I need to prepare a Personal Financial Statement. My husband
I need to prepare a Personal Financial Statement. My husband is a sole owner of single member LLC which we file on Sch C. Our business assets are really assets under our personal name, not the business name (for example our vehicles) that we use for business. Do these need to be included in the PFS? What about other business assets, like our supply warehouse, our RV we use for out of town jobs?We have a home office. Do all furnishings in office and electronics, such as computers, need to be included in PFS?
Sr Financial & Tax Consultant
May you explain me this situation: there are two mortgage on
Hi, May you explain me this situation: there are two mortgage on my house : one is main mortgages $66K and the second is Equity line mortgage $56K. Now I have opportunity to pay off one of them . What's better to do; which pay first?
Bachelor's Degree Equivalent
I need help with a non-profit. Can someone take a look at
I need help with a non-profit. Can someone take a look at these reports and tell me if I'm on the right track. I'm picking up from a previous bookkeeper who really did not have a grasp on the basics. There were expense accounts in deposits and income accounts in checks. it has been nuts. I'm just working on january and trying to get it perfect so I know how to continue for the rest of the year. Thank you in advance
I changed accountant for 2017 and they sent me 2 pages of
I changed accountant for 2017 and they sent me 2 pages of items required for my income taxes. Do they have the right to ask for all of my end of year bank statements? Also, do they need every receipt for charitable contributions? I always itemized everything and send them all that was expected in the past. I always had backup for everything but I feel oppressed with the 60 items that they want. Please advise.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We are an LLC and everything is backed up on ledgers and quickbooks and our bank.
JD, MBA, CFP, CRPS
1. Getting 1 - 1.5 million saving and retirement account 1.5
1. Getting 1 - 1.5 million saving and retirement account 1.5 million for divorce settlement.2. Getting $13,000/mo. for life time support alimony that adjusted as economy. Plus insurance for guaranteed same amount and condition incase of spouse's death and disability, health insurance.Which is better deal?
This question applies to the IRS (US tax system). I have a
This question applies to the IRS (US tax system). I have a savings account. Interest in respect to the month of December 2016 is paid into my account on 1 January 2017. Do I report that interest to the IRS for the 2016 or 2017 tax year?
I have a question about roth IRA for non working spouse. I
Hello,I have a question about backdoor roth IRA for non working spouse.I am a married self employed physician with high income. My wife had a job early this year but quit in the summer to take care if our newborn baby. She is currently unemployed.I started a solo 401K plan where i contributed 53k for 2016 (I am the only employee of my own LLC , filing as S corp)I also opened a non deductible IRA under my name and converted 5500$ to Roth IRA for 2016 (I do not have other IRA accounts)We file our taxes jointly.this is the first year we will be filing with her not having a job.1. Can she be listed as a dependent for 2016 since she is currently unemployed or no because she earned income in early 2016 ?Her last job had a 401k plan with Principal, which was automatically converted to an IRA saving account when she left. It's only 4200$ in total. We were hoping to contribute to a backdoor roth for her as well, another $5500 for 2016. I read about the pro rata rule and how this could affect other IRAs account but does the fact that she is currently unemployed make us avoid that problem ? If we proceeded with a new backdoor IRA account at another company from after tax money, how will this affect those 4200$ and how much will we owe in taxes if any when we file our returns ?Thank you
JD, MBA, CFP, CRPS