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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...
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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

  • Our CPA did not file an addendum with the California Franchise

    Our CPA did not file an addendum with the California Franchise Tax Board after we got audited. we owe back tax plus 4,000 in penalties and fees. I want to go to small claims to recover. we filed as a married couple. My husband has no interest in going to court. I do. can I go by myself even though the taxes are in both our names?
  • Have a client that will receive a $1,000.00 a month from her

    Have a client that will receive a $1,000.00 a month from her local church to host an foreign exchange student. I assume she will receive a 1099 Misc at year end. I read were a maximum deduction for hosting a student is $50.00 per month with no compensation as a charitable deduction. But in this case can we deduct all qualified expenses against this compensation and even if ends up in a loss? This would be reported on a schedule C and any net income subject to FICA?
  • Couple of questions: IRS requested an audit with one of

    Couple of questions:
    IRS requested an audit with one of my clients.
    Initial visit was the client himself (not my customer originally).
    He went unprepared and was all scared - so did not respond to IRS agent'questions properly and Agent was under impression that he did not have business (he even told the guy that you have no documentation and I doubt that you really have business).
    When the client came to us so we can represent him, we started to collect information. It came out that not only he actually had business, but he spent lot more than what originally was filed (however, in different areas - for example he paid Rent, but on his original Schedule C he did not had rent, but had supplies.
    The IRS agent we went to see was pretty rude and simply said that he is not going to allow any new expenses and he will only look into the original return. We showed an expense (supply expense) which was clearly on his bank statement - the agent goes that does not prove that it is for business and also bank statement is not enough I want a cancelled check. Another thing the agent said was 'if there is no income, there could be no business, so this entire business is not allowed'.
    Question: Should we continue with this IRS agent for our folow-up or should we talk with the supervisor and/or can we ask to change the IRS office.
    He told us that we are forging papers, just because a letter from Wells Fargo had a spelling mistake on it (accusing our office and the client for forging documents).
    What would you recommend that we do...
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