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I half own an S Corp that my annual W-2 is over $200k and my

I half own an S Corp that my annual W-2 is over $200k and my half of the company profits range around another $100k or so that goes on my tax return. Been a W-2 employee there since 1990 and have a good book keeper and accountant. This job also provides a company car and my health insurance.I have several rental houses in my personal meme that produced income.In addition, on the side I dabble with flipping houses. Since I'm short on time about 1/4 or so of the 5 or 6 houses a year that I sell a year I hold for over a year. No rents. They just sit. Busy.I have always reported the sales on Schefule D except for in 2013 I included two sales on C and 2015 I included two on C. The reason at the time I reported those on C was that they were the only houses I carried in my LLC. The others were in my personal name. Income from the sales are around $100k a year.This year my pay from my normal job will remain the same as well as the company profits rolled to me. Sales of the houses, 2 being held for over a year with one rented for six months to the eventual buyers come Dec.What I want to do is just report all from here on out on Schedule D. I have a full time well paying job outside of real estate. I also am contemplating amending those two other returns to switch the sales from C to D. Do you think this would throw up red flags?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
When recording a distribution on 1120S do I subtract it from

When recording a distribution on 1120S do I subtract it from Paid in Capital or do I increase negative retained earnings.We need to do this over the phone as quickly as possible.Its easier than it looks, but, you must have a deep knowledge of S Corporation Retained Earnings accounting.BACKGROUND I have an S Corp (never a C Corp.) with beginning of year negative AAA (-$1,964,146) and no OAA, PTI, AE&P, never a C corp.The difference between negative AAA and Retained Earnings (-$1,517,373) is cumulative prior years tax exempt interest $446,773.Beginning of year Basis is zero.2015 separately stated income items are $293,463Distributions $61,000 cashTotal Loss and deductible items 2015 -$39,865Suspended Losses from prior years -$3,367,488

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PDtax

Owner

Master's Degree

6,966 satisfied customers
May I use my lawyer expenses for personal income tax return.

Hello, May I use my lawyer expenses for personal income tax return. It's expenses for marital distribution after divorce. For example as itemize deductions or for selling investment property buying during marriage. In fact, if i didn't hire lawyer , i would never get my partial payment for selling property. Thank you

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
I live in New Hampshire and I will be starting a software

I live in New Hampshire and I will be starting a software consulting company and I have the following questions:1- Should I go for an S-Corp and provide myself a salary so that I can save on FICA or should I just go for an LCC and be taxed 15% + profit tax?2- Should I register the company in Delaware (flat state annual fee of $300 + registered agent fee of $50) or should I do it in NH but I will have to pay %8 on the corporate profit?3- I will be working in all the states and probably not in NH. If I were in a state that has state tax, I will probably get double taxed but will get a credit from my state but in NH there is no state tax, so there is no way to get a credit.4- do I have to pay taxes in all the states where I work?thanks

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Megan C

Master's Degree

29,966 satisfied customers
Does a (non-offshore) voluntary disclosure have to be accompanied

Does a (non-offshore) voluntary disclosure have to be accompanied by an amended return? Or can a taxpayer simply indicate a willingness to cooperate with the IRS in determining his or her correct tax liability and to pay in full, the tax, interest, and any penalties determined by the IRS to be applicable? Is there any downside to the taxpayer indicating that he is willing to do so in regard to say the last six years, and it turns out that only two or three years of returns actually need amendment?

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Barbara

Enrolled Agent, Paralegal

5,120 satisfied customers
My accountant just sent me my tax return says i owe 85000

hi my accountant just sent me my tax return says i owe 85000 personal i have an s corp my business does around the number every year i asked her she said she eating dinner i wanted too throw up somethings not right and i dont fell like talking too her any more can i have someone else redo my returns they where electronicly filed already

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
I am a 701/2 yr. old single woman, still employed, receiving

I am a 701/2 yr. old single woman, still employed, receiving W2's. I was told I could take the RMD from my Traditional IRA, reinvest the RMD back into my account, without paying taxes on that money. Is that correct? Would that benefit me or the company? I don't want to pay any penalties, and do anything wrong.Thank you so much for your reply.Denver Colorado

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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