TaxConnections

Ask Tax Question
Does An LLC File Taxes Itself Or Are The Taxes Filed Just A Part Of The Owners' Own Personal Tax Returns?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That depends. An LLC is a disregarded entity for the IRS. As such you must elect how to file. If it is a single member LLC and you have not elected to file as a corporation, the LLC would be reported on Schedule C...   Read More
I Am Part Owner Of An LLC. Do We Need To Empty Out Our Bank Account At The End Of The Year And Pay Ourselves Equally To Reduce The Amount...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Emptying out the bank account has no effect on taxes, and is not a wise move from a business standpoint. If the LLC has elected to be taxed as a partnership or as an S Corporation, a 1065 or 1120S will be filed....   Read More
We Just Built A House 8 Months Ago For $227k And We Owe Somewhere In The 210-215 Neighborhood..We Are Thinking About Relocating And Moving...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you have not lived in the house as your main residence for 24 of the past 60 months, you will owe tax, at capital gain rates on any profit realized from the sale. If you live in it for 24 months you can...   Read More
I Have A Client Who Prepared W-2s For His Restaurant, TY 2013, That Were Not Submitted To SSA. The W-2s Did Not Include The Tips Reported...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes. Since the employees received the incorrect W-2 forms and filed taxes based on those, you should submit the originals. Then prepare and send in the corrected ones, giving a copy to each employee.   Read More
Are Proceeds From Insurance Claim Taxable To A Business?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Any reimbursement for damage to your property is not taxable to the extent it was used to repair the property. If it was a total loss, if the reimbursement exceeded your basis and was not reinvested comparable...   Read More
What Are The Exemptions For The ACA?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Exemptions include Your lack of insurance coverage was for three months or less. You aren’t required to file a tax return because your income is too low. You are incarcerated. You are in the U.S. illegally. You...   Read More
If You File Separate Returns, You And Your Spouse Each Must Attach Your Form 8958 To Your Form 1040 If A Taxpayer Wants To Forego And...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

By not filing Form 8958 the IRS may adjust the incomes based on the way it is reported on the W-2, 1099's or other documents. It is simply an explanation of how the incomes are allocated under the state community...   Read More
0 0 Tax
Can You Tell Me The State To Move My Business To With The Lowest Tax Rates?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That's pretty much an unanswerable question. In looking at business tax rates, you must first consider the legal form of your business - sole proprietor, S corporation, C corporation, or LLC. Then you need to...   Read More
If I Am Reporting A Net Capital Loss (the Max Of $3000) On My Federal 1040, But That Number Includes A Capital Gain Of +$8051 That Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if you realize a capital gain in a state in which you do not reside, the gain is normally taxable in that state. Your home state will probably grant a credit for taxes paid to NC, assuming you live in a state...   Read More
Would Like To Amend 2015 Tax Return By Lowering Spouse (general Partner) SE Amount From Passive Rental Income And Adding That Amount To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Anytime an amended return is filed, there is the possibility of an audit. Amended returns are not processed by computer but are examined by hand. The IRS agent is not limited to reviewing the changes, so he/she may...   Read More
0 0 Amendment

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Log into Tax Connections

Not a member?    Register Now For a Free Account
I've forgotten my password
Contact Us Today