Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have just become a General Agent for a Health Insurance…

Customer Question
I have just become...

I have just become a General Agent for a Health Insurance Company. I believe I want to form a C Corporation that would purchase a training facility in which we would have an apartment. It would also purchase a Class B RV which would be used to travel to hold workshops and group presentations and be an office on wheels. Is this a good decision?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Business is a start-up with no real assets

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 hours by:
3/10/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

A C-Corp, but much more paperwork and legal costs to set up vs. an S-Corp. You want to limit your personal liability which an S-Corp would be. You can always switch later on.

Let me know if this helps and if you have any questions.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Why did I ask a specific question and get a generic answer?Put me on your do not contact.list.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago
This would definitely require a phone call, since it is easy to misinterpret emails. Your specifics could have been cut off. It only requested an explanation of a C Corp, etc. Please do not jump to conclusions. Thank you.
Ask Your Own Tax Question
Was this answer helpful?
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
867 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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 >

Related Tax Questions
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
I have a newly formed LLC but have a very high personal
i have a newly formed LLC but have a very high personal income, should i file as a C corp? … read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
Is there a tax liability on coins that were being stored by
Is there a tax liability on coins that were being stored by an investment company but I now physically possess them? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My 2017 Fed tax liability is $32k due to a series of life
My 2017 Fed tax liability is $32k due to a series of life events that necessitated a withdrawal of $140k from my $240k IRA in 2017. My only source of income is $22k/yr. SS and my IRA. I am 72 yrs. old… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Tax question: What happens to a fixed asset for a business
Tax question: What happens to a fixed asset for a business that becomes a hobby? Is it carried over if there is no hobby income? Please provide IRS references.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A Form 1099-MISC was issued to Estate of a deceased person
A Form 1099-MISC was issued to Estate of a deceased person that was an attorney, and reported in Box 14, Gross Proceeds paid to an attorney. How is this reported on the Estate return?… read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
I have a tax liability with the State of Wisconsin. Can the
I have a tax liability with the State of Wisconsin. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME)
I AM FILING TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME) WAS USED AS A RENTAL PROPERTY FOR 9 YEARS AND THERE IS CAPITAL GAIN. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How are UTMA assets taxed by the IRS after the age of
How are UTMA assets taxed by the IRS after the age of transfer … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
2 questions please. If I transfer assets from my personal
2 questions please. If I transfer assets from my personal IRA to my LLC as a personal asset protection measure, how does the IRS not mistake this as business income? And, can those transferred IRA ass… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Sold a business in 2017. Why are the asset sales that
Sold a business in 2017. Why are the asset sales that resulted in a gain going on line 6 of form 1065 yet the losses are going on form k-1 box 10?… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
191 satisfied customers
Is the owner of an LLC responsible for the liabilities of an
is the owner of an LLC responsible for the liabilities of an asset sale? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Is there a limit on accumulated assets during the time
Is there a limit on accumulated assets during the time collecting Section 8 assistance in Florida … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
How do you record a fixed asset (computer) that was
How do you record a fixed asset (computer) that was purchased on credit using the cash basis accounting. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
E. What is the current ratio if noncurrent assets equal
e. What is the current ratio if noncurrent assets equal $60,000, total assets equal $95,000, and owners equity equals 70,000? (Assume that all liabilities are current) I need to understand the math… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
A check was issued under a vendor's personal name and a form
A check was issued under a vendor's personal name and a form 1099 was issued. The vendor has a s corp. and the check was deposited to the corp. bank account. What will the vendor need to do with the 1… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I have assumed 143,000 of personal liability for my company.
I have assumed 143,000 of personal liability for my company. I need to show this on my tax return for the company as a liability. The liability is for funds I have personally borrowed and lent to a co… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
Company A transferred assets and liabilities to a newly
Company A transferred assets and liabilities to a newly formed Company B … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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.

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