Author Topic: any accountants out there that i can ask a question?  (Read 490616 times)

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #560 on: November 11, 2015, 03:37:45 PM »
depends on the Insurance company, and possibly even buy on the exchange
the real winner would be if the other spouse gets a plan through their job and only they are covered so the s-corp could do a section 105 medical reimbursement to pay the difference
one employee (owner) owned companies are exempt from the new $100 a day penalty on medical reimb.
To clarify what I was saying: I'm not referring to buying a "personal" policy and do a section 105 medical reimbursement for the company. I'm talking about a "business insurance plan" which seem to have better coverage for a better price. Thats what the brokers said you need 2 unrelated members to be eligible for...

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #561 on: November 11, 2015, 03:38:12 PM »
Let me make it easier for you. Look for the instructions of form 1120S.
I looked and still unsure..

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #562 on: November 11, 2015, 03:40:07 PM »
the wife owner idea would actually work in an LLC better, but even for an S-corp the IRS looks at a reasonable salary, if SHE isn;t working then she doesn;t need as reasonable a salary as he would, possibly
Do you know from experience or just speculating?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #563 on: November 11, 2015, 03:43:11 PM »
I'm relying on the expertise of 2 insurance brokers. If the info they gave is inaccurate many people will be in trouble for many reasons

If you take tax advice from an insurance sales man and are proud with it then.....
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #564 on: November 11, 2015, 03:48:45 PM »
If you take tax advice from an insurance sales man and are proud with it then.....
Huh?
How is that tax advice?
To know whether or not a company is eligible for certain types of insurance...
You're definitely mistaken

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #565 on: November 11, 2015, 03:52:49 PM »
the wife owner idea would actually work in an LLC better, but even for an S-corp the IRS looks at a reasonable salary, if SHE isn;t working then she doesn;t need as reasonable a salary as he would, possibly
My accountant said that an LLC won't work if I want to have a payroll

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #566 on: November 11, 2015, 04:41:42 PM »
My accountant said that an LLC won't work if I want to have a payroll
If both the husband and wife are the 2 mmebers of the LLC that would be correct
if its a SMLLC or there is another owner then the non-owner spouse could be on salary (and the non working spouse member wouldn;t pay s/e tax on the income )

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #567 on: November 11, 2015, 04:42:57 PM »
Do you know from experience or just speculating?
a little of both, :D more the former

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #568 on: November 11, 2015, 05:08:04 PM »
If both the husband and wife are the 2 mmebers of the LLC that would be correct
if its a SMLLC or there is another owner then the non-owner spouse could be on salary (and the non working spouse member wouldn;t pay s/e tax on the income )
Makes sense, dilemma is that the only person  would consider making owner is spouse

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #569 on: November 11, 2015, 05:58:26 PM »
Makes sense, dilemma is that the only person  would consider making owner is spouse
in a single member LLC one spouse would own and the other would work and get a paycheck

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #570 on: November 12, 2015, 12:24:24 AM »
in a single member LLC one spouse would own and the other would work and get a paycheck

separate property or community property state?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #571 on: November 12, 2015, 11:45:26 AM »
for sure separate, i'm not sure about community property 

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #572 on: November 24, 2015, 08:31:17 PM »
Is it a bad career move to leave public accounting after 1.5 years?

For example moving to a frum type of business at a slight salary increase.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #573 on: November 24, 2015, 08:38:56 PM »
Is it a bad career move to leave public accounting after 1.5 years?

For example moving to a frum type of business at a slight salary increase.

question is if you'll be stuck at a junior in house level forever.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #574 on: November 24, 2015, 10:40:05 PM »
question is if you'll be stuck at a junior in house level forever.
I'm an accountant but its not like I could never do anything else.. I would hope to be able to advance laterally or move to another place..

 I have no plans to stay public very long term anyway. The question is whether there really is a long term benefit to staying in public 2.5-3.5 years? - As far as "learning the industry" is concerned I know that 1.5 years is more than enough. I just can't seem to justify being a slave for another few years only to "build the resume"

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #575 on: November 25, 2015, 12:55:05 AM »
I'm an accountant but its not like I could never do anything else.. I would hope to be able to advance laterally or move to another place..

 I have no plans to stay public very long term anyway. The question is whether there really is a long term benefit to staying in public 2.5-3.5 years? - As far as "learning the industry" is concerned I know that 1.5 years is more than enough. I just can't seem to justify being a slave for another few years only to "build the resume"

I dunno much about accountants, but tax lawyers have exprssed to me that if you move in house too early, you get a junior in house position and then never move up.

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #576 on: November 25, 2015, 01:00:29 AM »
Keep in mind, you learn a lot on public. Once you go private, you are doing more repetitive tasks with little variance to the type or complexity. That makes it harder to 'move up the ladder' in private as you aren't learning much.

My impression is that those who stick it out a few more years in public are able to enter the private market at a miuch higher level as the years they've spent are highly valued.

This may all be more relevant to a corporate accounting role. less so to a local tax firm.

Offline Am

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any accountants out there that i can ask a question?
« Reply #577 on: November 25, 2015, 02:49:19 AM »
I want to sell off a lot of stock. iirc, if one has too much capital gains in one year it makes them ineligible for the earned income credit.
Is that true?
What is the amount?
(And is there a way around this?)

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #578 on: November 25, 2015, 02:58:32 AM »
I want to sell off a lot of stock. iirc, if one has too much capital gains in one year it makes them ineligible for the earned income credit.
Is that true?
What is the amount?
(And is there a way around this?)
If you earn more than $3,350 in a year in Net  Investment Income you lose eligibility for the EIC.

The only way to sell the stocks would be to either sell of part in one year and part in the next etc to  reduce the amount earned, or to determine if your losses in other portfolios negate some of the earnings on this stock.
« Last Edit: November 25, 2015, 03:02:29 AM by MarkS »

Offline Yammer

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Re: any accountants out there that i can ask a question?
« Reply #579 on: November 25, 2015, 05:14:27 AM »
If you earn more than $3,350 in a year in Net  Investment Income you lose eligibility for the EIC.

The only way to sell the stocks would be to either sell of part in one year and part in the next etc to  reduce the amount earned, or to determine if your losses in other portfolios negate some of the earnings on this stock.
Would that be the case for both Federal and NYS Credits?

And is there any deduction if you earned FE $2000?