68-year female client. 2016 1040 issue. Not filed yet.
$245k AGI. Has qualified (401K) retirement plan thru employer. Thus can't deduct IRA contribution. Or contribute to Roth directly.
I advised the client on "backdoor" strategy.
The client contributed $13,000 to non-deductible IRA on 4/4/16....
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Why is conversion (regular to roth) taxable?
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Converting assets from Sch C to Sch E
I'm drawing a blank on how to handle this situation and hoping for some help. Sole proprietor owns a building and equipment used in salon business under schedule C for past few years. Partway through the year she switches from actively running the business (providing services and leasing out booth space) to only renting out the building and equipment... -
Please help!Complicated Auto Depreciation for Mid-Year Sole Prop to S-Corp Conversion
Client's business operated as a Sole Proprietorship through 05/30/16, generating $260,000 in net profits.
On 05/31/16, TP formed an LLC electing S-Corp taxation and proceeded to operate the same business with the new structure, generating 2016 profits of ~$100K after his salary.
On 03/31/16, TP purchased a Tesla Model... -
Entity conversion C to S corp
Does anyone have an excel template to project/compare whether it makes sense to convert from C to S corporation?
I want to be able to show a tax projection to my clients but have the time to create the template right now.
Any ideas?
Thanks,
Hector