Ask A Question
Have Tax Questions? Ask a Tax Expert for Answers ASAP
Tax Planning Law
What is 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
are eliminated or can be deducted. A person that is a
or may be a business owner will have to fill out
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
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:
Will a person owe money on an inheritance gift that is worth more than $750,000?
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
. What is Tax Planning? What is Small Business Tax Planning? Experts are here to answer questions that people may have concerning Tax Planning
Recent Tax Planning Questions
This actually related to both real estate and taxes: I personally
This actually related to both real estate and taxes:
I personally own commercial property along with a partner (John). The property has been owned for 10+ years. No LLC or corp. 50% ownership each individually.
I own a business (Landscape Service LLC) with 2 different partners that operates on the property. I am 65% owner of this business.
Landscape Service LLC is buying the 50% share of the property from John for $300k. John will owe capital gains on the amount.
1. Is Landscape Service LLC required to value my 50% the same?
2. If yes, this mean I need to pay capital gains on a non-cash transaction?
3. If yes, or no, please explain and reference relevant codes.
You detailed response and help on this is appreciated!
Im in CA and would like a CA agent to answer this. I contacted
I'm in CA and would like a CA agent to answer this. I contacted CA Franchise Tax Board to check on an amendment as well as determine what the state statute was so I could file away tax returns. I use to run a childcare/babysitting until 2009. During the conversation he brought up Tax Shelter Abuse and I asked what it was. He gave examples that included not being able to prove business income or expenses. I cannot prove either of those because I was paid in cash and did not deposit the money into my bank account, and all of my records were destroyed from water damage. I freaked out on the phone and explained to him that I lost all of my records and was now scared of being accused of that. So my question is; when you call CA Franchise Tax Board can the rep you talk to turn you in if they suspect you of tax wrongdoing?
After deducting the amount of my medical and dental expenses
After deducting the amount of my medical and dental expenses that are more than 10% of the AGI anticipated for 2014, medical expenses still exceed the amount of the federal tax withholding anticipated for 2014. Can this excess medical expense be deducted as part of the 2015 tax year medical deductions?
View More Tax Questions
2 Tax Professionals are Online Right Now
Ask Your Own Tax Question
Ask Your Question Now
Ask a Tax question
Type Your Tax Question Here...
2 Tax Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Tax Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
2 Tax Professionals are Online Now
Type Your Tax Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2014 JustAnswer LLC