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Recent tax questions

In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I'm starting an online business. I live in Maryland. Can I

I'm starting an online business. I live in Maryland. Can I incorporate an LLC in Nevada?Also, what kind of structure should I form? LLC or S-Corp?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I am becoming an Uber driver. do I want to be:

I am becoming an Uber driver. For taxes do I want to be:Individual/sole proprietorC CorpS CorpPartnershipLimited liability s CorpLimited liability C CorpOr. Limited liability partnershipI don't want anyone to be able to sue meSo what should I be? Thanks. and how do I do it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
A start up LLC gets a investor to give 200,000 % of the

a start up LLC gets a investor to give 200,000 for 1% of the business.the start up makes no profit over the next three years and spends 50,000 on expenses over the three years.There is no profit at all, does LLC corporation pay taxes on the investment?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
We are 8 people in an LLC. We all will own varying

We are 8 people in an LLC. We all will own varying percentages of the business.A few will receive some salary. Tax-wise which would be more advantageous for this LLC, to be treated as a partnership or an S-corp?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
NY, S-Corp, Can I lease my homes garage to my S-corp ? I

NY, S-Corp, Can I lease my homes garage to my S-corp ?I have a very small S-corp, (I rent party tents & equipment in the summer months). I have a three car detached garage at my home that I use to workout of and store the equipment. Can I lease the garage to the S-corp?My goal here is to reduce the amount of income I have to pay taxes on from the S-corps profits. Which brings me to the followup question. If I can lease it to the S-corp. Do I have to report the income on my personal income taxes.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am a Single Member LLC, and have been filing Schedule

HelloI am a Single Member LLC, and have been filing Schedule C for years. My profits are to the point where I think becoming an S corp, and running a payroll on myself would benefit me with taxes.Can I form form 2553 with the IRS with the effective date of 1/1/2017, so I can become an LLC filing as an S corp next year and run a payroll with my existing EIN?Or, do I need to re-incorporate as an S-Corp, and get a new EIN?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I just quit my job and I am going to offer several business

I just quit my job and I am going to offer several business services to clients. I am not sure if it is better for me to be a Sole Propretiorship or to incorporate, what do you thinkg? this is extremely important because I have to my some initial investments and I dont know if it is better to buy stuff or to lease it. thank you!

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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