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Lane, I have married couple that own an LLC that started
Hi Lane,I have married couple that own an LLC that started 2020 off as a Partnership, but then changed to a Single Member LLC as of 03/19/20 and they also elected to be treated as an S Corp. My questi… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
My daughter was doing door dash and she has to fill out a
My daughter was doing door dash and she has to fill out a form for herb1099 and she has to choose individual, sole proprietorship, LLC single member, LLC-C Corp tax class, LLC- S Corp tax class, LLP-p… read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
Lane, I have a California tax question for you. My client in
Hi Lane,I have a California tax question for you. My client in 2020 created a C Corp but made not revenue. Is he still required to pay the Annual $800 fee to California FTB?Thanks,Kathleen… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Lanes, I have a tax client with rental properties. For the
Hi Lanes,I have a tax client with rental properties. For the past few years we've always just filed a Schedule E. He is now wondering about creating a S Corp to save money on taxes. My question is how… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Hope my note finds you well. I have a California client who
Hey Lane,Hope my note finds you well. I have a California client who needs to register to pay NY sales tax on products shipped to customers in that state. Do you know the best way to do that?Thanks,Ka… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Lane, I have a client out in Arizona that in 2018 was a
Hi Lane,I have a client out in Arizona that in 2018 was a Multi-Member LLC with an S Corp election. As of February this year 1 of the 2 members left the company and now is operating as a Single Member… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
I have a Sole Prop. that received 2 1099s with income
Hey Lane,I have a Sole Prop. that received 2 1099s with income erroneously in Box 3 instead box 7. Is the IRS going to think this is Additional Income other they what I have stated from his P&L. The i… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
I wanted to check in about whether or not it makes sense to
Hello, I wanted to check in about whether or not it makes sense to pay myself dividends (transfer funds from my business account to my personal account) or to payroll myself.… read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
I started a business on January 14th, 2020, and haven't
I started a business on January 14th, 2020, and haven't collected any revenue with the business. I won't have to file taxes on the business right? By the April deadline in 2020? … read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
Happy Holidays to you! I want to take my sole proprietorship
Hey Lane Happy Holidays to you!I want to take my sole proprietorship and turn it into an S Corp. staring Jan 1st, 2020. Since I am a "Registered" tax preparer instead of a "Licensed" tax preparer in C… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
I have a S Corp client who is in a 50/50 shareholder
Hey Lane,I have a S Corp client who is in a 50/50 shareholder position. The other shareholder stole money from the company in the amount of thousands of dollars. I need to figure out if it is actually… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Rental property operated as a sole prop is transferred to a
Rental property operated as a sole prop is transferred to a newly formed llc by the owner who is the only member of the llc. How is the asset entered for depreciation? … read more
Carter McBride
Carter McBride
LLM
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I started a new business real estate investing. is it better
I started a new business real estate investing. is it better to use a LLC or sole prop for taxes? … read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
I have a tax client that owns a Used Car Dealership. He
Hey Lane,I have a tax client that owns a Used Car Dealership. He drives around the inventory and in the past has written off the mileage. Can he do that? I would assume that just reduces the value of … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
I paid interpreters roughly $121,000 last year but I am only
Hi, I paid interpreters roughly $121,000 last year but I am only showing an income of $87,000 and apparently it is because I wasn't paid by one large client until early 2018 for those services however… read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
Lane, I need to ask you another legal / ethics question
Hi Lane,I need to ask you another legal / ethics question regarding that client I told you about previously that was trying to hide income from his personal return by not disclosing the income from th… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Hey Lane,Happy after tax season to you! Quick question for
Hey Lane,Happy after tax season to you! Quick question for you. I have an S Corp that did not file a tax extension. This late in the game does the IRS and FTB ever accept tax extensions or would that … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
Hey Lane,I'm working on a tax return divorced lady
Hey Lane,I'm working on a tax return for a divorced lady who is claiming her daughter for 8 months of the year as a dependent. The daughter has health insurance coverage through her father's employer,… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,713 satisfied customers
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