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Recent Individual Tax questions

I just got married and have a private practice. My student

I just got married and have a private practice. My student loan is really high and I am on IBR. My income has increased this year. I am thinking about getting an LLC and holding some of the funds in the LLC or having the company pay the bills. Can I do this? Should I continue to file single?If I do the LLC- what are the benefits for LPCs?Will it protect me from being sued?I know it will save my money in taxes.What is your advice? Is it worth it?

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Mark Taylor

Certified Public Accountant

Masters

3,820 satisfied customers
Just rec'd notification of pending audit of 2 of my

Hello,JA: Hello. What is your issue regarding?Customer: Just rec'd notification of pending audit of 2 of my individual tax returns 2014, 2015. Need advice on audit session. ThankslJA: The expert will know how to help. Please tell me more, so we can help you best.Customer: Specifically, they want to look at multiple deductions like medical expenses, unreimbursed business expenses, and cancelled debt.JA: Is there anything else the expert should be aware of?Customer: Well, the issue for me is I don't think I have all of my receipts for the deductions. That could be a problem. Also concerned about the cancelled debt which occurred during a mortgage short sale.

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Mark Taylor

Certified Public Accountant

Masters

3,820 satisfied customers
Can I claim losses from my foreign partnership that appear

Hi,Can I claim losses from my foreign partnership that appear on my SCH K1 statement (https://www.irs.gov/pub/irs-access/f8865sk1_accessible.pdf)?I am an individual who has a 50% direct ownership in a foreign partnership. I am a category 2,3,4 filer of form 8865, I am not filling a Form 1065 since the partnership doesn't have an activities in the USA. According to the 8865, I need to attach this 8865 Form to my tax return. The partnership shows losses and also my K1 (for Form 8865) lists my 50% share of the loss. Can I use this loss on my personal tax return? Alternatively, if not, can I carry the loss forward for future years once the partnership shows income?Please helpPlease advise

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,536 satisfied customers
If I have a non-martial asset account, like a Certificate of

If I have a non-martial asset account, like a Certificate of Deposit and I add my spouses name on it, is it still non-marital? No funds were added to it, just it did generate interest and my spouse is required to claim on his taxes as he is a joint owner... I closed the CD during the marriage and used the funds as part of a down payment and am hoping this is part is non-marital.

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Mark Taylor

Certified Public Accountant

Masters

3,820 satisfied customers
My ex wife and I started a company in 2013. The court

My ex wife and I started a company in 2013. The court awarded the company to me in the divorce. Since then I have started to get the taxes filed for 2013-2016. In doing so, my CPA wants to file as an s corp but we never filed the form to do that and are structured as a c corp. In order to file as an s corp we need her signature on form 2553. We can not get her to cooperate. What can we do?JA: Because family law varies from place to place, can you tell me what state this is in?Customer: IL this is tax law thoJA: Has anything been filed or reported?Customer: Nothing! we want to file as an s corp to avoid double taxation but since she was a shareholder we need her signature. That's what we are being told by our CPAJA: Anything else you want the lawyer to know before I connect you?Customer: no

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,198 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

3,820 satisfied customers
Second opinion] tax question regarding mba write-off as

Second opinion] tax question regarding mba write-off as educational expenses. Im an engineer looking to move to management track within current company. Company is reimbursing me for my tuition, but adding it onto my w-2 at end of year, so there may be tax ramifications. Can I write off as educational tuition, if I can prove it is essential for my position in my company? How would I, if auditted, even prove this?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Upper management has already signed off on it and may if needed write a letter stating it is essential for myself in the company (as opposed to starting a new career elsewhere in another field).

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
My girlfriend received a notice of audit on her filed 1040

My girlfriend received a notice of audit on her filed 1040 individual tax return. How can I contact the examiner to request to amend the 'money return method' part of the return?She wants to close the account in the US which she initially setup as her direct deposit preferred method.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,928 satisfied customers
Last year our accountant gave us wrong advice: she told us,

Last year our accountant gave us wrong advice: she told us, that we don't need to withhold any Social Security or Medicare Tax from our employee on H1-B status. So for 2016 his W-2 form shows 0 in Medicare and SSN withholding. What do we need to do in order to fix this mistake? How do we send the money that should have been withheld for SSN and Medicare? Is the employee or the employer responsible for paying underwithheld tax?

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Robin D.

Vocational, Technical or Trade School

25,662 satisfied customers
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