Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I'm preparing a k-1 for an LLC. The contribution was 25,000
Hello. I'm preparing a k-1 for an LLC. The contribution was 25,000 in 2018. The individual would like to take the 25,000 as a loss on their 2018 return. Is that counted as a withdrawal/distribution wh… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,602 satisfied customers
I asked another tax pro about our LLC yesterday and he said
Hi, I asked another tax pro about our LLC yesterday and he said we didn't need to file as we don't have any income, expenses etc. My partner still wants to file even though we don't have to. On the 10… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
1,328 satisfied customers
I am wondering where to correctly report distributions from
Hi. I am wondering where to correctly report distributions from a K-1, 1065. My tax software is telling me that most distributions in box 19 do not need to be reported, but this doesn't seem correct. … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
1,328 satisfied customers
If i haven't paid myself a salary in the last 5 years from
if i haven't paid myself a salary in the last 5 years from my LLc taxed as S corp while working on my film that i'm now selling and if i sell ti for example for 2 million , should i be able to add my … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I received a K1 and I don't think it was filled out
I received a K1 and I don't think it was filled out correctly. I'm trying to find information to interpret the form … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I am filling out a 1065 for my LLC partnership. I am
Hi I am filling out a 1065 for my LLC partnership. I am figuring out where to enter 2 simple pieces of information - we had a revenue of $99.68, our expenses were $4466.42, so our income was -4366.74.… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
954 satisfied customers
I am making a short film. I've set up an LLC (because I
I am making a short film for 15K. I've set up an LLC (because I intend to use the film as a business tool to sell an adaptation of the story to a studio), and I'm taking in 6K in investment from two p… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,268 satisfied customers
I am filling out K-1s equity investors in a single
I am filling out K-1s for private equity investors in a single purpose entity LLC for the making of a a motion picture feature film. The film has a fixed budget, but has not been released yet or sold,… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,260 satisfied customers
I have a questions regarding a 1065 in which we have claimed
I have a questions regarding a 1065 in which we have claimed a Section 181 deduction. Here is what the 1065 Schedule K looks like: Box 1 -21,405 Box 7 233,122 Box 13d 184,862 Noted as Section 181 Prod… read more
Anne
Anne
Master Tax Preparer
2,550 satisfied customers
There is an llc s corp. There are 5 partners. There are 20
There is an llc s corp. There are 5 partners. There are 20 investors. They are making a movie. I do a 1065. The partners share in the loss as the movie has not been sold yet. They get k-1's that show … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
A film production. LLC. Raised 209,000 . Spent 203,000. Completing
A film production. LLC. Raised 209,000 . Spent 203,000. Completing a standard 1065 gives each partner(investor) a loss box 1. BUT I need to give each investor their full investment using section 181. … read more
Anne
Anne
Master Tax Preparer
2,550 satisfied customers
Morning,I am working as a producer on a film called THE
Morning, I am working as a producer on a film called THE THREAT OF SEX. (it's PG;) It is an LLC taxed as a Sub S corp. To make and promote this feature we have to sell off 120,000 in membership shares… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
What is the proper way to file taxes if I am the manager of
What is the proper way to file taxes if I am the manager of the LLC and have investors who have put in money in 2010 (and there have been expenses), but the LLC has still not made the product yet and … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,260 satisfied customers
We have an LLC that is trying to raise $300,000.00 for a motion
We have an LLC that is trying to raise $300,000.00 for a motion picture. In this past year, we've raised $104,000, but are still trying to raise the balance. What year end tax forms need to be sent to… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Ive worked in Motion Picture Picture production for 18 years
I've worked in Motion Picture Picture production for 18 years and now I'm moving into the Independent Film Financing arena and everyone seems to be afraid of Tax Code 181, yet the IRS and other Tax Co… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a LLC that was formed in Texas specifically for a motion
I have a LLC that was formed in Texas specifically for a motion picture project. Naturally, while making the film we only have expenses.....no income. Do I need to file a 1065 form? I read on the IRS … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Hi. I made an investment in a film LLC in 2008. The LLC is
Hi. I made an investment in a film LLC in 2008. The LLC is going to deduct the full amount in that tax year, so I will have a large deduction. Can that be offset against ordinary income? or just passi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I am looking up Section 181, which is a section of the code
I am looking up Section 181, which is a section of the code where the IRS allows one to deduct all the film productions expenses in the year incurred, as opposed to the past, where one had to recogniz… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 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

4,937 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 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