Unanswered Tax Questions

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Small Business

Best entity for tax benifits as a single person with low business income

Hi, I would like to form US business entity from India. I already had a discussions with companies like doola and incfile for this. But I'm unable decide the best entity type for me. Here is my situation: I need US business entity and business bank account for the purpose of Google AdSense and also for Affiliate marketing payments. I will be the sole owner of the business. Infact I do not even take any amount as salary because the income from this business would be very low initially and it the income will not be a constant income. I might get $500 in one month $100 in another month or it could be $5000 in another month. So it is extremely fluctuate from time to time. So I do not take any salary from this and I do not employ anyone. i will handle all the things and take the profit at the end of the year. But every month I will take some amount as a freelancer. So whatever amount is left at the end of the month after all other business expenses, I will take that as the freelancer amount and I will show this as a business expense at the end of the year for tax filling. So, basically, there would not be any amount left to distribute to me as a profit. Because I'm taking all the remaining amount after deducting business expenses as a freelancer amount. so there won't be any amount left to distribute. So, I'm thinking S-corp for this. But my question is that there is a "reasonable salary" condition in this entity. Does this apply to my situation? Thank you,

Asked Sunday, December 10, 2023 by Ajay R.
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Self Directed IRA

Beneficiary ROTH

Can I move money from a Beneficiary ROTH (10 year rule) to a regular Roth (owner is 62) If so is there a special way to do it?

Asked Friday, December 08, 2023 by Terry M.
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Tax Filing Tips

Large Donation To My Own Nonprofit

I run a very small nonprofit (less than $10,000/year for two years). I would like to donate $50,000 of my inheritance, which I received in 2023, to my nonprofit. When is the best time for me to do that (for a tax credit)? When is the best time for my nonprofit to receive it (to not disturb bookkeeping/avoid tax issues)?

Asked Thursday, December 07, 2023 by Christopher G.
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Deductions and Write-Offs

Can i claim CCA and deduct lease payments in the same year ?

I bought out my leased car in June (which i use for business 80% of the time). I'm wondering if i can deduct the lease payments from january to june and claim CCA for the remainder of the year). I'm aware that one cannot deduct lease payments and claim cca simultaneously. thanks!

Asked Thursday, December 07, 2023 by Sami T.
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Personal Taxes

Real Estate Partnership depreciation

I was wondering if real estate depreciation losses can be used to offset Roth Conversion taxes. I would like to do IRA to Roth Conversions and will have significant real estate depreciation losses. Would these losses be able to offset the tax liability for the Roth Conversion? Thanks!

Asked Thursday, December 07, 2023 by Lee P.
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Tax Filing Tips

Claiming missed depreciation /

I didn't claim depreciation on residential rental property (10 yrs) Is there a limit with form 3115 ? How many years can a trust carry the loss forward ?

Asked Thursday, December 07, 2023 by Paul N.
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Tax Forms

1099k and W2g

1st I have birth of $5,000,000 that will show up on a 1099k from PayPal of that an estimation of $280,000 will be income. Is there a form to file (maybe opptional) that explains this to the irs so I don’t have to be audited or deal with correspondence. Because I’m a professional gambler so most of that money is my own money being cycled repetitively deposited into a site and then withdrawn out etc.

Asked Wednesday, December 06, 2023 by Brandon W.
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Bookkeeping & Write-up

Car Wash Accounting Question

Car wash bookkeeper here. Client owns a car wash that has change machines and started out with about $3k in quarters that has not been accounted for in the books. They have a POS system that tracks all sales, including cash sales. How do I account for the $3k in quarters that was included in the purchase of the car wash, as well cash that is collected from the machines that is over and above what the system has recorded for sales?

Asked Wednesday, December 06, 2023 by Alicia R.
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Miscellaneous

New business or old business

Hello, I currently have a property management company. I’m wanting to start digital marketing and online retail store. Can I place this under my old business name or should I get another company and EIN? Thank you so much for your time.

Asked Tuesday, December 05, 2023 by Alisha K.
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Small Business

S Corp distribution

I have excess cash in the business. Over and above this year's profit. How can this legacy cash be distributed. It's profit that has been left in the business. I'd like to pull some of it out and into a personal HYSA.

Asked Friday, December 01, 2023 by Walter M.
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