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Tax Shelter Questions

What is a tax shelter?

A tax shelter is a legal method of reducing an individual’s taxable income. This in turn helps to reduce an individual’s tax liability towards the state and federal governments. There are various kinds of tax shelters like investments, limited partnerships and retirement plans. It is important for people to understand what tax shelters are. Answered below by Experts are some of the most commonly asked questions about tax shelters.

Can tax shelter annuity be used as child support?

Tax shelter annuity may not be used as child support. Child support is meant for the child’s benefit and should be accessible to the child.

What is the statute of limitations on securing a debt that was protected by tax shelter annuity in California?

The statute of limitations on securing a debt that was protected by tax shelter annuity is 4 years in the state of California.

Can an individual’s tax shelter be garnished if he/she is unable to repay a student loan that he/she co-signed?

An individual’s retirement tax shelter may not be garnished if he/she is unable to repay a student loan that he/she co-signed.

Can an individual rent his/her own house to their corporation in order to deduct if from their corporate taxes?

An individual may be able to rent his/her own home to a corporation and deduct it from their taxes if the house is going to be used by the corporation in some way. If while doing the audit of the company, the IRS finds out that the house is not of any use to the corporation, it may be considered to be an abusive tax shelter. As a result, all of the individual’s deductions may be denied.

Would a Limited Liability Company (LLC) be considered legitimate if it is almost owned completely by one person and managed by another person?

In most situations, an LLC that is almost completely owned by one person but managed by a different person altogether may be considered to be an abusive tax shelter by the Internal Revenue Service.

How can an individual decide which would be the best tax shelter for him/her?

In order to choose the best tax shelter for himself/herself, an individual may have to hire an accountant. The accountant may look into the individual’s books, assets and any taxable money and guide him/her on the tax shelter.

Can an individual close a tax shelter because of disabilities without having to pay any penalty?

An individual may be able to close a tax shelter because of disability and distribute the amount in it. The individual may be able to do this without a penalty under a 403 (b) sheltered plan. In order to do this, the individual may call the company with proof of their disability and ask them to begin the process of closing the shelter.

Individuals create tax shelters to protect themselves from paying a lot of money as taxes and saving whatever they can. You have to understand what tax shelters are and which shelters are considered legal and which are not so that you do not create an abusive shelter unintentionally. You may speak to an Expert if you do not understand any aspect of tax shelters and need more information on them.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
2 Tax Professionals are Online Now

How JustAnswer Works:

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    Ask follow up questions if you need to.
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    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Shelter Questions

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    I am about to close my S corp. Have 2 receivables that won't be paid by year end and don't want to keep the corp open another year. What happens if I write off the receivables and then the clients pay? Can I receive the money personally and report it on my personal return?
  • how is the inheritance or gift money taxed in state of Flo

    how is the inheritance or gift money taxed in state of Florida?
  • I am in final negotiation with a collections agency to pay

    I am in final negotiation with a collections agency to pay a lump sum for the debt I owe. It will be about 70% less than originally owed. They have agreed to not issue me a 1099c so long as pay the amount in a lump sum and they are not in violation of any IRS rules. How must our agreement be structured in order to ensure that they are not required to issue me a 1099c. I basically want this to be an negotiated settlement rather than a forgiven debt.
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