asked
I am a 62-year-old owner of a single-person LLC taxed as an S-Corp, making $200K in profit. How do I determine the best tax structure to maximize my 401(k) contributions and minimize taxes? Specifically, what is a reasonable salary to pay myself, what is the limit on dividends, and how do I manage payroll and tax payments, including the timing and forms required?
July 11th, 2024
I withdrew $36,328.01 from my IRA and deposited the full amount into a savings account. I am 54 years old. How much tax and penalty will I have to pay for the 2019 tax year?
October 28th, 2023
I have been making payments on a house for the last few years at $400 a month. We made payments on the taxes on the house and are at our 47th payment of the house. Now, the owner says we owe him more. What can I do?
July 19th, 2023
For the past 2 or 3 years, I have received a 1099-misc form for income from board work in a micro-cap, employee-owned company, paid in illiquid penny-stock shares that cannot be sold due to the company's financial difficulties. Is there any mechanism to defer declaring this income, such as marking the year-end value of the stock to zero due to its illiquidity, even though it theoretically has value?
January 3rd, 2023
I spent $25,000 on establishing a business in 2017 and 2018, primarily on travel and entertainment, but have not received any income yet. Can I deduct these costs on Schedule C in 2017?
January 23rd, 2024
How much can my 14-year-old stepson earn from working before he would owe taxes or be required to file a tax return, given that he receives $228 a month from his mother's disability benefits and we claim him as a dependent?
December 7th, 2024