Steven G. asked
We started an LLC in June of this year. We have a $250K capital equipment startup loan and have invested $140K of our own money. The business is expected to have a net loss of $200K for 2015. Our W2 taxable income will be roughly $400K with $105K already withheld for federal taxes. Considering the business loss and potential tax benefits from Section 179, how significant would the tax impact be if I withdraw $350K from an IRA, and would it be better to do so this year due to the business loss?
July 30th, 2024
Christian M. answered
Withdrawing $350K from an IRA would significantly impact your taxable income, potentially offsetting...
July 30th, 2024
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