asked
I own an S-corp service business and want to learn more about ways to save in taxes. I receive a single 1099 for the services I provide, and my primary expense is wages. Additionally, I am developing a new business and want to know the best structure. I also have questions about retirement plans, reasonable compensation, liability protection, business vehicles, borrowing from the corporation, QBI eligibility, home office deductions, and setting up a family management to pay my kids.
May 20th, 2023
I have a single-person LLC and am considering filing taxes as an S Corp for 2020. I live in KC, MO, work as an IT Consultant, and expect to make about $350K next year in MO, IA, and MN. I'm thinking of setting a salary around $160K to $170K and plan to max out a SEP IRA. I'm also interested in setting up a Defined Benefit Plan to shelter more income. What are the tax implications, potential savings, and administrative overhead of electing S Corp status, and can I set up a Defined Benefit Plan with my current LLC structure?
January 7th, 2023
If my mom sells her mixed-use commercial property for $1.7 million after owning it for 50 years, and she is currently retired with social security and some rental income totaling approximately $40k, what would be the approximate federal and state tax liabilities on the sale?
July 19th, 2023
As a furniture reseller from Texas, what do I need to receive from my client in Florida to ensure that my wholesale orders to them are tax-exempt from Florida sales taxes?
April 4th, 2024
I have set up a 529 account for my granddaughter through T Rowe Price in Maryland. If my son makes contributions into my 529 account, can he claim MD tax benefits?
August 15th, 2023
If I begin taking my social security at 64 and 9 months, can I stop after a year and how long must I stop it to get back to my full retirement age of 66 and 2 months?
January 13th, 2023