Tag Archive for tax question

Tax Question: How Do I Handle My LLC With Early Retirement?

I am early retiring this year and own an LLC company that only makes about 30K a year but much more than the allotted 17K that I have to stay under for this year. My wife helps me with this work but we don’t pay each other a salary, we just put the money in our business account when it comes in and file 1 Schedule C for the business on our yearly tax forms. She owns 1 share in the LLC and I own 100.

How would I structure this so that my income is limited to 17K and the remainder over that goes into her income. Do I need to update the LLC agreement or put each other on the payroll or maybe just me on the payroll? Do I just transfer ownership (all shares) to her? How would you advise me? Read More

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Tax Advisor’s – Please Help Answer Tax Question Of The Week!

Tax Advisor’s – Your Thoughts On This Question Of The Week?

A 62 year old exempt Catholic Priest has paid 44 quarters of social security and medicare payments with the past eleven years of income tax returns. He qualifies for medicare at age 65, reduced social security at age 62 and full social security at age 66.

Can the Catholic Priest stop paying social security and medicare payments on future earnings?

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Tax Advisor’s – Answer Tax Question Of The Week!

Tax Advisors- Your Thoughts On This Question Are Appreciated

Taxpayer Question: I invested about 250 hours on a project that did not pan out and this had a huge impact on my bottom line in 2015.

For a consultant who charges an hourly rate and working as a sole proprietor, can I take a loss for work done on a project that was rejected by the client?  Read More

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Tax Question Of The Week: Who Knows The Answer?

During the final stages of an IRS Appeals Level of an OIC, I then received an audit for my 2015 corporate tax return. My personal side was settled and a figure agreed upon( took two years to get to this status). My question is “Does this mean that my OIC already negotiated will have to withdrawn?”

Is the OIC withdrawn automatically in Appeals? Are the Auditors attempting to take away the negotiated OIC and I have no choice in the matter? Is there any part of the code section that would tell me how this is handled. I am unable to find it and the lawyer representing me is unable to find any code section to protect an already negotiated OIC settlement.

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