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Recent tax questions

Have to do a 1040X as forgot some 1099 Miscellaneous Income.

Have to do a 1040X as forgot some 1099 Miscellaneous Income. Can I get an estimate on my additional tax liability?

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Megan C

Master's Degree

 
29,942 satisfied customers
I am self-employed and have set-up a 401-K. I currently have

I am self-employed and have set-up a 401-K. I currently have small loan against it. I am allowed to borrow up to 50% of the 401-K asset value. I have $15,000 that I was going to use to pay down a second mortgage.Question: Can I make a $15,000 contribution to my 401-K for 2016 and then borrow $18,500 in the from the 401-K in the form of a loan? It seems like a no-brainer to get the tax advantage of the $15,000 contribution and then use the proceeds of the 401-K loan to pay down my second mortgage.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I am a retired paralegal. My former boss still lives in New

I am a retired paralegal. My former boss still lives in New Mexico, while I am now living in South Carolina. She would like me to do so freelance work for her -- answering phones, taking messages, etc. Do I have to collect SC gross receipts tax on my work? Barbara Holley

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
Need Advice URGENTLY- just did an employee buy out of small

Need Advice URGENTLY- just did an employee buy out of small business, need to register business with state. Trying to figure out the best filing structure. It's a little tricky. I'm a single mother of 2, I am currently receiving assistance with food and housing, and until I get the business going I will still need this help. I was originally going to be an LLC. However, my thoughts were if I have a regular paycheck like an employee, it would be easier to submit this as my income than to do there monthly sheet of income and expenses BECAUSE this is a very seasonal business, the profit from the summer needs to be used during the winter to stay afloat. The assistance programs are not going to care that it's not really extra income and they will consider everything after that months expenses as my income for the month, and disqualify me from assistance. I believe, from what I just read online, only with an S-Corp, can a owner receive a regular paycheck with taxes taken out... #1) Is this true? #2) Is it going to be more difficult to have an S-Corp vs LLC? (I was so against a sole proprietorship before now unsure.) #3) The total revenue annually is only $50-95K, not a big money maker, any suggestions on which way I should structure? Given that I will need to report my income and will need assistance with food and housing for the first year in business?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
I have a Wyoming LLC where I am 99% member and my son is 1%

I have a Wyoming LLC where I am 99% member and my son is 1% member. I am the manager of the LLC. This LLC wants to invest in a Texas LLC that has several other individual members to build a hotel. I would rather invest through my Wyoming LLC rather than as an individual. The Texas LLC wants to elect S corp tax status. My accountant and the accountant for the Texas LLC are going back and forth as to if this is possible. My accountant is not sure if this is possible since I have a multi member LLC. She recommends that I make the LLC a sole member LLC. The Texas LLC accountant thinks this is possible if we say that the Wyoming LLC is a disregarded entity and both me and my son will get direct K-1 from the Texas LLC. Please advise. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I left my full-time job during the most recent quarter and

I left my full-time job during the most recent quarter and immediately started a consulting project. I'm trying to figure out how to calculate the estimated tax I owe, if any, for Q2.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
I am a tax preparer and I received financials from a client.

I am a tax preparer and I received financials from a client. One of the partners took a draw of $1,200 which is reflected in the balance sheet. When I enter the p&l on the 1065 I am including the 1,200 as a guaranteed payment to the partner. That then throws off the p&l I received by $1,200 because it is not reflected in the financials. Does that make sense?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
Taxpayer is just starting out a career as a foreign

Taxpayer is just starting out a career as a foreign missionary. All of his income is deprived from fundraising efforts to support his travel expenses and living expenses while outside the US. The funds are received in two methods, one is through an online giving portal and the other is through direct donations/gifts received personally from family, friends, and from local churches/organizations. Are there any tax breaks for a missionary who is totally self-funded? Would he, or could he, be considered a minister/clergy for tax purposes? Is this income considered "earned"? Would there be self-employment tax on these donated funds?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
We are a tax exempt non-profit church. We employ "called

We are a tax exempt non-profit church. We employ "called workers". We just called a new pastor and are advancing him roughly $15,000 of future years pay to be used as a down payment on a home. He will repair this amount (no interest) over a four year period beginning in four years. We are not charging any interest. Since we are not charging any interest I'm assuming that the IRS would view this as a "gift" The Bank making the home loan is having us fill our a "Request for Verification of Gift" form.Questions are:Is there any way to handle this without our pastor paying taxes and social security on it now?Are we correct in our assumption that the IRS would treat this as a gift subject to taxes and social security?Assuming the pastor must pay payroll taxes and social security how do we handle that?Richard YerkeyPresidentEmanuel Lutheran Congregation

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
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