Join the 9 million people who found a smarter way to get Expert help

Recent Self Employment Tax questions

Question....being paid 40k for mural job....expenses are

Question....being paid 40k for mural job....expenses are approximately 15k....what is tax is due federal and state..reside in nj

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I just opened up my business last year. I created an S

I just opened up my business last year. I created an S Corporation . It started out with just my husband and me but now I want to hire at least 1 or 2 more employees. I am paying for myself and my husband 12.4% on FICA taxes Plus 2.90 HI. My question is if I hire 2 more employees I have estimated a salary of 65, 500 between the two at the end of the year so that would be around 835.08 FICA a month. Plus my salary and my husband's taxes. Does the corporation get any of these back at the end of the year when reporting taxes? Does the corporation get a refund? We are estimating a gross income of 325,000 for this year. Thank you.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,230 satisfied customers
I own and operate an S-corp and am the only shareholder.

I own and operate an S-corp and am the only shareholder. Late last year, I accepted a job as a freelance writer and accepted payment individually rather than through the company. What I thought was a one-time project has turned into regular contract work (I produce written content for the client roughly once a week). Now I'm thinking I should have taken the job as my corporation, rather than individually. So two questions: 1). Is there any advantage to reporting this income as S-Corp income as opposed to personal income? and 2). Can I change the designation to corporate income? Even though I took the assignment last Oct. I did not receive any payment until January so none of the income has been yet reported.Thanks.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Don't think so.

Read more

PDtax

Owner

Master's Degree

6,994 satisfied customers
I am interested in information regarding care givers fees. I

I am interested in information regarding care givers fees. I was a care giver for my mom in her home for 5 + yrs. She has since passed and her estate is being settled. I was not able to get paid during that time as her funds did not permit it. I will get a one lump sum for the past years. Even though it is deferred payment, what am I liable for in taxes?I forgot to say it's about 200-210k total.Thank you, Nancy

Read more

Dr. Fiona Chen

President

Ph.D.

572 satisfied customers
If a couple is married, both living in CT, one is working in

If a couple is married, both living in CT, one is working in NYC, the other has a CT home business - the wage earner working in NYC has NYC taxes withheld from their pay, but the at-home worker in CT makes more money so the percentage of tax due to NYC based on the income earned in the city is inflated because the partner is bringing the NYC partner into a higher tax bracket. Is there a remedy for this? Why should the CT business owner have to pay NYC taxes?

Read more

Dr. Fiona Chen

President

Ph.D.

572 satisfied customers
I have two forms of income. 1 income as a consultant AND 2

I have two forms of income. 1 income as a consultant AND 2 income as owner of rental real estate. Will I get credit for the income from the real estate income for future social securityJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you want to know?JA: Is there anything else important you think the Accountant should know?Customer: Income from Rental property is approx 50,000 but expenses are around 20,000. The income goes into my tax return which is a joint return.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
I did not file 2015 taxes because my income was

Hello,I did not file 2015 taxes because my income was significantly low at the time and the company for which I paid rent, went through a merger which required all contractors to become employees if we were to remain on board, and if we remained, our income would be significantly delayed and different. I decided to change to another location and thus lost clients with the change. I have now in 2016 regrouped, but did not see the need to file for 2015.My children's school is requesting an "advice letter" from a CPA on their suggestion of what I need to do for 2015 since I did not file and did no request an extension. I have provided them the 1099's for 2015, but they want to know what steps I need to take for 2015.Please advise.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I have a real estate professional. A few years ago we

I have a real estate professional. A few years ago we elected to have his single-member LLC taxed as an S-corporation. He has always contributed to a SEP in the appropriate manner for the respective year. However, his 2015 income and 2016 income ramped up sizably. We have not yet filed 2015 1120S or 1040 tax returns. His W2 wage from the LLC was $80,000. Another $300K of income from the LLC . How can I best maximize his SEP contributions for 2015 and 2016 and 2017? Sch C reporting? Revoke S?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
Which form 433 should an owner/employee of his own S corrp

Which form 433 should an owner/employee of his own S corrp use when he is doing an Offer in compromise? Dave

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
View more tax questions
In The News