Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
A C Corp that transferred in 2020 to an S Corp and had a
A C Corp that transferred in 2020 to an S Corp and had a loss in that year. The incoming shareholder was given 40% of the company. Can that shareholder claim any of that loss on their 2020 tax return.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
We have a (non-passive) S Corp (started in Jan 2019) racked
We have a (non-passive) S Corp (started in Jan 2019) racked up $316K losses in 2019. The investment was in form of stock basis and additional paid-in capital and all was at risk. The company made $20K… read more
Carter McBride
Carter McBride
LLM
8,335 satisfied customers
We talked on the phone last time. I have to file an S Corp
Hi Carter, We talked on the phone last time. I have to file an S Corp return today. My client Started his Corp as of 1/1/2019 and 2020 (CoViD year) was his 2nd year in Biz. He has non par stock of $1,… read more
Carter McBride
Carter McBride
LLM
8,335 satisfied customers
I have a new client whose personal and S Corp tax return i'm
I have a new client whose personal and S Corp tax return i'm currently doing for 2019 and who has a stock basis in her S Corp of $50,000 after making distributions to herself totaling $135,000 through… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
I am a registered LLC business owner. I applied to file as
Hello. I am a registered LLC business owner. I applied to file as an S Corp but am a little confused how to report my income. I paid myself a salary and also took draws. How do I report my compensatio… read more
PDtax
PDtax
Owner
Master's Degree
6,565 satisfied customers
If s corp shareholder pays for SBA loan on the s corp books
If s corp shareholder pays for SBA loan on the s corp books personally from his bank account, is that considered capital contribution to the corporation or shareholder's loan?Does that increase his st… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,631 satisfied customers
I need to generate a Will. I owe an investment property
I need to generate a Will. I owe an investment property which is under both my wife and I. We were recommended prior to preparing the will to put the property under a LLC or S-Corp. Which one is recom… read more
Richard
Richard
Tax Attorney
Doctoral Degree
6,039 satisfied customers
My wife and I purchased a small farm. The farm is in our
My wife and I purchased a small farm. The farm is in our names. If my wife starts a business can she claim expenses on the farm even though the farm is owned personally by us.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,631 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
23,416 satisfied customers
I am trying to plan taxes I may owe april 15,2016. I have a
I am trying to plan for the taxes I may owe april 15,2016. I have a capital gain of $86,000 from commercial property sale in 2015. I have a $-53,000 loss in 2015 in a S corp that is closing end of thi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
Can the manager of an llC who is authorized to receive 100%
Can the manager of an llC who is authorized to receive 100% of the LLC losses use them to offset his personal taxable income even if they are over the amount he has invested?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,631 satisfied customers
TAX CONSEQUENCES FOR CHANGING FROM S CORP TO C CORP WITH ONE
TAX CONSEQUENCES FOR CHANGING FROM S CORP TO C CORP WITH ONE SHAREHOLDER OWNING 100 PERCENT ALL ASSETS UTILIZING BONUS DEPRECIATION AND SHAREHOLDER HAVING 1.3 MILLION ON BOOKS AS NOTE TO HIM… read more
PDtax
PDtax
Owner
Master's Degree
6,565 satisfied customers
Could you please compare and contrast the pros and cons between
Could you please compare and contrast the pros and cons between setting up a business entity under a "C" corp vs. an "S" corp. What are the advantages and disadvatages of each from a tax perspective. … read more
PDtax
PDtax
Owner
Master's Degree
6,565 satisfied customers
Biz losses on tax returns: Sched C or Investment of S-Corp??
I have a professional S-Corp (spouse owns 10%) for my practice, my spouse & I invested in a cafe in 2 years ago, the cafe went out-of-business last year, the cafe was owned under my spouse only (singl… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
IF A 100% SHAREHOLDER IN A SUB S CORP HAS ZERO BASIS - CAN
IF A 100% SHAREHOLDER IN A SUB S CORP HAS ZERO BASIS - CAN HE EVER TAKE THE LOSSES THAT WERE CARRIED OVER ? AND HOW CAN HE HAVE A ZERO BASIS (AS CLAIMED BY A TAX PREPARER LAST YEAR) WHEN THERE ARE STI… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
I have setup a new 2011 s corporation. I am wanting to take
I have setup a new 2011 s corporation. I am wanting to take advantage of the 179 section for advanced depreciation for equipment. As the S corp will have no income for the year, will I be able to use … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
hello, we are doing our corporate and personal taxes today
hello, we are doing our corporate and personal taxes today for 2010. we had a loss of 36K from 2009. can we roll that over into 2010 or is it absorbed into 2009? one tax pro tells us it rolls over to … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,498 satisfied customers
I sold a franchise business in 2007 in an asset sale. The
I sold a franchise business in 2007 in an asset sale. The franchise was held under an S Corporation, with 2 shareholders of 50% each (my wife and me). The franchise operated at a loss each of the year… 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

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