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Recent Tax Return questions

A doctor practice is sold for $775,000 in 2016. All assets

A doctor practice is sold for $775,000 in 2016. All assets have been fully depreciated for tax purposes in previous years. is the total sales price considered goodwill when filing Form 8594?

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I'm considering creating an LLC, S Corp, or Limited

I'm considering creating an LLC, S Corp, or Limited Partnership to trade stocks in. I currently have a full time job and continue to reinvent all Gains back into the brokerage account. Eventually I would like this to be my primary source of income. Would there be a significant tax advantage to doing this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
A California 2 member LLC which will flip real estate

Hi Richard. A California 2 member LLC which will flip real estate properties, about 3 to 4 houses per year. I assume this is classified as a 'dealer' for tax purposes. The question is the gross sales price (before deducting cost basis) the basis for the California LLC gross receipts tax? If so, this would seem to point to an S corporation as the preferred entity as pre-basis sales prices could be over $1 million easy in CA, a $6,000 gross receipts tax. Thank you. Bob

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
Last year our accountant gave us wrong advice: she told us,

Last year our accountant gave us wrong advice: she told us, that we don't need to withhold any Social Security or Medicare Tax from our employee on H1-B status. So for 2016 his W-2 form shows 0 in Medicare and SSN withholding. What do we need to do in order to fix this mistake? How do we send the money that should have been withheld for SSN and Medicare? Is the employee or the employer responsible for paying underwithheld tax?

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
My husband started a new job. They want him to register an

My husband started a new job. They want him to register an llc to avoid any liability on them. We don't make much and normally get a hefty tax return thanks to the eic. I'm wondering if i register the llc in my name can i still get the eic (i do work part time) and can i write off a salary for my husband as subcontractor or labor costs and then he could claim the eic as well?

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I am wondering about state tax implications for the

Hello, I am wondering about state tax implications for the following situationJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm married to someone who gets NJ sourced income and I live with him in NJ I am considering taking a job as a W2 employee of an employment agency based in boston but they are placing me as a contract for hire employee to a client in NJJA: Is there anything else the Accountant should be aware of?Customer: no that should be it

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,592 satisfied customers
I live in California I mailed both my federal and state tax

Hi, I live in California I mailed both my federal and state tax returns they still have not been delivered the USPS is looking for them they were postmarked April 17, 2017 and have tracking numbers do I need to call the IRS and Franchise Tax Board?

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Barbara

Enrolled Agent, Paralegal

6,460 satisfied customers
What is the cost in receiving an answer to a 401K query for

Hi what is the cost in receiving an answer to a 401K query for non US citizen non-resident?

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Chad Caros

Managing Director

Master's Degree

50 satisfied customers
I received an unexpected refund. I paid $803.00 and received

I received an unexpected refund.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I paid $803.00 and received $100 refund check?JA: Is there anything else important you think the Accountant should know?Customer: My SSN?

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Brian Michels

Partner

Bachelors of Business Administration

220 satisfied customers
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