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Tax Planning/Questions
| Subject | Date Asked | Expert |
| Depreciation/Section 179 | 2/6/2012 | OWEN S. ARNOFF, EA |
| Q: I purchased tires for my business vehicle with an expected life of 3 years. I paid with credit card ... A: Tires would be considered normal repairs and maintenance and would thus be expensed directly on ... | ||
| Taxes on Settlement | 1/27/2012 | OWEN S. ARNOFF, EA |
| Q: I DECIDED TO GO PRIVATE DUE TO THE FACE THAT THE INFORMATION IM GIVING YOU IS EASILY DETECTABLE THAT ... A: Here's my take: The W-2 is for lost wages. The 1099 is the settlement for non-physical injury. ... | ||
| Taxes on Settlement | 1/26/2012 | OWEN S. ARNOFF, EA |
| Q: I DECIDED TO GO PRIVATE DUE TO THE FACE THAT THE INFORMATION IM GIVING YOU IS EASILY DETECTABLE THAT ... A: Victor. I have seen settlements like this frequently. The reason they want a W4 and a W9 is that ... | ||
| 401K for employed parents | 1/21/2012 | OWEN S. ARNOFF, EA |
| Q: Right now, I give 25K a year to help my parents and in-laws in this economy and this comes out of my ... A: Leonard - The short answer is "no" it doesn't make complete sense, unless they are really working ... | ||
| Gifts to family members | 1/17/2012 | OWEN S. ARNOFF, EA |
| Q: My in laws want to give gifts to their children and grandchildren following the sale of an ... A: Lawrence - You are correct that the maximum is $13,000 to each. But that is the limit for each ... | ||
| 1099 question | 1/16/2012 | OWEN S. ARNOFF, EA |
| Q: I took over a sole propietorship in July of this year. I have been paying the former owner 15% of ... A: Susan - You can't do this on your own. This venue doesn't allow for a complete explanation that ... | ||
| 1099 question | 1/16/2012 | OWEN S. ARNOFF, EA |
| Q: I took over a sole propietorship in July of this year. I have been paying the former owner 15% of ... A: Susan - When you say "took over" what do you mean by that? Did you purchase the business? If so, ... | ||
| tax on commissions | 1/11/2012 | OWEN S. ARNOFF, EA |
| Q: I work as a sales director collecting w2 as a base salary and will start to collect quarterly ... A: From what you describe you have a couple of possible ways you can handle this. 1) The S-Corp. This ... | ||
| prepaying a medical bill to maximize the medical tax deduction | 12/23/2011 | Richard Stolp |
| Q: For the last month, I have been trying to do something that appears to be unheard of in the medical ... A: My take on your situation: I would take the deduction if all the procedures were done in 2011 - even ... | ||
| prepaying a medical bill to maximize the medical tax deduction | 12/23/2011 | OWEN S. ARNOFF, EA |
| Q: For the last month, I have been trying to do something that appears to be unheard of in the medical ... A: Wendy - It seems you're only talking about the bill. It is based on when the services are provided. ... | ||
| windfall year tax avoidance | 12/4/2011 | OWEN S. ARNOFF, EA |
| Q: Owen, I am a salesguy whose average income is between $250,000 to $400,000 a year. I do not own ... A: John - There are a few strategies that I would suggest, but it would require quite a bit of ... | ||
| HOW TO FILE TAXES IN MY NEW STATE | 12/3/2011 | Richard Stolp |
| Q: HELP! I know this has got to be a cinch of a question for you, but I've relocated to Texas (from ... A: Rick, You will have to file the federal return on your 1099 income. I'm surprised the California ... | ||
| taking capital loss deduction if loss>income | 12/2/2011 | OWEN S. ARNOFF, EA |
| Q: Suppose I have zero taxable income for 2011, and I have a capital loss (short-term) below $3000. 1. ... A: Reggie - In answer to your questions, 1 - No. whether you file or not, your loss is allowable only ... | ||
| HOW TO FILE TAXES IN MY NEW STATE | 11/30/2011 | Richard Stolp |
| Q: HELP! I know this has got to be a cinch of a question for you, but I've relocated to Texas (from ... A: Just file the way you always have. You will file the federal return the same with just a change of ... | ||
| ease the tax burden | 11/20/2011 | David McKeegan |
| Q: My wife is a nurse practitioner, who in January is moving from hospital work to industry for ... A: Bob, I'm assuming the income is as an employee and not self employment. There are some pretty good ... | ||
| supporting a struggling musician? | 11/17/2011 | Richard Stolp |
| Q: For the past two years, I have been a benefactor of a struggling very talented musician. He himself ... A: You are out of my experience - you'll need a lawyer to set up your non-profit. And, since it would ... | ||
| supporting a struggling musician? | 11/16/2011 | Richard Stolp |
| Q: For the past two years, I have been a benefactor of a struggling very talented musician. He himself ... A: A non profit would work for future "donations." You may wish to talk with an accountant, but my take ... | ||
| Special Assessment for Condo | 11/2/2011 | OWEN S. ARNOFF, EA |
| Q: On Jan. 18, 2010 you responded to a question about deducting a Special Assessment on a condo. I ... A: OK. Now that it is cleared up, there are several arguments that could be propounded. If you are ... | ||
| Special Assessment for Condo | 11/2/2011 | OWEN S. ARNOFF, EA |
| Q: On Jan. 18, 2010 you responded to a question about deducting a Special Assessment on a condo. I ... A: Ted - If this is your primary residence, there is no deduction in the tax code for this. Therefore, ... | ||
| IRA | 11/1/2011 | OWEN S. ARNOFF, EA |
| Q: Next year I will be required to start taking distributions from my tractional IRA> I made some non ... A: Jo - That is a fantastic question! I say that because most people believe that they can dispose of ... | ||
| Can I Avoid Being Killed in Taxes? | 10/30/2011 | OWEN S. ARNOFF, EA |
| Q: Owen ... I'm in the fortunate position of having earned over $100,000 in 2011 (W2). Unfortunately, ... A: OK; that helps somewhat if you can 'control' how you get paid. Incorporating is a two-fold ... | ||
| Can I Avoid Being Killed in Taxes? | 10/29/2011 | OWEN S. ARNOFF, EA |
| Q: Owen ... I'm in the fortunate position of having earned over $100,000 in 2011 (W2). Unfortunately, ... A: Jona - Let me try and ask a couple of additional questions so you can clarify some things for me. ... | ||
| depositing euros in to American acc. | 10/27/2011 | David McKeegan |
| Q: I am transferring approx. 100,000 euros from an Irish account into an account here in America for ... A: Mike, There is a good chance that this will raise some red flags. Firstly, it is not illegal to ... | ||
| Trader's Tax | 10/23/2011 | OWEN S. ARNOFF, EA |
| Q: If my only income derives from trading stocks at home online for very short periods (holding stocks ... A: Alex - Although this article is from 18 years ago, much of it it still applies: ... | ||
| Individual 401-K | 10/17/2011 | OWEN S. ARNOFF, EA |
| Q: My wife is self employed no employees she has a SEP IRA now. Can she also open a individual 401-K? ... A: David - You cannot maintain two retirement plans of this type. You cannot convert one plan to ... | ||
| incorp tax planning | 10/15/2011 | OWEN S. ARNOFF, EA |
| Q: Can you direct me to a resource or two where a lay person like myself can learn more about small ... A: Vic - Small business tax planning is best done in person between yourself and a tax professional as ... | ||
| LLC and SCorp tax | 9/28/2011 | OWEN S. ARNOFF, EA |
| Q: I work for an S-Corp that is currently leasing building space. We are growing and are looking at ... A: Michelle - That is a good strategy. Some of the tax advantages is that it will allow much more ... | ||
| W-4 Allowances | 9/25/2011 | David McKeegan |
| Q: I currently have a full-time job, and I am picking up a part-time job that will pay about ... A: Based on the information provided that should be how it works. Two allowances on an income of $1000 ... | ||
| Stock loss deduction | 9/22/2011 | OWEN S. ARNOFF, EA |
| Q: Arnoff, I have a stock doing poorly. If I sold it can I deduct the loss against my regular income ... A: David - This is what's called a capital loss. If you sold the stock at a loss, you are limited to a ... | ||
| C Corp | 9/22/2011 | OWEN S. ARNOFF, EA |
| Q: I own c corp company and also still work fulltime job for an employer. Can I claim by children's ... A: The short answer is "no" but there are ways you can be creative to pay your children for work they ... | ||
| Can't pay my taxes | 9/20/2011 | OWEN S. ARNOFF, EA |
| Q: In 2010, I took $13,000 from my IRA account to live on since I lost my job. The taxes due are now ... A: Barbara - That sounds right, that you would be subject to the 10% penalty only, because you can have ... | ||
| Can't pay my taxes | 9/20/2011 | Mike Wellman |
| Q: In 2010, I took $13,000 from my IRA account to live on since I lost my job. The taxes due are now ... A: No, the penalty for early withdrawal will be $255. You will owe taxes on it in addition. Without ... | ||
| Tax Refund for school | 9/18/2011 | David McKeegan |
| Q: I am a part time student and this semester I was only able to afford to take one class. Will I get ... A: Jessica, It is very difficult to answer this accurately without knowing your exact situation. That ... | ||
| tax | 9/10/2011 | OWEN S. ARNOFF, EA |
| Q: I just sent you a question. I re-wrote number 2 to make it clearer. 1. I live in Maryland and drive ... A: In order to itemize, you need a total of $5700 in itemized deduction for Single or $11,400 for ... | ||
| tax | 9/8/2011 | OWEN S. ARNOFF, EA |
| Q: I just sent you a question. I re-wrote number 2 to make it clearer. 1. I live in Maryland and drive ... A: Al - Regarding #1, if you are a W-2 employee and your employer has a policy for non-reimbursement of ... | ||
| profit sharing and SSDI | 9/6/2011 | OWEN S. ARNOFF, EA |
| Q: My husband has an s-corp for his business. It is a small business. I have been ill the past year and ... A: Unfortunately, I could not provide you clear direction on what qualifies for SSDI as afar as income ... | ||
| Capital Gains Tax | 8/27/2011 | OWEN S. ARNOFF, EA |
| Q: I was told that it is possible to reduce the capital gains tax by investing in aquaculture. Is this ... A: Michelle - I am not familiar with any way to reduce the capital gains tax in relation to this. The ... | ||
| Tax Planning | 8/20/2011 | David McKeegan |
| Q: I am a single teacher with no dependents and living in MO, USA. I will make $44,000 this year and ... A: Ben, Yes... the entire $8,000 would be a deductible expense as long as it was made to a qualified ... | ||
| Publication 590 & distributions | 8/4/2011 | Richard Stolp |
| Q: I have an inherited IRA from my father. He was 80 when he died so he was taking RMDs. Publication ... A: You will be treated as a beneficiary/individual. You will not be able to add to the IRA only take ... | ||
| Business Loss Write-off | 7/29/2011 | Richard Fritzler |
| Q: I have invested $35k in a yoga studio a few years back, just before the recession. It has been ... A: Your question triggers a qualified "yes". Qualified in that, as a 6% holder it is not your decision ... | ||
Tax Planning
OWEN S. ARNOFF, EA
Top Expert on this page
Expertise
As an Enrolled Agent, I am fully capable of providing tax advice as it relates to personal and business income taxes. Enrolled Agents are the only Federally licensed tax practitioners and are admitted to practice before all administrative functions of the IRS. My specialty is working with small business owners who file Schedule "C" and helping them to structure their business in such a way as to maximize as many tax advantages as possible. I also enjoy working with individuals who have both routine as well as complex tax situations. Members of the National Association of Enrolled Agents must complete a minimum of 90 hours of Continuing Professional Education in Taxation every three years. This puts us at a tremendous advantage when it comes to providing outstanding and up-to-date tax planning and advice. Although I am licensed to handle and do, in fact, work with Non-Profit Organization compliance (Form 990 series), Trust/Fiduciary Returns, and Estate & Gift Tax Returns, I prefer to concentrate on individuals and small business tax planning.
Experience
I have a 25 year background in financial services including tax, bookkeeping, insurance, real estate and securities. I was previously the Chief Financial Officer of a local and national franchise organization. I currently own (in partnership with another EA) an individual and small business financial engineering firm where I work with nearly 500 individuals and small business owners in California, Texas, and Arizona, assisting them in all aspects of their tax and financial well-being.
Organizations
National Association of Enrolled Agents, California Society of Enrolled Agents, National Society of Accountants, National Association of Tax Professionals,
National Society of Tax Professionals, American Institute of Professional Bookkeepers
Education/Credentials
Enrolled Agent, Admitted to Practice Before the IRS, Accredited Tax Preparer, Fellow of National Tax Practice Institute, Certified QuickBooks ProAdvisor (since 1999), Sleeter Group Certified QuickBooks Consultant, Life & Disability Insurance Agent License (California, Texas, Maine), Real Estate Agent License (California); Many years of continuing education in all these fields.
Past/Present Clients
http://www.betterbusinessventures.com/our_clients.html
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