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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
20,575 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
20,575 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
3,505 satisfied customers
I have a client who is a massage therapist. Will the IRS
Hey Lane,I have a client who is a massage therapist. Will the IRS allow Massage Music as a deduction with the new no entertainment law in place?Please advise.Thanks,Kathleen… read more
Carter McBride
Carter McBride
LLM
3,505 satisfied customers
Lane, I have a tax client that normally works as a
Hi Lane,I have a tax client that normally works as a sub-contractor doing project management. This year he will be working for a company that will be paying him around $250K. He wants start an Single … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 satisfied customers
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
3,505 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
20,575 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
3,505 satisfied customers
I have a single-member LLC in Idaho currently being taxed as
Hi there, I have a single-member LLC in Idaho currently being taxed as a sole proprietorship. To save money on 2018 taxes, I'm interested in electing it to be an S corp or C corp, but I'm not sure whi… read more
Carter McBride
Carter McBride
LLM
3,505 satisfied customers
Lane, I'm working on a Delaware - C Corp that is domicile
Hi Lane,I'm working on a Delaware - C Corp that is domicile here in California. It's there initial 2015 return. I had previously chatted with California FTB to determine whether or not the C Corp woul… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 satisfied customers
Lane, I have a client who is a Single Member, LLC that is
Hi Lane,I have a client who is a Single Member, LLC that is not incorporated. He needs to know if he can take a payroll paycheck rather than a draw?I would like to know the same answer for a Sole Prop… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 satisfied customers
Lane, I'm working on an S Corp return. It is their final
Hi Lane,I'm working on an S Corp return. It is their final return. California is the state. The client has computer software that is being fully depreciated on the Federal. California normally does no… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 satisfied customers
Lane, I'm working on a client that has rental income and I'm
Hey Lane,I'm working on a client that has rental income and I'm uncertain on the California return. If they have a NOL carryover from previous years and you are choosing (not to use) the NOL carryover… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 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
20,575 satisfied customers
Lane, Happy belated Thanksgiving to you! Hope all is well.
Hi Lane,Happy belated Thanksgiving to you! Hope all is well. My question today is regarding a gentlemen who is starting 2 companies. One is a (for profit) handy man service the second company is some … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 satisfied customers
Lane, Happy Summer to you. I'm thinking about changing
Hi Lane,Happy Summer to you. I'm thinking about changing my Sole Proprietorship over to an S Corp.What type of protection does that give to me. For example if the company goes under or if the company … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,575 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
20,575 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
20,575 satisfied customers
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