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Recent Business Tax questions

I have a business tax question. I plan to start a business

Hi I have a business tax question.JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I plan to start a business as a Facebook advertiser. The clients will be wiring the advertising dollars and my personal fee to my LLC bank account. I will be using the funds to advertise their businesses on Facebook. I will be able to easily write off this expense right?JA: Is there anything else important you think the expert should know?Customer: No

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
I started a small mechanics business Why do I have to pay

I started a small mechanics business Why do I have to pay business tax at income tax if I pay business taxes quarterly also and is my social security getting paid through any of these taxes or do I have to pay that separately.

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
If i am on h1b and in a year there is profit in business how

Hi If i am on h1b and in a year there is profit in business how can i claim it in business tax returns. If i need to file K1 where do i put the profit received without violating the h1b status, I work passively in the company and only share profits or losses

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
Can you file home&small business tax returns if the business

Can you file home&small business tax returns if the business hasn't been profitable for more than three years? Thanks,

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Chad CFP ®

Certified Financial Planner(R), Pro

Master's Degree

366 satisfied customers
Business tax question. Can you take a look at the attached

Hi Brian. Business tax question. Can you take a look at the attached 2016 balance sheet and let me know what and where to enter for the following.In 2016 the shareholder loaned the company 6100In 2016 the company paid the shareholder back 6000(Please note that in 2015 the shareholder loaned the company 780)

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Brian Michels

Partner, CPA

Bachelors of Business Administration

322 satisfied customers
I have the following questions about federal income taxes

I have the following questions about federal income taxes that relate to my FL LLC formed in 2003 and having no employees. The situation's the result my health that degraded over a few years to the point of total inability to participate in the company - I don't know if that information's helpful.. My wife kept the company alive until my health improved. No personal or business taxes or estimates have been paid for 2015 & 2016. Here's the questions: 1) For various periods in 2015 & 2016 Forms 941 & 940 were filed this year for my wife and me. Taxes and penalties have been paid. Can I get them back? Generally how? 2) Since 2003 we have filed an 1120S and not a Sch C. Does this cause or add to any problems for the past 2 years? 3) In the past 2 years we have drawn (early) from my IRA & Roth for essential bills. Is there any allowance for hardship when withdrawing early? 4) What's the penalty for question 3? 5) About 2007 the company was moved from me as the owner to my wife. It now needs to be changed back since my health is better. Does or can this affect my other questions, and how?

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Brian Michels

Partner, CPA

Bachelors of Business Administration

322 satisfied customers
I am trying to file taxes for my LLc i have a few questions

I am trying to file taxes for my LLc i have a few questions is a loan that is taken out to open a businiees if the loan is repaid by the business is it considered a non recourse loan and subject to ammorization becuase the interest on the loan? what happens if a guarenteed payment puts the business at a loss and id last years startling capital was zero is it still zeroJA: The Accountant will know how to help. You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: okJA: Is there anything else important you think the Accountant should know?Customer: maybe i dont know right now

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Brian Michels

Partner, CPA

Bachelors of Business Administration

322 satisfied customers
This is a business tax question. I have a corporation and am

This is a business tax question. I have a corporation and am filling out form 1120 for 2016. We had one employee and their gross wages were 4835.00 (as reported on their w-2). The employee share of medicare withheld was 70.11, social security withheld was 299.77 and withholding withheld was 313.25. The employer share of medicare was 70.11 and social security was 299.77. We use the cash accounting method and did not pay anything in to the IRS yet (did not do federal deposit for the 941 yet so will pay in 2017. What are the amounts that need to be entered on the 1120 to account for all of this. What goes on line 13 salaries and wages? And then what do I enter elsewhere to account for that I have not given the IRS the employee and employer shares yet. I use the cash accounting method and was not sure how to do. I need it to where my assets and liabilities will equal eachother in the balance sheet correctly.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Brian Michels

Partner, CPA

Bachelors of Business Administration

322 satisfied customers
Background: In 2016, my business was an LLC (I paid myself

Background:In 2016, my business was an LLC (I paid myself with distributions). In 2017, I got a letter from the IRS that my 2553 form was accepted so the business will be treated like an s-corp (so now I pay myself through payroll on salary).Problem:I did my taxes this year and I owe the IRS money (personal AND business taxes) for 2016.Question:Am I still an LLC accounting-wise such that I can use my business's s-corp bank account of 2017 to pay off my personal and LLC tax owed for 2016? Or will I have to pay off 2016 taxes with my personal bank account? If the former is allowed, is the taxes paid considered an expense I can write off when I do my 2017 taxes next year? Thanks

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PDtax

Owner

Master's Degree

8,048 satisfied customers
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