asked
We are a new LLC treated as a 50/50 partnership for this year. We are looking to take a distribution of about $15K each, but we only contributed $2500 each to start the business. Will that cause us to each recognize a gain? Should we wait until early next year to take a distribution when the net income will roll into our equity accounts? Additionally, we are planning to file to be an S-Corp for next year. Is there any relief for a late S-Election, and how does this affect our tax situation, including self-employment tax and potential tax strategies for reducing net income?
May 5th, 2023
Where is my tax refund? I have completed all the necessary steps but have not received any information about my refund since February. How can I check the status of my refund and what steps can I take to expedite the process?
November 18th, 2024
I am thinking of leaving my employment and taking my 401k paid out. I have an existing loan with my 401k that I am paying back. I want to know if there is a way to estimate the amount of taxes I would be paying if I take the payout. Is it worth it to take the payout?
September 20th, 2023
I filed my federal taxes online electronically in March for the 2021 tax year. When I check on the IRS website, it says 'not yet processing,' and I haven't been able to contact a live person to figure out why.
May 15th, 2024
I receive $36,000 in Social Security benefits and $7,000 from a retirement account. I am single and head of household. Do I pay taxes on the $7,000 from the retirement account, and if not, at what level of extra income do I start to pay taxes on it?
July 31st, 2024
What is the maximum percent the Wisconsin DOR can garnish my wages for, and can they garnish 75% of my gross income as an independent contractor?
November 13th, 2024