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Have a Business-Related Question? Information provided in this section or anywhere on this site is considered to be general and should not be acted upon without consultation from a professional who is aware of the reader's individual situation, circumstances and jurisdiction. For more information, read our full disclaimer. Do you have a question? Ask here! Question: If I partially use my home for my business. After selling my home (principal residence) I generated some revenue. How it is taxed in Canada?...Answer Question: I am selling a residential rental property in which I have capital gain. I am considering deeding the property to my chapter s corporation. The corporation will then sell the property to the buyer. Will this increase my ultimate tax exposure?...Answer Question: Is the LEAP approach using Whole Life Insurance a viable option? That is, as a way to create tax-free retirement income?...Answer Question: I live in Canada and I'm starting my own record label. I would like to know if, or how much, I can write off as income pertaining to my album sales and/or production costs, etc. ...Answer Question: I own and S-corp. The first year I did not file for State S-corp status but filed my taxes as an S-Corp. Now I am trying to close the business and NY wants a return sent in for that year as a standard corp. Do I have any way around this? ...Answer Question: My father passed away in 2002 and left me an inherited IRA. I signed up to have the Minimum Required Distribution (MRD) done automatically, but it never went through -- so I'm 2 years behind. How can I rectify this without having to close the IRA?...Answer Question: I have a Roth IRA in Janus Fund. The preliminary year-end distributions estimates per share are $.01. Looking at another fund, Janus Mid Cap Value Fund its year-end estimate is $1.80. Could I change funds to get the most from year end distributions? ...Answer Question: Do contributions to an employer's 401(K) qualify for an IRA deduction? I thought they couldn't be deducted so I didn't include my 1040 contributed last year. If it is an allowable deduction, can I re-file last year's tax returns?...Answer Question: We live in NJ but work in NYC, therefore we pay NJ and NY income tax. If my children decide to go to college at a NJ public college is there a way to get in-state status?...Answer Question: What would be the consequences if we stop paying tax and maintenance fees on two lots we owned in Texas for some 30 years and have been unable to sell?...Answer Question: I was thinking of starting a 501(c)(3) foundation to help teachers pay for items for their classroom. My question is, if an individual applied for funds to replace money they spent, is it taxable income for them?...Answer Question: I am going to get a lump sum of money wired from overseas. What is the best investment vehicle to use to assure that I can build it into more money, yet avoid paying too much in taxes later on if I need it?...Answer Question: 1041 Estate Return line 20. Can the deduction be taken each year?...Answer Question: I work from my home 100% of the time for a company based in NYC. I'm considering moving to NJ. Will I have to continue to pay NY State and city taxes plus NJ?...Answer Question: Over the last three years I borrowed approx. 30K from a family member in small parcels. Now, I'm ready to pay her back in full but I want to make sure she doesn't get hit with a tax burden on money she generously loaned me. Can I help protect her? ...Answer Question: In my divorce my ex-wife was to transfer from her IRA to an IRA in my name a sum of money. Instead I was sent a check from her account which I was advised to cash. Are there tax implications and if so for whom?...Answer Question: I live and work in NJ but am thinking of moving to NY in July. Will I have to pay capital gains tax on the sale of my home in NJ to NJ or NY assuming I sell my home before I move to NY?...Answer Question: Which is more beneficial--having no mortgage and investing that money, or having a mortgage (100,000 over 15 years) and having that tax deduction? We have 4 young kids and make $90,000/yr....Answer Question: Having trouble understanding my financial statements. Income statement shows my company has made more money than we actually have. I added what we have in the bank and our receivables, but they fall short of what my computer says our net income is....Answer Question: I already filed my 2004 taxes for my current job but forgot to file my past job (Jan. – Mar.). Can I still file it or do I have to wait until next year? If it is not too late, how do I go about filing it?...Answer Question: I am married, not living with my husband for more than 5 years. I provide a home for my son 28 years old. Can I file as head of household?...Answer Question: My son is 9 yrs. old and had earnings of about $14,000 resulting from a commercial shooting. Can I write off the money that was placed in his court blocked account, talent/management agency fees in addition to regular business expenses? Thank you....Answer Question: Hi, we switched from single member LLC to 1065 partnership last year. When filing returns, should we proportionate the incomings/expenses based on time or based on when they occurred?...Answer Question: My son is a full time student at Penn State. We claim him as our dependent. He worked two semesters for the US Government in Maryland for 8 months on a coop. He is a legal resident of GA. Is he required to file GA and MD state tax returns? ...Answer Question: Would it be wise for my husband to cash in some available stock options (worth 2k) for us to contribute to my IRA (I don't work)? ...Answer Question: We buy granite then fabricate and install, to both private customers and customers we receive from kitchen dealers. Who is responsible for paying the tax—our company when we purchase the granite or the client buying from us?...Answer Question: My husband was just told he was overpaid $3,600 last year. They are going to deduct the money from his checks this year. My question is, since we already filed our taxes, can we refile with the actual income (W-2 figure-$3600) to receive a higher refund? ...Answer Question: My daughter, a full-time student, is divorced and she and her son live with my husband and me. Since we are providing 100% of our grandson's support, including daycare costs, can we claim him on our tax return? His father has never paid child support. ...Answer Question: Should a LLC change principal owner (husband) to minority owner (wife) to benefit financially and getting contracts? If yes, does existing LLC need new EIN if (wife) is resident agent? ...Answer Question: I file 1120S. Last year I paid NY S corp. franchise tax and city tax. How do I treat last year’s state and city tax on 1120S form this year? Should this be treated as other deductions on line 19? Please advise....Answer Question: What are the tax implications of my business investing with a group to purchase another business that is in a field other than what i currently do? ...Answer Question: I have been succcessfully trading in my account for some time. I am looking to go public and launch a hedge fund. I have been told i need to audit mystatements, or at least AIMR them. What does AIMR mean? What do you advise? Do you provide these services?...Answer Question: We are an LLC member manager of an LLC investment company.
At the end of each quarter we allocate management and performance fees.
This allocation is typically paid out in cash immediately upon receipt.
What are the tax implications of this?...Answer Question: I am on a TN work visa, what do I need to do for IRS? The company I own in the Cayman Islands has a contract with a firm in the states....Answer Question: What would be the best legal entity for my music production company – an LLC or a C or S Corporation? I am a one man operation with two artists. I also have a deal on the table with some major players in the industry...Answer Question: What costs can actually be capitalized into inventory? For example, if a plant is not running at 100% capacity, can you lump all costs into the product? Also, who defines 100% capacity?...Answer Question: I obtain contract work through my LLC and usually do the work myself. Recently, I found a recruiter in another country who I just send my requirements to, and he finds developers in that country to do the work for me. How do I report this expense?...Answer Question: I am self employed. If I make a charitable contribution to a charity or church from the business account, can I deduct this on Form "C" or do I need to set up the business as a corporation to do this?...Answer Question: There is an LLC in which its partners receive monthly salaries when money is available. The company received a large amount of money and the partners decided to take a distribution according to their ownership percentage. What account should be debited?...Answer Question: I have some rental properties that I am actively involved with. However, I am not in the real estate business. I had a loss on these last year. If my income exceeds $150K will I be able to take the losses or will they roll over to offset future gains?...Answer Question: Is there a specific format to follow when capitalizing spending and efficiency variances? Is the intent to properly state the ending inventory value? If variances are capitalized, what is the best method to amortize the capitalization?...Answer Question: I invested in an L.P. through a custodial IRA. Last year's K-1 was issued using my social security number instead of the custodian's tax ID number. There were no gains, so I didn't notice. This year there are gains. Can this be corrected easily?...Answer Question: If I help with the down payment on a home mortgage for my son, and the amount is more than the exclusion of $11,000, would that money be considered a gift and be subject to the gift tax?...Answer Question: Do I pay NJ sales tax on my office consulting business?...Answer
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