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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:
7 Tax Professionals are Online Now

How JustAnswer Works:

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  • Get a Professional Answer
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    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 572
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3053
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

  • This past year I made about $16,000 through independent contractor

    This past year I made about $16,000 through independent contractor work online. I am paid twice a month through a company but work from home. I worked part of my time in PA, but then moved to NY to be close to school. Since I am technically not a NY resident should I file my taxes in PA or NY? Also, my mom claims me as a dependent, is there a maximum amount I can make and still be claimed as this?
  • I would like to know if I have a tax lien still showing from

    I would like to know if I have a tax lien still showing from New York State. It is from 1992-1994.
  • We have a sole proprietor plumbing business and have been in

    We have a sole proprietor plumbing business and have been in business past 3 years. We have never kept inventory. I enter receipts parts that my husband buys as jobs/materials expenses. When creating invoices, he simply puts "materials" and charges the customer materials he's purchased to job. Our first income tax return we hired a local CPA and he put our job materials expenses in the "cost of good sold" section of the income tax form. There were some problems with the return that he did so the next year I decided to do the tax return myself and in that return I left the cost of goods sold blank and reported the parts purchased under expenses. When we started it was my understanding that we had to keep inventory in order to use the "cost of goods sold". Are we doing this correctly?
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