WITAXLADY

so I did a search for QB,, and see a post about how BHoffman is good with QB and S corp's 

That is not my forte and needs to be - I need a major lesson! as I have more and more S Corp businesses as my C's are profitable. 

The question I have;

taxpayer mfs amended 2014 for 1095 ACA and has to pay the $2200 back of premium. 

His wife and child  - H/H - separated all year - have to pay back $1,798 - Said they were the only ones on 1095 - "assumed" he had VA insurance. 

Since S corp pays all health insurance premiums, etc as part of benefits, can the S corp pay the above amount owed

A - out of the S corp as non taxable 

or even taxable and add it to their W-2 wages

B- can it be done out of the 2014 books and amend the 2014 S Corp as it was very profitable that year and it would then reduce the K-1's and reduce the amount due as well in total. 

So I am mixing prior years and benefits - and am unsure what is legal - please help - 

Sincerely, 

D

efining now.. 420 extensions

hi - cannot get the e-file created as it says no self employment income - SIMPLE, SEP contribution of $8,296  matching the Sch SE of same???? 

What is error? 

2014 shows same number sequence and was able to efile?? 

Help! Thank you! 

D

sorry to hear that Catherine - you are so knowledgeable and willing to answer... 

but then I am looking for a remote tax preparer for next year - would eliminate a lot of hassle for you and still keep you in the loop??? 

Contact me later if a tiny spark there?

D

postal worker retires on disability, 1099-R shows amount in box 1 and box 2 -taxable amount unknown 1= $7,000 5= $1300, employee contributions/ROTH or Insurance premiums

9b =Total Employee Contributions - $6900  box 4 = tax fed w/held - $400

So is any taxable? and how do I calculate the $$ amount if any that is taxable. These do not have a place to say if total distribution. 

Thx D 

great hobby for you!!

happy birthday - what a time for a birthday in your profession! 

just changed the duplex module on mine - really this close to the end... but $65 was better than replacing the printer

even if reported as income - still not deductible as to an individual... 

HAPPY BIRTHDAY... remember William! Salute and all of you - Thank you!!

I called my daughter today and said I wished she could come up and was she sleeping etc.. doesn't work on Wed.. - about 5 tonight I realized it was Thursday!!

support was awesome - spent tons of time trying to fix my problem - even my salesman helped - still get the retyr error - now they think it is the firewall and shut that off - that it was avast shut that off first on the server - but still have issues... 

cannot handle the slowdown anymore

marilyn - can I call you - what is your phone number - or send to my email please  [email protected] thx 

WRITTEN AGREEMENT? WHERE? WHAT? BUT THANK YOU - I WILL TRY THAT...

WHICH BRINGS UP ANOTHER QUESTION WE HAD - i AM FAMILIAR WITH s cORPS.. OOPS SORRY

Can a partnership pay for the health ins premiums? and then is it non taxable - Sec 105 available? or not needed then - or just premiums? 

thx  -

I promised I would go to bed at midnite!!

I'm 62 and forgot to go sign up in Jan - guess I'll get more figure I'll go 8 more years but need a partner soon and another remote person to survive - someone that is good at taxes! Retirees - or soon - calling you all!! 

And I am trying to get about 20 + 2012's completed - they keep crawling out of the files... 

D

2 barbers start a "Mancave", each have babies (no comments!!) so need to add 3rd haircutter. Now they form a LLC and a partnership 

3rd partner is 2% of profits, other 2 split rest. 

Income comes from 30% 30% of first 2 cuts and 40% of 3rd one. rest is take home - as Guaranteed payments? 

Which have SE tax on now... 

So the expenses that normally come off of the SE Income are now going to be paid by the partnership and all the GP is SE taxed without any expenses except some misc personal and mileage to buy their own items etc. 

So are the profits also SE taxed? If so - doesn't make much difference where subtracted,,, 

Otherwise, the partnership should be mostly all income and the GP should take all the expenses???

Too foggy to work this one through

and of course the 2% wants her taxes weeks ago without paying in anything!!!

Solutions - legal and otherwise - just kidding!!

Thank you, 

Darlene

I received the most delicious smelling coffee! I do not drink it - just smell it

i responded 

"Ha, retry error"

you are nice - I booked 2 apptmts for "just" questions - Apr 20th

do you bump waiting returns for new clients or just get info and file extension? 

got it! 

how do I save and send this - I thought I had it saved but no picture was there - only the text

thx

aaahhh - that was a real stress reliever... thank you

I do not understand - bottom line is taxed isn't it? Regardless of how much he gets? 

OR THE CALL Friday - yes you can drop off - and then he calls and the person gave tmi and said it would be an extension-  my cut off is 3/10 mostly -  well it is easy just us 2 - right?!  - wouldn't be fair to those who have been here - got angry - yelled at her, slammed down the phone - so much for the PR from getting voted the best tax preparer in the area 3 years in a row,,, 

And actually looks like 3/1 this year - they got smart and all dropped off early!