How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

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:
Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Tax Planning Law

What is Tax Planning?

Tax planning is a way that options on taxes that are filed can be reduced in the best way possible. It is used to figure out how business and personal taxes are eliminated or can be deducted. A person that is a taxpayer or may be a business owner will have to fill out income taxes to show proof of all revenue that was gained. Tax advisors are available to help people that need help in tax planning and what the next move to make in dealing with this financial situation. Read below where Tax Experts have answered questions regarding tax planning.

Why do businesses need Tax Planning?

If a person is starting a business that is coming from investments; tax planning is used to help deduct capital gains tax exposure that may end up in the business having to fund to money to keep the company together. Tax Planning will help the business owner to decide on how to control taxes to help benefit the company and oppose against spending funds that are not necessary. The Inland Revenue keeps a record of the requirements and timescales for reporting and payments. The duties of a new person owning a business will require an agent to come in and help with the Tax Planning.

Are tax planning expenses incurred by an S-Corp deductible by the S-Corp as an ordinary business expense or is it passed through to the shareholders? If deductible by the S-Corp, what Internal Revenue Service code covers that?

As far as tax planning expenses if the person is referring to the money that is for professional usage to a tax attorney or pertains to software that was purchased it is to be provided on line 19 of the form 1120S. The expense that is provided on line 19 is noted to become the net income which is divided among the professionals or the tax attorney. On the other hand if the shareholder paid for their person expenses without needing assistant then the person can put it down under Schedule A on the income tax return.

Is there a specific category of professional that help with Tax Planning? Are there any recommendations for a book to assist S-Corp owners in the state of FL?

The person will have to obtain a tax expert. The tax experts will review the owner’s tax case and answer questions and concerns that the owner may have. An Enrolled Agent will be able to view the owner’s taxes and go over different scenarios involving taxes. Enrolled Agents can be found in tax preparation companies around the world that can be notified. The owner will be able to set up an appointment to explain tax situation. As far as receiving a book on Tax Planning; the Florida website on Corp taxes offers assistance: http://dor.myflorida.com/dor/taxes/corporate.html

Will a person owe money on an inheritance gift that is worth more than $750,000?

Estate taxes are only supposed to be paid for items that are valued to be over $2,000,000 (for the descendant dies in 2006). If the inheritance item is $750,000 then there will be no estate tax due and the person will not have to file a tax return for it. Also, the inheritance isn’t considered to be an income that the beneficiary can receive.

Tax Planning is something that people should use if they are confused about reducing or eliminating taxes that may be a burden to them. The person can get a tax advisor to help make decisions on how to budget their taxes whether it is personal or business taxes. What is Tax Planning? What is Small Business Tax Planning? Experts are here to answer questions that people may have concerning Tax Planning Laws.

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:
Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    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: 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 Tax Planning Questions

  • This is again tax planning question I am managing my wife's

    This is again tax planning question I am managing my wife's medical tiny out-patient practice. This is a VA state LLC. Attached are high level income and expenses. Based on the spreadsheet I am seeing about $13,844.78 income on table that is taxable. My
    questions are: (1) There were three big withdrawals -- will it be good to consider them as distributions and pay taxes at personal level? If yes I will end up having way too much loss this year. But I have already used my three year losses out of 5 years.
    So as you notice there I am carrying over last year losses to this year. So my guess is to count two of the three big withdrawals as if they never happened and account them as company income and thus will end up only $13,844.78 as profit. I may plan to put
    this money in a 401k type of tax deferred account. This $13,844.78 accounts for $15,000 carried over losses. That way I can claim all of the previous year carry over losses. I would appreciate your thoughts. 2) Instead of putting this $13,844.78 into tax deferred
    account, we would like to reward my both children who take part into this business operations with $2000 each, and any remaining may be saved in tax deferred account. Is this smart idea? But one of the children has his own business that already made about
    $10,000. So giving him $2000 may not make sense, not sure. 3) We recently purchased a business condo using (a) some money from home equity line of credit from our primary residence (b) some money as a withdrawal from medical business (c) some of our cash saving
    and (d) some as mortgage loan from a local bank. The condo is owned by a VA LLC on both of my wife and myself. The medical business pays rent to VA real testate LLC. Since both medical practice LLC and VA real estate LLC are managed by me, I have the full
    liberty to manage income and expenses of BOTH in such legal methods as possible to get BEST out of TAXES, to optimize tax payments. VA real estate LLC has to pay us for the funds that we lent it to buy. It is already paying mortgage to the bank. How should
    it pay and how should we account it and tax consequences of that? I am afraid I am typing too much. Let us get started here and we will discuss more. My accountant is not a tax planner. That is my problem. While fully complying with law, I want to take full
    advantage of tax law to save taxes. Thanks, Jagan
  • Can depreciation on a business investment (such as a

    Can depreciation on a business investment (such as a commercial building) that currently produces no income be taken as a deduction on one's personal tax return against unrelated personal income (such as salary income)?
  • I have some limited partnership interests that I inherited

    I have some limited partnership interests that I inherited in 2012. A section 754 election was done. The partnership is being sold and the limited partners are receiving liquidating distributions over two years. The first,just received in 2014, is the major portion. The remainder will be in 2015. We just received some estimate info on the gains from the partnership's accountants. The amount of gain being distributed will far exceed the cash being distributed. Thus I will incur a loss. Can I realize any of this loss in 2014? If not I will have a huge capital gain in 2014 and then capital losses in 2015 which will not be to my benefit.
< Last | Next >
View More Tax Questions