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I am a single member LLC and elected to be taxed as a S
Hi, I am a single member LLC and elected to be taxed as a S Corp. During the year I have made SEP-IRA contribution. Do can I deducted them? Can I deduct them on the S Corp level (form 1120) or on my p… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Have to know how to pay myself as the sole owner and officer
Have to know how to pay myself as the sole owner and officer of my S Corp--whether it is salary, wages, draw, or other.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My husband has a consulting LLC but he has an S corp set up
My husband has a consulting LLC but he has an S corp set up for tax purposes. My question is, since he pays himself a salary from the S Corp is that considered self employment income and I need to fil… read more
Stephen G.
Stephen G.
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How does an S Corp report a SEP IRS contribution to its sole
Hi, How does an S Corp report a SEP IRS contribution to its sole shareholder? Additional information. The company is an LLC that elected to be taxed as a S Corp. If this is done on the S Corp lever, t… read more
Lane
Lane
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Doctoral Degree
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Can a S Corp have both of the 401k account and Sep account?
Can a S Corp have both of the 401k account and Sep account? The Sep account is only for the owner-employee and the 401k account is for the ordinary employee. Are there any tax related requirements for… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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If i accidentally funded my sep from when i was a sole
if i accidentally funded my sep from when i was a sole proprietor and did not set up a new sep as a scorp is it still deductible. It was funded prior to the extension date of 9/15 and was funded based… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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C corporation that is owned by family members, if the
for a C corporation that is owned by family members, if the officers apply for S corporation this year, when would the corporation would be able to start contributing to SepIRA for the officers.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
S corp officer had $10k in Retained Earnings at the
S corp officer had $10k in Retained Earnings at the beginning of 2014. The Company earned income $50k during 2014. Officer took a distribution of $40k during 2014 and then in 2015 established a SEP IR… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
If I own an S Corp and I contribute to a SEP can I claim that
If I own an S Corp and I contribute to a SEP can I claim that contribution on my 1040 as a deductible on line 28, or must I file it on the 1120S??… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I'm looking an 1120S tax return prepared by a CPA and trying
I'm looking an 1120S tax return prepared by a CPA and trying to get an understanding about the SEP amount deducted on the return on line 17. The SEP amount contributed in 2014 before March 15th was $3… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Our company, treated as S-corp for tax purposes for many years,
Our company, treated as S-corp for tax purposes for many years, reverted to C-Corp (termination effective 10/8/13), and now must file 2 short year tax returns for 2013 . On 10/7/13, our balance sheet,… read more
taxmanrog
taxmanrog
Master's Degree
2,950 satisfied customers
Last year (2102) my client a 100% owner of s-corp went to bank
Last year (2102) my client a 100% owner of s-corp went to bank in Dec, an opened a sep plan. In Dec. of last year he had cut himself a distribution of $20,000, I re-categorized it on the books as $14,… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I am in the process of filing my 2012 1120 S corp return (on
I am in the process of filing my 2012 1120 S corp return (on extension). I will have a profit on the S Corp return that will pass to me on Sch K that will cause me a tax liability on my personal 1040.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
An S Corporation formed in 2012 has one employee, who is
An 'S' Corporation formed in 2012 has one employee, who is its stockholder & earns 300,000 per year. Can he set up a SEP by 12/31/2012 & how much can he contribute towards it? Does the contribution ha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
In 2011 my S Corp paid $8.45 in penalties and interest for
In 2011 my S Corp paid $8.45 in penalties and interest for a late local tax payment. I understand this is a non-deductible expense, so it's reported on 1120S Schedule K line 16c Non-deductible expense… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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I am filing my s-corp tax return (1120s). I am importing my
I am filing my s-corp tax return (1120s). I am importing my information from quickbooks pro into turbotax for businesss. My question is regarding the 'salary and wages' line 8 entry. I understand that… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I am preparing my S corp tax return. In the past I had a ...
I am preparing my S corp tax return. In the past I had a CPA do it and am doing it myself this year. My wife and I are the only employees and pay wages to ourselves and file W-2s. On the w2's I check … read more
Bill
Bill
Master's Degree
2,074 satisfied customers
How to calculate SEP-IRA contributions in an S-Corp?
I want to start an SEP-IRA for my S-Corp. I am the only employee in the company. I pay myself a monthly salary and withhold the necessary payroll taxes. In addition, I also take a small distribution o… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
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