I have two w2 jobs full time & part time. This year I no
Hi,I have two w2 jobs full time & part time. This year I no longer own a home I'm renting instead. So that means I will no longerhave the interest from the mortgage to deduct. The tax return for this past year 2016 I already owe 5k and I am trying to avoid it from going higher next year.Out of the options below what is best route to go or will right away be the most effective?-Quiet my 2nd job and become self-employed?-Asked my 2nd job to change me to a 1099 so I maybe able to deduct more home expenses?-Invest more on my 401k and increase the tax with holdings? (What's the best way to calculate this?)-Stop renting and buy another home?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Hi are you there?JA: No. I'm the Accountant's Assistant.Customer: So when I can reach the accountant ?
Sr Financial & Tax Consultant
I'm purchasing a new home and am trying to determine how
I'm purchasing a new home and am trying to determine how much tax savings I can count on with the higher mortgage. I'm looking to adjust my witholding. I ran the IRS calculator recently and if my numbers were correct my Federal tax liability would be around $2500 annually. Currently it's around $14000. Thoughts?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No.
On the morning of January 15, 2016, we sold our home in, DC
On the morning of January 15, 2016, we sold our home in Washington, DC at an early morning settlement. In the afternoon we would settle on our new home. When we did the walk-through many problems arose and the seller refused to do anything. As a result we walked away from the house on the advice of our--and his--agent, Subsequently, we spent several months paying attorneys and finally it was concluded that we would probably win in any court battle. My question is: Are any expenses related to the loss of the house deductible? We spent about $3,000 on hotel fees, $10,00 in rent, and about $10,000 in storage fees. We finally went to settlement on a different house on 9-30-2016.
Sr Financial & Tax Consultant
Filing income tax returns as a married couple with a
helloJA: Hi. What is your issue regarding?Customer: filing income tax returns as a married couple with a prenuptial agreement.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I did a google search, which led me to your site and I see some posts related to the topic but they are from 9 years ago.JA: Is there anything else the Accountant should be aware of?Customer: My wife and I are newlyweds, having married on 2/22/16. We are preparing to file our income tax returns for 2016 and have been mulling over how we want to approach this. We have a prenuptial agreement and I want to be very careful to maintain the integrity and enforceability of the agreement. We both had our own family law attorneys and we were both happy with how the prenup turned out. My attorney constructed the agreement and my wife's attorney reviewed and requested several rounds of revisions. However, the agreement didn't (and doesn't) specifically address filing our income tax returns, in large part because I did not anticipate this issue, having never been married before.The main issue as far as I can see is if we are able to file jointly somehow or if we must always file “married filing separately.” It's my understanding that “married filing separately” is more work for a CPA and will generally result in a higher tax return preparation fee. I would obviously like to avoid paying a higher tax return preparation fee if possible but not at the expense of jeopardizing the agreement that my wife and I paid a good deal of money to have put in place.My wife and I have reached out to our family law attorneys for some advisement on this matter, including whether there should be some type of postnuptial agreement related to income tax return filing stacked on to our prenuptial agreement. As of yet, I haven't gotten any great responses from them. I am now wondering if it might be better to get a tax attorney's advice on the matter, which is why I am reaching out to you.I am not sure what is the best way to proceed in regards ***** ***** retaining your services. My wife and I are located in Buena Park near Orangethorpe and Stanton and my wife's parents live in Shadow Park in Cerritos….so your office appears to be pretty convenient for us.Thanks,Ryan
I am a US citizen and a company based in the U.K. has hired
I am a US citizen and a company based in the U.K. has hired me to work for them. I'm not moving there this will only be for a few months at a time. I will be paid in pounds though. How does that work tax wise from pounds to converting to US dollars when I return? Would I end up paying taxes twice?
I've been earning ~$120k a year working from home as a
I've been earning ~$120k a year working from home as a software engineer, receiving 1099s. So, my tax liability has been rather high 40-50k/year as a I very little expenses (just me, a laptop, and my knowledge of C++). I've heard lots about using s-corps to save FICA and believe I understand how this works. Though, I've also heard that an LLC could be used, not to save taxes, but to pay 100% of my rent and daycare costs as benefits to me, so I could essentially avoid taxation of those large costs. At this income level, is the s-corp worth the paperwork and additional cost of an LLC?. Do I even want to consider and LLC? Or should I stick with sole-proprietor? I should also mention that liability is not a concern for me.
Not sure if I am better filing as an S corp or LLC with
Hello, not sure if I am better filing as an S corp or LLC with schedule C. Anticipated 2017 info. would be as follows: Distribution of $51K a yearCompany earnings: $27KExpenses yearly: $13KCompany earnings: $14KJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Yes. Distribution (sole proprietor) would be $51K. Company net earnings after expenses ($13K) would be $14K. How much tax should I anticipate paying if I file as an S corp?
JD, MBA, CFP, CRPS
What is the best LLC tax entity for my sotuation? I have a
What is the best LLC tax entity for my sotuation?I have a full time job where I am paid in W2 and I filed an LLC this October to transfer my freelance graphic design side job a formal business form.Then I was told that in my kind of situation it's better to form s-corporation, or some also said that I should just change the LLC entity to s-corporation...which is confusing me a lot.Currently I have very small amount of income from LLC services. And my full time job income is around $35,000 anually.Can you advise me a best option on this?should I indicate a specific entity for my LLC or should I form a S-corp?
I've recently started a new small business in South
Hi,I've recently started a new small business in South Carolina. Our company is a small, (as in me being the only person working) residential painting company. So far all is well but am at the point to where I need to be thinking about the taxes involved in the business. I've been in business now for a couple of months and have grossed about $10,000.00. I have been saving all my material, gas and equipment invoices that I've purchased for the business. Other small business owners that I know say I should do quarterly estimated taxing. I was also told that because I'm work for myself that I should be able to fill out a 1099MISC for myself with my tax ID number. This makes sense to me but unfortunately I've started my business in the last quarter so I'm sure I'll be expected to have everything to do my taxes. I've been painting all my life but am new to the business end of it. This is all very confusing to me. I seem to be getting the ball rolling okay as far as getting work and don't want taxes to be my cause to fail. I need to get this figured out. Any advice would be greatly appreciated. Thank you.