Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I am wondering. I want to start a Corp or S corp to avoid
I am wondering. I want to start a Corp or S corp to avoid the passthrough tax. I'd rather pay the double taxation. Which corperation type should I use? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Jonathan, I an 100% shareholder of an S corp. The initial
I an 100% shareholder of an S corp. The initial years were not profitable and I loaned the business money which is documented and an interest expense was recorded on the P&L statement. Now the business is profitable, I am ready to start paying myself (100% shareholder) back for the loan. How is the best way to do this? I understand I don't have to pay taxes on the loan repayment, but how is the best way to repay the loan? Does it show up at all on the K1? Does it show up on 1020S other than the balance sheet? Thanks! Doug … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,926 satisfied customers
I am a consultant and have my own S corp. My wife is starting
I am a consultant and have my own S corp. My wife is starting an at home business and I would like to avoid the self employment taxes that come along with that. Can I add her to my company and file a … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a married couple who opened an S corporation with
I have a married couple who opened an S corporation with $30000 that they put into the corp. They would like to withdraw this as a return of capital, and thus reduce their taxable income. Where do I p… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,649 satisfied customers
If I have 3 S Corps and take a salary from each, if one
If I have 3 S Corps and take a salary from each, if one loses money, on what line would i report that on my 1040 distributions? And would the loss offset the distributions and W2 income or only the K1… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have started a business in July 2015. We started as
I have started a business in July 2015. We started as partnership LLC (Manager Member LLC), We have two partners one from ( Name : Tim ) Kansas state and myself ( Vij) from California state.First we s… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,781 satisfied customers
I am a tax preparer preparing a 2014 S-Corp Return. My
I am a tax preparer preparing a 2014 S-Corp Return. My client(Owner) did not take any salary. Her K-1 income is $ 75000. On her personal tax return should I subject any or all of her k-1 income to Sel… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,926 satisfied customers
I don't understand WHY our company shows a PROFIT each year
I don't understand WHY our company shows a PROFIT each year - which then goes over to K1 and has to be counted as income. The company expenses always seem very high and it doesn't seem that our compan… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
I am the sole owner/employee of an S-corp and I am doing a
I am the sole owner/employee of an S-corp and I am doing a one-time business deal with a Mexican company. Due to Mexican tax laws, the company must withhold a mandatory 25% tax for the Mexican governm… read more
CFEPro789
CFEPro789
Fraud Analyst
Master's Degree
369 satisfied customers
Hi,Can you explain how different income sources are taxed?
Hi, Can you explain how different income sources are taxed? For example, if I have $150K in dividend income and additional K1 income, what tax rate table is applicable for the K1 business income? I kn… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
Heres my situation: I bought out the sole other stock holder
Here's my situation: I bought out the sole other stock holder in my s-corp for $100K(the number is XXXXX bigger than that, but let's use that as a reference for simplicity). The terms of the buyout we… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,649 satisfied customers
I have an S corp small home business that earned money in 2011.
I have an S corp small home business that earned money in 2011. I took the earnings and put them in the S corp small home business checking account. My CPA said I need a K1 form on my personal return … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,649 satisfied customers
I own an S Corp. I did not withhold payroll taxes during the
I own an S Corp. I did not withhold payroll taxes during the year. By the advise of my accountant, I filed my 1120 with $32000 in the compensation line, and it shows distributions. On my personal taxe… read more
Dave CPA
Dave CPA
Master's Degree
740 satisfied customers
Can someone offer some advice on how to correct reasonable
Can someone offer some advice on how to correct "reasonable wages" for an S Corp (over 2% owner) that has not taken any salary out of the business in 2010? They had no payroll reports filed all year a… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
556 satisfied customers
I have an S Corporation. Im also an employee of the S Corporation
I have an S Corporation. I'm also an employee of the S Corporation and the only office is in my house. I have to run several servers for exclusively for the business and they draw a lot of electricity… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
I have an S corp, single individually owned. I also have an
I have an S corp, single individually owned. I also have an I-401K. My S Corp is giving me an individual paycheck (it only has consulting income), which is less than the total consulting fee received … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
In the 1120S tax return for an S Corp where there are ...
In the 1120S tax return for an S Corp where there are only two shareholders, Don & Peg Hunt; can the interest expense be deducted? The interest expense is from a loan from the company''s bank with the… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
Purchasing Corporation by Installments, Tax Treatment
I am purchasing a S-Corporation from my parents. I will be buying their corporate shares of stock and make monthly payments to them until I have paid them in full. If I pay them out of the business ac… 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