Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
Besides >$taxable rental income from weekly beach rentals
Besides >$taxable rental income from weekly beach rentals before the 199A 20% deduction, I have 2 other taxable 199A income sources which combined exceed the $410,000 limitation for financial services qualifying income. I assume my deduction for rental profits are unaffected by this. Is this correct. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
Mr. Lev, We have a small LLC that owns residential rental
Mr. Lev,We have a small LLC that owns residential rental property. I am working on the business tax return (Form1065) now and am trying to understand the QBI provisions so that the 3 members K-1s can … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,697 satisfied customers
Taxes: How to handle a switch of a rental from passive
taxes: How to handle a switch of a rental from passive management with losses to active management on federal taxes. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,582 satisfied customers
In a private practice business, can a portion of all profits
In a private practice business, can a portion of all profits from services provided be considered guaranteed payments to the partners or would that be considered a distribution of profits?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,582 satisfied customers
Ales, This questions is in regards to the QBI pass through.
Hi Ales,This questions is in regards ***** ***** QBI pass through. 1. A partnership has QBI and issues a k-1 to the partner which is an Scorp 2. The Scorp reports the income from the K-1. where do I r… read more
ALEX O
ALEX O
Partner O & G Tax
Master's Degree
5,415 satisfied customers
I have purchased a rental townhome in 2019 tax year. I would
I have purchased a rental townhome in 2019 tax year. I would like to maximize my returns on QBI deduction. If I do a cost segregation study on year 1 and take 100% bonus depreciation on 5,7 and 15 yea… read more
Carter McBride
Carter McBride
LLM
8,035 satisfied customers
I didn't know to take the QBI deduction on 2018 S-Corp
Second opinion] I didn't know to take the QBI deduction on 2018 S-Corp 1120S. Income from psychotherapy private practice, mostly insurance company payments, some credit card. $62K line 21 ordinary biz… read more
PDtax
PDtax
Owner
Master's Degree
6,509 satisfied customers
For 2019, farmer received 1099 patr with amount on line 6
for 2019, farmer received 1099 patr with amount on line 6 for domestic production activities deduction which I thoiught was ended in 2017. Farmer has overall loss on schedule f so no qbi deduction. no… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,582 satisfied customers
I am looking for an opinion on a 199A question. I have a
Good morning. I am looking for an opinion on a 199A question. I have a client, limited partnership, that working with state, city and port officials, constructed a solar panel farm and now sells elect… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,697 satisfied customers
Let me know how much I would pay in taxes. S Corp 1.5
Please let me know how much I would pay in taxes.S Corp1.5 million net 200k salaryLLC1.5 million net No salaryS Corp500k net 200k salaryLLC500k net No salary… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,697 satisfied customers
Will my husband an I benefit if my company puts me as a 1099
second opinion] Will my husband an I benefit if my company puts me as a 1099 consultant for most of my business with them and as a w2 employee for sales portion? I have an S Corp set up already that I… read more
PDtax
PDtax
Owner
Master's Degree
6,509 satisfied customers
I'm trying to figure out the QBI section of the online tax
Second opinion] I'm trying to figure out the QBI section of the online tax prep software I'm using. I originally posted asking for help going through the software, and the agent apparently didn't read… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
56,697 satisfied customers
I converted my main home (1 bedroom condo appartment) to
Second opinion] I converted my main home (1 bedroom condo appartment) to rental property. It was rented from September 01, 2018. 1. Are my renting activities qualified for QBI (qualified business inco… read more
PDtax
PDtax
Owner
Master's Degree
6,509 satisfied customers
I have an LLC involved in Real Estate. It has income
I have an LLC involved in Real Estate. It has income properties and it sold one of them in 2018 for a long term capital gain. In addition it had a 40% interest in an LLC that did flipped a single fami… read more
Mr. Tax
Mr. Tax
CPA
Master's of Science
1,010 satisfied customers
I have a question about the new Qualified Business Income
I have a question about the new Qualified Business Income Deduction... as a deduction, shouldn't that help me? Meaning NOT increase my Federal taxes owed? … read more
Mr. Tax
Mr. Tax
CPA
Master's of Science
1,010 satisfied customers
Qbi deduction for taxable income > 415000. Can the 50% of W2
qbi deduction for taxable income > 415000. Can the 50% of W2 wages of the business be used as qbi deduction? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
I'm trying to figure out the pass through deduction for a
I'm trying to figure out the pass through deduction for a single member LLC that is considered a SSTB. No wages were paid to any employees, and the LLC has no depreciable assets.If the owner files as … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
In regards to the new tax code for small business. The
In regards ***** ***** new tax code for small business. The section on small biz can deduct 20% off net income. What qualifies as a small biz. For example. I have 3 LLC's set up for my tanning salons.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 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

6,039 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

838 satisfied customers

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

Loren

Loren

Attorney

741 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

23,416 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< 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