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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
13,595 satisfied customers
What is the main difference between an LLC and and S
What is the main difference between an LLC and and S Corporation? (considering one owner only,versus more owners)? ARe taxes done difefrently? Are owners personally liabile of business debts?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,285 satisfied customers
Lev, I have a client which he is a 100 percent shareholder
Good afternoon Lev, I have a client which he is a 100 percent shareholder of C corporation. He has opened SEP account for him and his wife in the last few years. There are no other employees and I am … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 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
13,595 satisfied customers
How does an S Corp report a SEP IRS contribution to its sole
Hi, How does an S Corp report a SEP IRS contribution to its sole shareholder? Additional information. The company is an LLC that elected to be taxed as a S Corp. If this is done on the S Corp lever, t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
Can a S Corp have both of the 401k account and Sep account?
Can a S Corp have both of the 401k account and Sep account? The Sep account is only for the owner-employee and the 401k account is for the ordinary employee. Are there any tax related requirements for… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,440 satisfied customers
I am an owner and only worker for a small business LLC.I am
I am an owner and only worker for a small business LLC.I am going to have a subcontractor join me as a 1099.My question is,would it benefit me more to be taxed as a single member LLC,or maybe be taxed… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,285 satisfied customers
If i accidentally funded my sep from when i was a sole
if i accidentally funded my sep from when i was a sole proprietor and did not set up a new sep as a scorp is it still deductible. It was funded prior to the extension date of 9/15 and was funded based… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 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
13,595 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
13,595 satisfied customers
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) an
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) and conducting all business from LLC (100% owned by the original S Corp). The reason for the LLC is to later tak… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 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
13,595 satisfied customers
there! I am the sole owner of an S-corp, and I have a
Hello there! I am the sole owner of an S-corp, and I have a SEP IRA. I took W2 wages of 144k in 2014, along with other cash draw distributions. I need to figure out: 1 - How much can the S-corp contri… read more
ShawnA
ShawnA
CEO
Bachelor's Degree
2,450 satisfied customers
I was a single member LLC all the way until Oct 2014 at that
I was a single member LLC all the way until Oct 2014 at that time I turned my single member LLC into an scorp begining Jan-2014(late election). During the year I made a contribution to a SEP-IRA for t… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I am small business owner making $200k/year, I don't take a
I am small business owner making $200k/year, I don't take a W2 salary from my business but withdraw money from my business account as and when I need and show that and what is left at the end of the y… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
Option A a person on h1 wants to open 100% subsidiary of his
Option A a person on h1 wants to open 100% subsidiary of his foreign company in which he owns all stock and employ a green card/citizen as CEO.Also will be employing his wife to act as director (throu… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Follow up question...How much of the 49k may the shareholder
Follow up question...How much of the 49k may the shareholder deduct? The 49k deduction will throw the scorp into a loss...Is that allowable??Please let me know… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,394 satisfied customers
I have just started a small business and I am not sure whether
I have just started a small business and I am not sure whether to establish myself as a sole proprietor or an LLC. I understand that as a sole proprietor I will have to file and pay self employment ta… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
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