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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
A little over my head here. I'm ready to tip accordingly.
A little over my head here. I'm ready to tip accordingly. :)
A client closed their business (restaurant) after many years. The last few years were poor. They have been setup as a C-Corp since day one. General business credit carryforward is $23,000, NOL carryforward is $69,000, retained earnings is unfavorable ($150,000). Business was fully sustained by additional paid in capital (no loans) by married owners over the years.
The restaurant has no value. The building was owned personally by the two married owners. It sold earlier in 2015 for $700,000. This cash is sitting in their bank account at present.
We are ready to make an estimated tax payment for the capital gain. Client was ready to fully retire and did not want to entertain any 1031 exchanges or other lingering tax planning. I.e., get their cash, take their tax lumps and be done...
Question - what is the capital gain? How much / how can I offset sale price with losses stuck in the C-Corp?
Thanks in advance!
I am sole shareholder (100% owner) of a New York S-Corp. I
I am sole shareholder (100% owner) of a New York S-Corp.
I perform consulting business under the New York S-Corp.
For the year 2015, I am performing all consulting services outside of NY State, as matter of fact in a foreign country. I will be in foreign country for more than 330 days. I have decided to stay in Asia and rented an apartment in Hong Kong as my residence as well. The client would wire the money to my S-Corp bank account in the US.
Should I report the consulting revenues for NY State? Are the revenues performed outside of NYS taxable in NYS? Should the NY S-Corp withheld taxes on salaries paid to me as I am the only employee of the S-Corp? Do I have to file a NYS tax return for the S-Corp K-1? Are the S-Corp K-1 taxable in NYS??
I have received Kickstater(crowd funding) 1099 in
I have received Kickstater(crowd funding) 1099 for 130K in 2014. This money is being used to produce a video game. It will not be complete until late 2015 or early 2016. I have expenses of 25K in 2014. I will likely have another 100K of expenses in 2015. Do I need to pay taxes in 2014 on the difference between the $130K 1099 and the 2014 25K in expenses. That seems unfair.
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