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I'm working on filing taxes for my personal income and my
I'm working on filing taxes for my personal income and my lularoe business for 2017. … read more
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My father passed in 2016. Myself and siblings sold his house
My father passed in 2016. Myself and siblings sold his house in 2017 with my receiving $13750 from the sale. Do I declare this as income and where does it get entered on my software? … read more
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One more topic! Me and my friends made an investment in one
Hi Barbara: One more topic! Me and my friends made an investment in one of the S Corps. The CEO cum promoter submitted a FS showing profit and issued K-1 ( though profits not distributed) . Me and my … read more
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Chad. I previously asked you a question about a ROTH IRA I
Hi Chad. I previously asked you a question about a ROTH IRA I had that went into bankruptcy. After re-reading your responses to my questions, I want to clarify some information to be sure that your re… read more
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Pearl, I'm the beneficiary of an irrevocable trust that owns
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I am a teacher with a small buy/resell business on eBay.
I am a teacher with a small buy/resell business on eBay. This year, with the help of a few friends, we sold $25,000 worth of merchandise on eBay, and in the end made a profit of $7000. $25,000 in sale… read more
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My question is: our LLC had a contract work in 2017. When we
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Dr. Fiona Chen
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For a CPA about tax rules on pass through entities and
For a CPA about tax rules on pass through entities and partnerships: I have a pass through entity - an LLP (Limited Liability Partnership) with 2 partners. The entity had operated for years as a sole … read more
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There are a few elements so ill try to be consise. My
There are a few elements so ill try to be consise.My customer's company is an LLC treated as partnership (3 members) who operate a professional skating team. Last year (start) They received a $70,000 … read more
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We had a timeshare that we let go back and received a 1099-A
we had a timeshare that we let go back and received a 1099-A form and i'm not sure how to file this on my tax return. … read more
Robin D.
Robin D.
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I have a single shareholder S Corp. I paid myself a salary
I have a single shareholder S Corp. I paid myself a salary of $212,000 in 2015. My business profited to the tune of $1.6 million in 2015. I've heard that the shareholder profits are taxed at a lower r… read more
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BT, S-Corp, Yes, 50/50 shareholders, one left, was paid out
Yes, 50/50 shareholders, one left, was paid out 5k in addition to getting back their initial investment. Not sure where to report this on the final K1 - would it just be a distribution in excess of basis? … read more
Mark D
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On a 50/50 partnership whereas the expenses and profits are
On a 50/50 partnership whereas the expenses and profits are split evenly. If for instance the expense was 4000 but one partner A paid 3000 and the revenue was 5000. The expense is 2000 each and the pr… read more
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I recently retired from a medical group I was a partner in
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I am running an e-commerce business. It is an S-Corp in the
I am running an e-commerce business. It is an S-Corp in the United States. Incorporated in 2012. 2012 and 2013 the company operated at a loss. We'll actually have a profit in tax year 2014. I know I h… read more
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Are cash contributions to S-corporation MUST be in proportion
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is there ever a situation where the amounts reported on a k1
is there ever a situation where the amounts reported on a k1 for a simple trust are more than the income distribution deduction?… read more
Megan C
Megan C
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2007 was my first year as a s corp after running as a sole
2007 was my first year as a s corp after running as a sole proprietor for quite some time. I took distributions throughout the year (as well as a small salary) equivalent to the income that I had been… read more
jgordosea
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