asked
For the tax year of 2011, if my S corporation business had a net income of $100,000 (after paying my salary) and I, as the sole stockholder and employee, took owner's draws/distributions of $80,000 over the course of the year. As of 3/15/12, I finished my corporation tax return and realized that there is another $20,000 that I could have drawn without having to pay capital gains. How can I take that distribution today without it counting as a distribution for 2012? I will be paying tax on that $20,000, and I should be able to pay myself that $20,000 today without it counting against my 2012 basis.
September 26th, 2023
In Illinois, can I claim my 24-year-old son as a dependent on my taxes if he lives at home with my wife and me, and he wants to claim himself?
April 28th, 2024
How does taxation work for cryptocurrency, particularly in terms of when you transfer bitcoin back to currency and take that currency out of exchange? I'm about to file my taxes and need to know how to do it properly.
May 16th, 2023
What is the process for setting up a non-profit organization in Ohio, and what are the key steps and forms required?
April 11th, 2024
I did a 1031 exchange selling my property in December 2006 and buying a new property in May 2007. I satisfied all the requirements of identifying the new property within 45 days and closing within the prescribed time. I filed an extension in April since the 1031 wasn't going to be completed until May. Now, I need to file my final return and I won't have my 1099 until 2008. How do I report this exchange on my tax return?
June 14th, 2024
What form can we file to stop my current wife's income being taken for my child support arrearages?
June 24th, 2024