Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
On my farming business, ******************* Inc., I has a
On my farming business, ******************* Inc., I has a total loss over the years "Corporation loss continuity and Application of $109,843.00. My three daughters had shares in the business of 16,16 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,200 satisfied customers
My husband owns a plumbing company but gets paid as a w2
my husband owns a plumbing company but gets paid as a w2 employee. are there any business owner benefits we can take in our personal taxes … read more
Tax.appeal.168
Tax.appeal.168
Principal
8,650 satisfied customers
Closing C Corporation 1. C corporation has an October 31
Closing C Corporation 1. C corporation has an October 31 year end 2. Incorporated in 2002 3. Has one shareholder - 100% 4. Corporation owes debt (outside of shareholder) of $ 350K to bank/individuals … read more
Carter McBride
Carter McBride
LLM
3,144 satisfied customers
I owned 100% of the stock in a c corp. which is no longer in
I owned 100% of the stock in a c corp. which is no longer in business. What can I deduct as a loss if anything? … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I want to dissolve my S corp. I am the only shareholder and
I want to dissolve my S corp. I am the only shareholder and loaned the company money years ago. Only my Schedule L is says loan to shareholders is $36,000. Will I own any money if I close the company.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,003 satisfied customers
Specifically California and IRS tax: I have a client that
Specifically California and IRS tax: I have a client that loaned money to a relative's business back in 2009. In 2015, it was clear that the business was failing, and the amount that was loaned in 200… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I am helping a friend close their business and file the
I am helping a friend close their business and file the final two years tax returns. Over the years the owners lent the business several hundred thousand dollars. The loans were never subordinated wit… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I invested 25,000 in venture capital in 1995. I was issued
I invested 25,000 in venture capital in 1995. I was issued 80,000 shares of common stock. The company filed chapter 11 and I waited the required time for them to reorganize. I was told by the company … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
I want to know if I can claim tax deductions paid to keep my
I want to know if I can claim tax deductions paid to keep my C-Corp start up company running.… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
I am the sole stockholder of a C corp that closed this year.
I am the sole stockholder of a C corp that closed this year. It was sold for loss of $50,000. I had lent or contributed or invested my own money into the C corp of $90,000 - no loan documents, no inte… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I had a huge loss in my Roth IRA that nearly wiped out my account.
I had a huge loss in my Roth IRA that nearly wiped out my account. Since writing off the losses is not an option in this case, what is the best route to take to recover my losses?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I opened a C corp in 2011, paid my tax and filled a return.
I opened a C corp in 2011, paid my tax and filled a return. I stopped conducting business other than to pay a few bills in 2012. The company did not survive. I declared personal bankruptcy to protect … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
ok its a beaut. I set up a company in 2005, registered as
ok it's a beaut. I set up a company in 2005, registered as sub chapter s, got EIN etc. I was sole shareholder. I lost money each year through 2007. It was a active business, retail, furniture, fixture… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Hi; I have a $22k loss from my S corp. Can I deduct that
Hi; I have a $22k loss from my S corp. Can I deduct that or any portion of it on my 2009 personal tax return? I took out a $25k home equity loan in 2009 to "loan" to my S corporation to pay for remode… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
206 satisfied customers
I am closing my s corp. As part of the process, I personally
I am closing my s corp. As part of the process, I personally paid the debt that the s corp had. I am the sole owner and have no income - only losses to file on my personal taxes. What I wanted to know… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
126 satisfied customers
I own 50% of the shares of a C Corp to which I have also lent
I own 50% of the shares of a C Corp to which I have also lent money. The C Corp has lost its value. Can I deduct the loss on the loan from my personal taxes? Also, if I were to sell the stock for $1 t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,003 satisfied customers
Shareholders loan money to a business. If the business ...
Shareholders loan money to a business. If the business cannot repay this, is the bad loan deductible on the shareholders personal tax return? If not, can this be converted to equity and a loss claimed… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
I am the sole shareholder of a C Corp. The C Corp had ...
I am the sole shareholder of a C Corp. The C Corp had several thousand dollars in startup expenses (prior to the start of the business on 11/1/03). In my 2003 C Corp return, I elected to amortize thos… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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