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92% owner of S-corporation who also is 100% owner of LLC
92% owner of S-corporation who also is 100% owner of LLC entity. S-corporation has 401K established for the owner. Can LLC also open SEP for the purposes of minimizing taxes?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
My client owns a LLC and receive K-1. He has 401K in which
my client owns a LLC and receive K-1. He has 401K in which he contributes every year some money as Employer. is there any way to show that contribution in his K-1?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
Planning for s-corp wage/distribution/SE 401k to minimize
Planning for s-corp wage/distribution/SE 401k to minimize 2017 taxes. I have the estimated numbers and a simple excel model, but would like feedback.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
My husband has a consulting LLC but he has an S corp set up
My husband has a consulting LLC but he has an S corp set up for tax purposes. My question is, since he pays himself a salary from the S Corp is that considered self employment income and I need to fil… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Lane, If you are a general partner in an LLC Partnership
Hi Lane,If you are a general partner in an LLC Partnership with your wife, can the partnership contribute to a SEP only based on the self employment income? What is the maximum $ amount and % of incom… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
An Single member S-Corp is an employee of the S-Corp who
An Single member S-Corp is an employee of the S-Corp who pays themselves a salary. The would like to contribute to a retirement plan. Can the contribute to a SEP or does it need to be an individual 40… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
366 satisfied customers
A dentist pays s disability insurance personally &
A dentist pays his disability insurance personally & reimburses himself thru his S Corporation. If he does not have any claims, can he deduct the reimbursements on the Corporation's 1120S return & if … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
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
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I own and am the only employee of an s-corp. Is there a way
I own and am the only employee of an s-corp. Is there a way that would benefit my bot***** *****ne more financially if I set something up through the company or am I ok just doing something tax-free o… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I've got a question in which I hope to get a few responses. I have gotten different
I've got a question in which I hope to get a few responses. I have gotten different ones from different accountants. I am self employed for the majority of my jobs. I work about 3 jobs in the medical … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
, Can I set up a SEP plan and contribute 25% of profit
Hi, Can I set up a SEP plan and contribute 25% of profit from Schedule C. (I did not take any salary from the self employment though). I'm making estiomated taxc payments on the assumed profits, but n… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
How can I maximize tax savings for 2013 . Husband pays into
How can I maximize tax savings for 2013 . Husband pays into 401K I don't qualify for 401 K so I will contribute to Traditional IRA account for the year . What else can we do to lower tax liability at … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I am in the process of filing my 2012 1120 S corp return (on
I am in the process of filing my 2012 1120 S corp return (on extension). I will have a profit on the S Corp return that will pass to me on Sch K that will cause me a tax liability on my personal 1040.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Can a 50% shareholder of an S corp make a SE SEP contribution
Can a 50% shareholder of an S corp make a SE SEP contribution based on salary and deduct it on his 1040?… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
984 satisfied customers
An S Corporation formed in 2012 has one employee, who is
An 'S' Corporation formed in 2012 has one employee, who is its stockholder & earns 300,000 per year. Can he set up a SEP by 12/31/2012 & how much can he contribute towards it? Does the contribution ha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
What is the proper way to reflect employer paid SEP/IRA contributions
What is the proper way to reflect employer paid SEP/IRA contributions on behalf of a 100% Sub S shareholder? Is that amount included in the shareholders gross income and reflected on the W2?… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
I have a client who has an S corporation, he paid his health
I have a client who has an S corporation, he paid his health insurance and long term care through the corp, but it was a personal plan.....since it was not a corporate plan, we can not add it as a fri… read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
780 satisfied customers
This is somwhat the same question as I have asked earlier.
This is somwhat the same question as I have asked earlier. But want to clarify something. We are an LLC with 4 equal partners as drawn up in our initial contract. Each of there shares were awarded to … read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
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