Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have LLC and my gross income for over 10 years is around…

Customer Question
Hello , I have...

Hello , I have LLC and my gross income for over 10 years is around 50k after deduction expenses my income is around 11k . I went to see my ssn statement and there is no evidence of any income . does that mean my accountant have not clam no income ? I have an accountant for reason , I don't understand taxes and I want to do the right thing.

Accountant's Assistant: Which tax year is the deduction for?

2007 to 2017 every year

Submitted: 25 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 36 minutes by:
5/28/2018
Tax Professional: James Daloisio, Tax Attorney replied 25 days ago
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 608
Experience: 24 years of continuing education and experience.
Verified

Hi, my name is ***** ***** welcome to Just Answer.

Social Security and MediCare taxes are paid to the government in two ways:

1) if you are employed by a company, the employer will withhold half of the payment from your paycheck, and will pay the other half for you.

2) if you are self employed, you report your earnings on Schedule SE and you pay the entire self-employment tax yourself. Or if you own a corporation and are an employee of that corporation, your corporation pays those taxes much the same as any other employer.

If you are the only member of the LLC, then you either chose (A) to be taxed as a corporation, or (B) you made no election and are being taxed by default as a "disregarded entity." This means that for tax purposes, the IRS disregards ***** ***** and treats you as a sole proprietor. You file form 1040 for your personal income taxes and report your business profit and loss on Schedule C. If there is any profit remaining on Schedule C, that profit is subject to self-employment taxes that are calculated on Schedule SE.

For each year that Schedule SE taxes are submitted you should see a contribution on your social security statement. If you do not see any reported earnings, it's time for you to have a talk with your accountant and find out what he/she has been doing with your taxes.

To earn social security credit, you have to have a certain threshold of income. For 2018, that threshold is $1,320 per quarter; you can earn up to four quarters annually by having 4 x $1,320 of taxable income, or $5,280.00. You need to have 40 quarters to receive social security benefits when you retire.

So, you need to ask your accountant (1) how your LLC is taxed, (2) has he been sending social security and MediCare payments to your account. You really need to look at your tax returns. You have indicated your income and expenses but I don't know if those are your figures from your bank account or the figures from your tax returns. You could easily have $11,000 income and still have $0 reported on your tax return due to deductions allowed, in which case there was no self employment tax due.

Hope that helped. Please don't forget to rate this answer. You may always return here with follow up questions on this topic at no additional charge. Thank you for using Just Answer.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask James Daloisio Your Own Question
James Daloisio
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 608
608 Satisfied Customers
Experience: 24 years of continuing education and experience.

James Daloisio is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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 >

Related Tax Questions
I made a mistake on my return by deducting last year's NOL
I made a mistake on my return by deducting last year's NOL from my net profit on line 31 of my Schedule C instead of including it on line 21 (other income) of form 1040 and THEN using it to compute my… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a single-member/sole proprietor LLC Company in my
Hello I have a single-member/sole proprietor LLC Company in my name. I am interested in investing $50,000 in a startup company. Can I invest in this Company through my LLC? or should I invest personal… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
Are SREC's (Solar Renewable Energy Credits) taxable income?
are SREC's (Solar Renewable Energy Credits) taxable income? What if you have not yet finished payments on your solar panels? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
973 satisfied customers
How much can I deduct on my 2017 income tax return for meals
How much can I deduct on my 2017 income tax return for meals per day when my husband went to Hangzhou, china on Sept. 2017? … read more
abci168
abci168
Principal
27 satisfied customers
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm self employed, and file sole proprietor each year. This
I'm self employed, and file sole proprietor each year. This year I made 50K, and if I do not add any deductions I will pay 5K in taxes. If I do add deductions it will show that my expenses and truck m… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
On schedule SE I owe $3241. How do I translate this into the
On schedule SE I owe $3241. How do I translate this into the 50% deduction you mentioned? I'm again referring to Form 1040 and line 27.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am self-employed (1099-Misc Realtor). If my Taxable Income
I am self-employed (1099-Misc Realtor). If my Taxable Income is $0 even though my adjusted Income is $58,000, is this unusual or something that is so out of balance it could cause a red flag to the IR… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Self employed. after deductions, my taxable income is $4000.
self employed . after deductions, my taxable income is $4000. will i have to pay tax on that amount? thank you … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
111 satisfied customers
Is a settlement from employment taxable income? My husband
My husband received a settlement from his employer as he was no longer able to work as a patrol officer due to injuries. He had to take medical retirement … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a self employed with schedule C Income, I over
I am a self employed with schedule C Income, I over contributed SEP in 2015 and 2016 return. How can I correct this error? My SEP( is just a savings account) custodian bank said it is too late to corr… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Tax Attorney
608 satisfied customers
I forgot to include my schedule SE form 1040 when I efiled
I forgot to include my schedule SE form 1040 when I efiled my taxes. Do I need to file and amended return? … read more
abci168
abci168
Principal
27 satisfied customers
Taxpayer amended 2015 tax return to report schedule C
Taxpayer amended 2015 tax return to report schedule C income. Note schedule C was never file on original return. Can taxpayer claim Sec 179 deduction on the amended return for 2015… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 satisfied customers
Changing being taxed as an LLC sole proprietor to an LLC
changing being taxed as an LLC sole proprietor to an LLC taxed as an S-corp, do they need to file Form 8832 or Form 2553 or both?If both, in what order?THANKS… read more
abci168
abci168
Principal
27 satisfied customers
A law firm (which is a Schedule C filer) has gross income of
A law firm (which is a Schedule C filer) has gross income of 1,000,000 & Net Income 0f 280,000. In the tax reform just passed, there is a 20% deduction for law firms that have income less than 315,000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 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.

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