Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Have a single owner llc which has 100k in losses but wife
have a single owner llc which has 100k in losses but wife drew 25k as 1099 income. we are in a common property state. Don't want to pay the self-employment tax when truly lost 75K. Need to restructure… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I recently started a business and had a pretty good year. My
Hello, I recently started a business and had a pretty good year. My accountant had me change my corp set up from a C- Corp to an S-Corp this year so we are now an S-Corp.Our end of year [email protected] is showing… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
As the business owner, I pay myself through a payroll
Hi, as the business owner, I pay myself through a payroll service (ADP) and I receive a W-2. Each time I run payroll, I pay a lot in different kinds of tax, FICA, etc. Is that unnecessary? Would I avo… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
LLC- Member Managed- 2 owners. How should we be paying
LLC- Member Managed- 2 owners. How should we be paying ourselves? Currently we have been using owner draws. But, that does not reflect on our profit and loss sheet. Should be being using guaranteed pa… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
My husband is a 2nd year resident, and started moonlighting
My husband is a 2nd year resident, and started moonlighting for extra $$ as an independent contractor. We are contemplating forming an LLC, but unsure if there are really advantages over a sole propri… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I'm curious if I took a draw from my llc, but the llc has
I'm curious if I took a draw from my llc, but the llc has loses that exceed my draw do i pay social security and medicare on that draw? if so, with what form?… read more
abci168
abci168
Principal
27 satisfied customers
If you have a sole proprietor LLC and you draw $45,000 during
If you have a sole proprietor LLC and you draw $45,000 during the year and the business shows a loss even after adding back the $45K does any tax need to be paid on the $45K. If so how?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I am currently an individual launching two websites. I am
I am currently an individual launching two websites. I am considering forming an LLC with my wife to run the two sites. Revenue from each is expected to be negligible at this point. One site would der… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
hi can you tell me how owners draw is reflected in profit
hi can you tell me how owners draw is reflected in profit and loss, and tax returns for instance if my tx return shows a proift of 1k, but i took 100k out of business in owner draw how is this shown? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
tax question-- I have an LLC with an s-corp tax election.
tax question-- I have an LLC with an s-corp tax election. How is the accounting and bookkeeping different from an LLC taxed as a sole proprietor?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Background - I own a small Farmers insurance office - independent
Background - I own a small Farmers insurance office - independent contractor sole proprietor. 1099= 175,000-200,000 a year. I have multiple questions, 1. what are the tax advantages of transitioning f… read more
Tax-Scholar
Tax-Scholar
Senior Associate
Bachelor's Degree
53 satisfied customers
My question regards XXXXX XXXXX and methodology for
My question regards XXXXX XXXXX and methodology for 2 LLCs both filing with Form 1065. I have to file a multi member Partnership LLC ( MMLLC), Theparent that has 3 members.It is the Parent and Single … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Im a sole proprietor doing IT consulting. This April after
I'm a sole proprietor doing IT consulting. This April after doing my taxes I paid the IRS about $10k in federal income taxes. What is the best way to show this on my books? Do I post that as an expens… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
If Im a owner of a sole propreitorship, LLC and I take monthly
If I'm a owner of a sole propreitorship, LLC and I take monthly draws. Am I suspose to pay taxes on the draw? I was told that if I don't have taxes taken out then it is not considered payroll. I curre… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
In a small business if the owners take a payment each week,
In a small business if the owners take a payment each week, is it necessary to deduct federal and state with holding payments from the check or is the gross amount received at the end of the year acco… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
we recently (2008) started a curbside recycling business (LLC)
we recently (2008) started a curbside recycling business (LLC) and invested about 50,000 of our personal money (no loans); I know it's all a write off and the operating expenses also, but with the mon… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am considering taking my sole proprietorship small business
I am considering taking my sole proprietorship small business to an LLC in California. I like the idea of filing joint IRS returns with my husband on my profits/wages. (since I also work a day job) Bu… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
i am listed as the owner on a natural gas bussiness, ...
i am listed as the owner on a natural gas bussiness, my father is on social security and receives 50 % of all income, it is listed as royalties, is he taxed at a lower rate than i because i am listed … read more
Vi
Vi
High School or GED
6 satisfied customers
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.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

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.

Show MoreShow Less

Ask Your Question

x