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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

 
16,278 satisfied customers
Need Advice URGENTLY- just did an employee buy out of small

Need Advice URGENTLY- just did an employee buy out of small business, need to register business with state. Trying to figure out the best filing structure. It's a little tricky. I'm a single mother of 2, I am currently receiving assistance with food and housing, and until I get the business going I will still need this help. I was originally going to be an LLC. However, my thoughts were if I have a regular paycheck like an employee, it would be easier to submit this as my income than to do there monthly sheet of income and expenses BECAUSE this is a very seasonal business, the profit from the summer needs to be used during the winter to stay afloat. The assistance programs are not going to care that it's not really extra income and they will consider everything after that months expenses as my income for the month, and disqualify me from assistance. I believe, from what I just read online, only with an S-Corp, can a owner receive a regular paycheck with taxes taken out... #1) Is this true? #2) Is it going to be more difficult to have an S-Corp vs LLC? (I was so against a sole proprietorship before now unsure.) #3) The total revenue annually is only $50-95K, not a big money maker, any suggestions on which way I should structure? Given that I will need to report my income and will need assistance with food and housing for the first year in business?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
My Aunt is 75 years of age and has lived and worked in the

My Aunt is 75 years of age and has lived and worked in the US for some 30 years. She retired over 10 years ago.For family reasons she needs to leave the US and live in the UK. She will also have to hand back her Green Card. She has an IRA account, which if liquidated before she leaves the US, will be taxed as income. If she has it liquidated after she has returned to the UK, and handed back her Green Card, will the money be subject to withholding tax which she may be able to claim back under the Double Taxation Treaty, or will it still be deducted for US income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NOJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
If a person marries with prior IRS tax obligations and files

If a person marries with prior IRS tax obligations and files a joint tax return with his spouse, is the spouse immune from any of the previous tax obligations. I understand there is joint and several tax liability going forward.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
Our employee BOX 16 does not match BOX 1 ... he worked in

hi Pearl, our employee BOX 16 does not match BOX 1 ... he worked in two states AL ($79,113.75) and NY ($13,600). BOX 1 matches his paystubs for the year showing a total of $92,713.75 earned; BOX 16 shows different amounts! BOX 16 shows AL $55,513.75 and NY 92,713.75. Can you help me explain why? it seems the payroll system and paystubs are correct; ADP did our W2s, so i'm guessing they are correct. Please help us understand this issue with reading the W2?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: thanksJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
My organization is 501 (3) C and is exempt from Federal

Hello my organization is 501 (3) C and is exempt from Federal income tax. Is that the Federal withholding or the FICA withholding?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Here is the scenario: A single active member LLC files as an

Here is the scenario:A single active member LLC files as an S-Corp. It reported $10K loss for 2014 on 1120S and the individual's K-1. The individual did not perform basis limitation calculations (TurboTax does not guide through this). Company equity 100% attributable to the member at the end of 2014, including all single member contributions, income, losses, and distributions was $8K. The company reports a $9K loss for 2015 (taxes have not been filed yet), and is closing up shop in 2016 with no assets or liabilities (all assets depleted or written off with no gain).Questions:1) Is it correct that even though the member covered the losses out of their own pocket through contributions, their basis is measured after the loss? This seems illogical but it is how the basis limitation worksheet instructs.2) If the individual amends prior tax return to suspend the $2K of loss and shows practically ZERO basis for 2015, therefore additional $9K loss to suspend, will they be able to unsuspend the losses on their tax return for the year that the company is dissolved?3) Are unreimbursed expenses reported on Schedule A also limited by basis or do they come into play some other way?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
On my 1099-INT there is a negative amount reported in box 8

On my 1099-INT there is a negative amount reported in box 8 (-$50.00). In box 11 and 13 there are amounts reported ($165 and $220) what needs to be done with these numbers?

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
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