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I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
Can an SBA loan (or any loan that's guaranteed by the owners

Can an SBA loan (or any loan that's guaranteed by the owners of an LLC taxed as an S-Corp) be recorded as Loans from Shareholders on the balance sheet of the 1120S? The loan is in name of the LLC and two owners.

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I have been working landscaping job for several years. I

I have been working landscaping job for several years. I have been just informed that my employer is going to file a 1099 for me for year 2015. Can he do that this late for 2015?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: ????JA: What confuses you?Customer: no one answered my question.JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
My wife and I are Croatian citizens on L2 and L1 visa

Hello, My wife and I are Croatian citizens on L2 and L1 visa respectivly and have been living in the USA for 3.5 years. We pay tax here (1040 form - filling jointly). We still have an apartment in Croatia and would like to sell it. I originally purchased the apartment for 200,000$. I gave it as a gift to my wife couple of years ago (before moving to the USA), so it belongs to her now. Croatian tax law does not tax transfers between husband and wife. Because of that, amount put on the gift certificate did not play any role and was put 20,000$ which is significantly lower than original purchase price. Our questions are:1.if she sells this apartment for 170,000$, how would be that treated under the US tax low and how would it be taxed?2.If it's taxed under the US tax law, would it be taxed as 150,000$ profit (based on the amount noted in the gift certificate) or -30,000$ loss (based on the original purchase price)?

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
Non-Profit Accounting Question: I work for a 501c3

Non-Profit Accounting Question: I work for a 501c3 non-profit Church organization. We regularly give money to other 501c3 non-profits to support the work they are doing. One organization we are working with is in the process of becoming a 501c3 but they have not received their IRS determination letter yet. What are the implications if we send that organization funding when they are not in a non-profit status? (This is giving them funding, it is not paying an invoice for services rendered.) I'm thinking I cannot do this, but I want an expert opinion on it please.

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I started working in the US when I was twelve years old and

I started working in the US when I was twelve years old and moved away when I was around twenty. Should I be filling out tax forms for the US for any reason?

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I'm sole proprietor one person business. I've had Sep IRA

I'm sole proprietor one person business. I've had Sep IRA for many years. I'm 59-1/2 in July, 2017. Questions'1) Can I CONVERT my Sep IRA to regular IRA without any tax consequences?2) If "NO" can I open and contribute to a regular IRA and keep the Sep IRA?

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I'm filing a distribution from a foreign trust. I understand

Hi, I'm filing a distribution from a foreign trust. I understand that I need to file form 3520, sent separately from my taxes, and that I check a box on my return, stating that i am doing this. It seems odd though that I won't be reporting this income on my tax return itself, only on form 3520. Is this correct?

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
My question today, is, can we as a 501c3 religious

My question today, is, can we as a 501c3 religious organization give our Speaker/Director and honorarium for speaking for our ministry? I believe he/she would then have to report it as income, right?

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
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