941 Tax Problem Discussion

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss what happens when the IRS files a Substitute for Return (SFR) when you haven't filed yourself. What are your options? Also on the business side of things they delve into 2024 new Beneficial Ownership Information Disclosure on the latest episode of Washington Tax Service's "Welcome to the Resolution" Podcast. Learn more at https://watax.com

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss essential information for non-filing expat Americans on the "Welcome to the Resolution" Podcast.  Sponsored by Washington Tax Services WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issue at the below link and we'll get back to you ASAP.  1-888-282-4697 http://www.watax.com/get-help/contact-us

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss current state of the IRS Collections as well as a quick dive into the history of how the IRS has operated in the past on the "Welcome to the Resolution" Podcast. Sponsored by Washington Tax Services WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issue at the below link and we'll get back to you ASAP. 1-888-282-4697 ⁠http://www.watax.com/get-help/contact-us

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss the pros and cons of the IRS Expat Streamline Program on the "Welcome to the Resolution" Podcast, Episode Nine. Sponsored by Washington Tax Services WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issue at the below link and we'll get back to you ASAP. 1-888-282-4697 http://www.watax.com/get-help/contact-us

Join Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discussing the essentials when it comes to 941 tax issues and options for settling payroll tax liability. "Welcome to the Resolution" Podcast, Episode Nine. Sponsored by Washington Tax Services - www.watax.com WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issues at the below link and we'll get back to you ASAP.

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX explore some of the pitfalls, tax implications, and solutions associated with mistakes in selecting how to set-up your entity on the latest "Welcome to the Resolution" Podcast.  How are $100,000 in profits is taxed by a C corp, S Corp and a sole proprietorship (single member LLC) to you the individual:   Sole prop: profit $100,000 - your tax bill is $28000 roughly (this includes $15,000 roughly to fund your Social Security Medicare.) plus you get deduct 20% for Qualified Business Deduction (QBI).  S corp: profit $100,000 - your tax bill is $15384. No Social Security/Medicare required on dividends. Although you should get on payroll! (probably for 50k in this situation and pay $7500 to soc/security medicare), plus you get to deduct 20% for QBI deduction.  C corp: company level profit $100,000 x 21% = $21000. Let's say you choose to pay yourself in dividends, you will then owe an additional $15,284 in taxes. And zero QBI DEDUCTION!!!  Partnership, multi member LLC - limited partners: $100,000 profit distributed to one partners has $15,284 taxes due. (If you are a General Partner you would pay Social security/medicare taxes on this income at 15.35% rate).  All of the above entities have their merits. But clearly the C Corp is the worst model for your average small business. You pay the most taxes with the fewest benefits. To make matters worse: C corps don’t even get the 20% QBI deduction like the other entities! Even sole props get the benefits of higher Social Security and medicare coverage for their high tax rate! S corp might just be the sweetest spot. You pay some Social Security taxes on your wages but not on your dividends.  Sponsored by Washington Tax Services - www.watax.com

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss what to do when a deceased family member's taxes becomes your responsibility on the latest "Welcome to the Resolution" Podcast.  Sponsored by Washington Tax Services - www.watax.com  WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issues at the below link and we'll get back to you ASAP.

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss Notice of Deficiencies - what does it mean if you receive one, what are your options to resolve. On the latest "Welcome to the Resolution" Podcast.  Sponsored by Washington Tax Services - www.watax.com  WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issues at the below link and we'll get back to you ASAP.

Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss the DOs and DO NOTs of the popular IRS Offer-in-Compromise settlement program. Sponsored by Washington Tax Services. WATAX, a staff of enrolled agents, accountants, and attorneys, has been solving tax problems for over 30 years. Call or email at the below link and we'll get back to you ASAP. 1-888-292-4697 http://www.watax.com/get-help/contact-us

Listen to Jay Freeborne, E.A. and Stuart Bloomfield of WATAX discuss options for small business entity set-up (sole-prop, single-member LLC, multi-member LLC, S Corp, C Corp) and the tax implication of those decisions. A few clarifying points from podcast: 1. We mention in video "S corp owner" can fund a 57k IRA, but this is only in situation where the owner ALSO sets up a SEP IRA for all employees as well (with different and lower IRA limits). 2. The C Corp tax rate is 21% not 22% as indicated!     Sponsored by Washington Tax Services WATAX, a staff of accountants and attorneys, has been solving tax problems for over 30 years. Call or email us a description of your tax issue at the below link and we'll get back to you ASAP.   1-888-282-4697 http://www.watax.com/get-help/contact-us