asked
I own 50% of my medical practice. My 2 business partners are 25% owners each. I'm receiving part of my compensation as payment through the company of a LOC that I was paying prior to forming the partnership for expenses related to the start-up. The LOC will be paid off in 2 months. What are my options to continue to receive this compensation, other than receiving a direct payment (with tax consequences)? Can I use the LOC in any legal way to continue to have the company pay for this and therefore avoid the direct compensation with its tax consequences?
October 6th, 2023
My boss has recently registered ACN in Australia Pty Ltd and GST. Does he have to wait 3 months for the first BAS statement to submit his past receipts for tax return, even though he has business receipts dating back past 2 years?
April 24th, 2023
I am completing my tax return using TurboTax and I entered dividends from my Vanguard account. I am asked for a total amount eligible for non-state taxes, but the Vanguard 1099 shows the percentage from US Govt. securities by fund yet the total ordinary dividends show all of the funds lumped together. How do I break this down so that I can show how much each fund is?
July 24th, 2024
What is Form 1042-S and what classification should be used if I make payments as compensation for work done by a UK citizen?
July 3rd, 2023
I am still working, earning a high wage, and collecting Social Security benefits at the same time. I am looking for ways to plan and minimize my tax impact. I am an experienced and active stock and option trader with a 401K account, two traditional IRA accounts, and a cash margin account for frequent trades. Should I consider a ROTH IRA account with after-tax money to trade and accumulate funds without paying taxes on short-term gains, even though I would eventually have to pay taxes on the gains when I withdraw them? At age 68, should I start a ROTH IRA, and is it too late for 2023 ROTH contributions?
February 24th, 2023
How should I report the capital gain from the sale of a house purchased in 2008 for $96,000 and sold in 2023 for $200,000, when the gain is divided among three siblings, and my system does not allow me to change the total gain of $104,000 without using a code and making a negative adjustment?
April 25th, 2023