Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Lane, I have determined that my client that I discussed
HI Lane, I have determined that my client that I discussed earlier has a loss. Here is a half theoretical and half practical scenario. CLIENT AND PARTNER BOUGHT AN S CORP IN 2005 AND PUT IT UNDER ANOT… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
Hope all is well. Do you know how someone would buy a
Hello, Hope all is well. Do you know how someone would buy a controlling stake in a company, where the decisions are up to them, but hire a CEO to actually run the company? For example, say I want to … read more
Rick
Rick
MBA
12,764 satisfied customers
Rama, Analyzing another situation for that new LLC I am
Hi Rama,Analyzing another situation for that new LLC I am creating. 1. I am on H1b and will be a silent partner with 95% ownership. 2. My project manager will be the CEO and will take salary. 3. Given… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
1,676 satisfied customers
Form 1120-S, Schedule K, Line 16d. I am the sole owner of an
Form 1120-S, Schedule K, Line 16d. I am the sole owner of an S Corporation. I receive a salary as reported on Line 7 and an owners draw or dividend that does not change my percent of ownership in the … read more
Rick
Rick
MBA
12,764 satisfied customers
Sorry about all of the confusion from before. All I'm trying
for Lev onlyHi, Sorry about all of the confusion from before. All I'm trying to understand is how the stock of a public insurance company grows so shareholders make money and how the CEO makes money b… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,991 satisfied customers
Of an S-Corp and can have disbursed money to pay for my
I am CEO of an S-Corp and can have disbursed money to pay for my health insurance expenses. I am wondering if it would be better on my personal taxes to call this money a K1 shareholder distribution r… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
I own 10% in a S Corp company (investor only, not employee).
I own 10% in a S Corp company (investor only, not employee). The CEO owns 78% (investor and employee), the SVP owns 7% (investor and employee) and another party owns 5% (investor only). For the past 3… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
1,058 satisfied customers
I want to give 1/2 my shares in a chapter s corp to my wife,
I want to give 1/2 my shares in a chapter s corp to my wife , then I want to give 100% of the profits to my wife in a K1 I'm an employee of the company and get a w2 , is that ok?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
When a 2 shareholder (50% ownership for each) S-Corp
When a 2 shareholder (50% ownership for each) S-Corp generates a profit (let's say $50k), then each shareholder should receive a K1 for $25K and is taxed at their tax bracket on their personal returns… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
Thanks again for all of your help last night! I was
Thanks again for all of your help last night! I was wondering if you were open to helping with a tax form for my wife's business? She needs the Schedule K1 form completed where the two of them are spl… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
S corp has only 2 shareholders ( me and my friend: 50%:50%
S corp has only 2 shareholders ( me and my friend: 50%:50% shares for each). I gave up my all shares in June 2015 for some reasons. Should schedule K be issued to me for 2015 or not ? The other shareh… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,991 satisfied customers
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) an
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) and conducting all business from LLC (100% owned by the original S Corp). The reason for the LLC is to later tak… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
Our business is an s-corp in Hawaii. There are three share
Our business is an s-corp in Hawaii. There are three share holders. One holds the majority shares and has nothing to do with running the business. He lives out of country and is paid a monthly sum plu… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
About 13 years ago, I became a minority owner in an S Corp.
About 13 years ago, I became a minority owner in an S Corp. I paid roughly $80,000 for my ownship stake at that time. Over the years, all the owners have taken return of capital distributions, mainly … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,991 satisfied customers
How to change S-Corporations Ownership Percentage I have
How to change S-Corporation's Ownership Percentage I have an LLC taxes as an S-corporation. When filing taxes using 1120S and when distributing K1 Worksheets, I must indicate each owner's Ownership %.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,991 satisfied customers
I own a business with my friend and we are both 50/50 owners.
I own a business with my friend and we are both 50/50 owners. At first we started a side business while we both had part time jobs. His employment recently ended so he has devoted his full time to our… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
The company my husband works for would like to gift him a
The company my husband works for would like to "gift" him a percentage of the company every year, and eventually my husband will run the company as CEO, per se (it's a small business), and the owner w… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
241 satisfied customers
I have just formed an LLC with 2 of my close friends. We are
I have just formed an LLC with 2 of my close friends. We are all equal owners/officers. I am getting ready to file form 2553, but I'm unsure what we should put for where it says current shareholders/o… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,991 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

6,039 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

838 satisfied customers

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

Loren

Loren

Attorney

741 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

23,416 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

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

< 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