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I am trying to establish and LLC or C Corp for an investment
Hi, I am trying to establish and LLC or C Corp for an investment opportunity between 3 couples, including myself and my husband. We want to invest in a company that is going public in a few weeks. We … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I would like to know if it would be better for me and my
Hi. I would like to know if it would be better for me and my partner to form an LLC or S Corp for our small business. We are in California. Both of us have jobs on W2s as well. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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Hypothetical. If an LLC, owned by, generates $100K in
Hypothetical. If an LLC, owned by John, generates $100K in revenue and pays $100K in commissions to a C-Corp in which John is the President and main stock holder, how would the taxes look if the C-Cor… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My wife and I are employees and I fulfill our FICA
My wife and I are employees and I fulfill our FICA obligations through our employers up to the current limits. We're going to be starting a business here soon and maintain our individual jobs for the … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,818 satisfied customers
Here's the situation for a CPA. I've picked up the
Here's the situation for a CPA. I've picked up the bookeeping of restaurant that started in 2016. The LLC members filed as a partnership for 2016. They then started to pay themselves a salary (and withheld payroll taxes) in 2017 as they thought the old bookkeeper filed an S corp election. He did not. It's my understanding partners should not pay themselves wages and have payroll taxes withheld. The partnership also has losses this year beyond any equity put into the business so 2018. I've read that one can file a late S Corp filing in order to allow wages however last years return was filed as a pship 1065. I'd like to keep this as simple as possible as the business might be done in a few months depending on finding funding. Although it doesn't seem appropriate, what's the downside of filing W-2s for the members/partners of the LLC and filing a 1065 for 2017? Thanks,Todd … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
I am starting a business. I would like some help in deciding
Hi my name is ***** ***** I am starting a business. … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,187 satisfied customers
My LLC which is taxed as an S Corp closed and dissolved in
My LLC which is taxed as an S Corp closed and dissolved in August. I am filing my last return. The s corp had huge debts that were not paid and we have since filed bankruptcy. Will my balance sheet be… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
I incorporated my single-member LLC on 03/22/2016. I
Hi, I incorporated my single-member LLC on 03/22/2016. I don't expect my LLC to have revenues more than $10K in 2016, so I decided against filing for S-corp taxation in 2016. However, if my revenues s… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,457 satisfied customers
I plan to invest a lump sum (10k) in a startup business (not
Hi! I plan to invest a lump sum (10k) in a startup business (not my own) in Texas. Could you advise on what the most advantageous way to do this from a tax perspective? Also, is a promissory note all … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Dear Megan, I own a c corp of which I and my wife are sole
Dear Megan, I own a c corp of which I and my wife are sole owners and drawing salary from it against W-2. In addition I own an S corp where again I am my wife are sole owners but we are not drawing an… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Lane and I hope all is well. I converted a number of 100%
Hi Lane and I hope all is well. I converted a number of 100% owned LLC's to S Corp's in 2014. My question is what to do with their SEP's they have in place. This is not my arena so I wanted to ask you… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Hi Lane, I have another question for you on the S corp stuff.
Hi Lane, I have another question for you on the S corp stuff. So I have the LLC and will likely to file as S corp this week. I guess my question is two-fold: 1) does electing to file as S corp and act… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
I own an s-corp and bring in $150,000 in profits on my k-1
I own an s-corp and bring in $150,000 in profits on my k-1 that rolls into my personal 1040. my wife works in the business and I received 40k in wages and she received 30k. We would like to set up a S… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Hi, Im considering electing to file as an S corp for my LLC.
Hi, I'm considering electing to file as an S corp for my LLC. As I understand it I pay myself a reasonable wage and the rest will be a distribution. I plan to use half of revenue of s corp (about 80K)… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Dear Expert, I am a small business owner (S Corp) who got
Dear Expert, I am a small business owner (S Corp) who got $50K as W2 wages from my small business in 2012. I had 10K in depreciation-loss, so my K1 shows $40K income. 1. I understand law allows to put… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
A Question for Charles Greiner, Certified Public Accountant
A Question for Charles Greiner, Certified Public Accountant (CPA). Here is the scenario. A business was an LLC- sole but we decided to covert to an LLC - S Corp for 2011 retroactively.. His business h… read more
rgb02a
rgb02a
Chief Financial Officer
Bachelor's Degree
16 satisfied customers
I am trying to restart my construction business and my old
I am trying to restart my construction business and my old business was an llc so now I want to know if an s corp will do me good I live in nj so please can some one answer this thanks… read more
ShawnA
ShawnA
CEO
Bachelor's Degree
2,450 satisfied customers
I am a single member LLC. I have a corporate trading account.
I am a single member LLC. I have a corporate trading account. My brokerage company sent me a letter. The important part reads: "Under the Emergency Economic Stabilization Act of 2008, a new law goes i… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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