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Recent Self Employment Tax questions

We sold a rental property with a covenant not to compete, is

we sold a rental property with a covenant not to compete, is it subject to self-employment tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It was a partnership, business was 79 self storage units that we sold to a competitor. Part of the purchase price was an amount for a Covenant not to compete. Is that amount subject to self employment taxes for the 3 partners?JA: Is there anything else the Accountant should be aware of?Customer: not that i know of

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Mark Taylor

Certified Public Accountant

Masters

2,612 satisfied customers
I have a friend with some tax dues that are close to 25% of

I have a friend with some tax dues that are close to 25% of her annual income. She declared $20k income on her 2015 but I think she is being charged a lot more than what she should pay. Can a Tax person review her documents and give an opinion on how to lower the debt.Thank you

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,920 satisfied customers
I A 70 RECEIVING SOCIAL SECURITY BENEFITS (US$540) only

I A 70 RECEIVING SOCIAL SECURITY BENEFITS (US$540) only since I lived outside the us and did not declare income for many years.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: Now I am told that the income I declare to the IRS can be used for the years where i had 0 income on my recordJA: Is there anything else important you think the Retirement Accountant should know?Customer: Just I had many years on my ss record of 0 income and I heard that the income I am making noe can be used to turn some of this 0 years into income years

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I own an S-Corp. I paid myself about $70K and my dividends

Hello, I own an S-Corp. I paid myself about $70K and my dividends after expenses is about $102K. I'm doing this in Turbo Tax and it says I owe over $20K in taxes. I formed my S Corp so that I wouldn't have to pay these kinds of taxes. Am I doing something wrong?

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Mark D

Master's Degree

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Tax question: Is it true that judgment recipient must pay

Tax question: Is it true that judgment recipient must pay income tax on the amount of the judgment within the year of decision?

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Mark Taylor

Certified Public Accountant

Masters

2,612 satisfied customers
I have Income from self employment that accumulated over the

I have Income from self employment that accumulated over the year that I want to report. I know the amount but I don't have records and receipts of who and were it came from. Can I report this as miscellaneous self employment income somewhere on tax form? I did earn the money doing numerous small services and I don't want to lose my earned income credit.

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Robin D.

Vocational, Technical or Trade School

22,348 satisfied customers
I run a small general contractor business as a sole

Hi I run a small general contractor business as a sole proprieter. I've been asked to incorporate by the other contractor I work for. I am the only employee currently but later that might change later. I receive a salary and bonuses from the other contractor I work for. I am struggling between filling for an S-corp or an LLC. Here In California there are more financial requirements (higher insurances) if an LLC if formed as a contractor.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: That is all I can think of

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Mark Taylor

Certified Public Accountant

Masters

2,612 satisfied customers
If you are self employed, what % of your prior year tax

If you are self employed, what % of your prior year tax liability must you send in for estimated payments (and by when) in order to provide a safe harbor against a penalty for underpayment of current year income tax liability?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,920 satisfied customers
I have a question regarding form 6198. Is there someone

i have a question regarding form 6198. Is there someone there now that can help me with this?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My question is regarding section 465 recapture with form 6198. It is a bit complicated. Does the accountant have any experience with this?JA: Is there anything else the Accountant should be aware of?Customer: I need to know if there is a business loss for an LLC that passes through to a 1040, is there section 465 recapture if there is no "at risk" basis? There were previous losses. Also, if section 465 is applicable, then would this recapture of previous losses be subject to self-employment tax?

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taxmanrog

Master's Degree

990 satisfied customers
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