advantage of if this is corrected. please only answer if you are confident with your answer.
Will I be penalized if I take out my 401K early?
If my wife lost her job and we decided to cash out her 401K that is worth $47,000 in the state of Michigan; we would get $33,000 after fees and 10% tax deduction - when I file my taxes will I be penalized again?
Tax advisor and Enrolled Agent
Can I claim bad debt on a business with no profit?
My wife and I are on retirement (filing Form 1040) and we loaned money to a business that we owned that did not make a profit and was sold in March 2016 and cannot pay us back. We had no formal loan agreement for the funds; but we do have our bank statements that show the fund transfer from our personal account to our business account. I have filed for an extension for 2015 and have been trying to prepare my tax return before the October 17th deadline.
This question is for Lane. I have a divorcee who paid me to
This question is for Lane.I have a divorcee who paid me to do some consulitng. I am an EA. I recommened she wait and do nothing about an old payroll tax debt incurred when she was married. Her husband was assigned debt by divorce decress, but has not paid yet. The IRS SOL is 2018, and I recommended she do nothing. If the IRS contacts her, a response will be needed. She signed no 2848 POA for me. I do not know that she will ever further employ me. She is hoping IRS will not remember her or her husband will pay.. Her husband was in CNC status.Her husband has contacted me to do his 2014 and 15 taxes. I see no conflict of interest here at this point. Do you see any problem?It is possible I will represent her husband later. He plans to pay off the debt to IRS which would free up his ex. So there is no confliict of interest. Do you agree?
JD, MBA, CFP, CRPS
I'm wanting to file an S corp but want to report as little
I'm wanting to file an S corp but want to report as little income as possible because my student loan repayment is based on my personal return. I'm considering starting a business in my wifes name, paying her business to manage my clinic, and both of us filing married but separate income taxes.