asked
I have a single member S Corp and I have questions about the New Jersey Pass Through Entity Tax (PTE). Specifically, I want to know if the PTE tax payments count as an expense in the books and if they further reduce the overall income/profit of the S Corp, providing additional tax gains at the federal and state level. Additionally, I need to understand if we need to consider the PTE taxes paid to NJ state as income for federal tax purposes since we will get a credit back for these taxes from the state when filing personal income tax. Lastly, I want to know if it makes a difference whether we elect for PTE tax or not from my S Corp as a tax-saving vehicle, given that I am already close to $10k in NJ state income taxes from my 2020 W2, Capital Gains, Rents, and Interest income.
September 29th, 2023
How can I find out what my tax return was for the year 2019?
April 3rd, 2023
I need to delete a dependent on my 2020 tax return because my granddaughter collected more than $6,000 in unemployment without telling me, making her ineligible as my dependent. I filed my taxes using TurboTax and need to amend my return so she can file her taxes. Where can I find the current form to amend my 2020 tax return?
December 22nd, 2024
In our divorce papers, the judge stated that we could each claim one of our 2 children. My ex-wife initially signed the necessary form for me to claim one, but this year she revoked it. Can this be done when it is stated in the divorce papers?
February 6th, 2023
I didn't receive my stimulus package because I'm on disability. Can I get it now, and what should I do since I haven't had to file taxes for a while?
January 14th, 2023
How do I report business fraud to the IRS?
July 6th, 2023