I have a loan from my 401k retirement plan that I am making monthly payments on. I want to take the loan balance as a partial distribution this calendar year to avoid the tax liability being pushed into next year. The plan experts said that if I default on the payments for 90 days, the loan balance will automatically become a partial distribution with associated tax liability. However, I do not want to wait 90 days or take a full distribution and roll over the balance into another plan. How do I get the tax liability into this year?
November 29th, 2023
December 20th, 2023
A tax attorney advised me to close my existing corporation and start a new LLC to settle my 5 years back 941 taxes. He said I could start fresh with the new LLC and then settle on the back taxes. Please advise.
April 18th, 2024
Can I change from having the estate pay the tax in the previous year to the beneficiaries paying the tax this year, given that last year there was no tax due and no K-1s were issued, and this is the second and final return for the estate?
March 20th, 2024
Is long-term care insurance an exemption under the tax code?
August 20th, 2024
Are home construction loan interest payments tax deductible?
August 23rd, 2023