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I filed a personal tax return because I paid myself out of
I filed a personal tax return because I paid myself out of my small business LLC. I then tried to file a small business LLC sole proprietor tax return for my business and it was rejected. How do I cha… read more
emc011075
emc011075
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I am the sole owner of an S corp and I pay myself through
I am the sole owner of an S corp and I pay myself through W2. I contributed 25% of my earnings to a SEP and took the deduction on my business return. There are no other wages on the personal return ex… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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If you are a single member llc and contributing to a SEP
If you are a single member llc and contributing to a SEP should it be contributed from a personal account or business account? I would think personal since on your tax return it is deducted on the 104… read more
Lane
Lane
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I am in a music business partnership with my son. He records
I am in a music business partnership with my son. He records and performs and I have used Schedule C in the past to capture income and expenses. He started college this past year and I want to find ou… read more
Robin D.
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I have a client who wants to open up an individual 401K.
I have a client who wants to open up an individual 401K. They are a sole member LLC. I know there can be an employee contribution as well as an employer contribution for a total of $53K. This is only … read more
ABC Accounting Group
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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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I have a client that has an S corp where he is the only
I have a client that has an S corp where he is the only employee. He doesn't do much W2 income. Can his SEP contribution be based on the net income of the business or his K1 income at least?… read more
Lane
Lane
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Doctoral Degree
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If someone received K-1's with an LLC EIN and the LLC is a
If someone received K-1's with an LLC EIN and the LLC is a sole proprietor, is it ok to enter the K-1's right in the 1040 under the social security number of the individual who is the owner of the LLC… read more
BK-CPA
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Can a refund due a deceased taxpayer be deposited to his estate
Can a refund due a deceased taxpayer be deposited to his estate or it must be deposited to personal bank account of the representative appointed and certified by a court?… read more
Lev
Lev
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- I just found the following in Pub 560 which does contradict
Hello - I just found the following in Pub 560 which does contradict with the answer you gave me couple of days ago.. Where To Deduct Contributions Deduct the contributions you make for your common-law… read more
ShawnA
ShawnA
CEO
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a SEP IRA is being funded by the company with only one employee
a SEP IRA is being funded by the company with only one employee who happens to be the sole shareholder. This SEP is in the company name and paid out of the company's books. Is the SEP deducted in the … read more
Megan C
Megan C
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I own a LLC (with my wife, split 40-60). LLC had a net profit
I own a LLC (with my wife, split 40-60). LLC had a net profit will report self-employment income on K-1 for both myself and my wife. Both of us also had W2 income made 401k contributions on W2 employe… read more
Lane
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Doctoral Degree
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Self-Employed retirement plan and contribution question. I
Self-Employed retirement plan and contribution question. I learned that for SEP, company can contribute 25% of employee salary or $51K(for 2014) whichever is more restrictive. but for self-employed, I… read more
Lev
Lev
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I performed as a contractor (1099) this year and have all of
I performed as a contractor (1099) this year and have all of my tax money saved up plus additional savings (30k for taxes plus 20k savings). Can you suggest any large deferral methods for this surplus… read more
Robin D.
Robin D.
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I have a sole proprietor LLC and would like to sell my personal
I have a sole proprietor LLC and would like to sell my personal car (2003 GMC Pickup) to my company (to be registered to the LLC). How do I manage the business tax deduction?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
Im married and filing jointly. Both me and my spouse made
I'm married and filing jointly. Both me and my spouse made the maximum traditional IRA contribution. In 2008, our MAGI high enough that if either spouse participated in an employer retirement plan no … read more
RD
RD
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Master's Degree
5,572 satisfied customers
401K question My husband was 100% share-holder of C-Corp.
401K question: My husband was 100% share-holder of C-Corp. As of this year, he terminated the C-Corp. and operating business under the same business name but as sole proprietorship. The C-Corp. have 4… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I have a single member LLC. I paid myself a Guaranteed Payment.
I have a single member LLC. I paid myself a "Guaranteed Payment." My LLC was profitable without the guaranteed payment, but showed a loss including the guaranteed payment, which I accounted for as an … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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