Search results “Distribution of tax payments”
The Progressive Income Tax: A Tale of Three Brothers
"The Progressive Income Tax" is one of those economic terms that gets bandied about, but few actually know what it means or how it works. This tale of three similar brothers with three different incomes (but one shared expense) helps explain the tax system under which we live. Adapted from an article by noted investor and economist, Kip Hagopian, and narrated by actress Carolyn Hennesy of "General Hospital" and "True Blood" fame, this animated story will change the way you think about how you pay your taxes.  Donate today to PragerU! http://l.prageru.com/2ylo1Yt Joining PragerU is free! Sign up now to get all our videos as soon as they're released. http://prageru.com/signup Download Pragerpedia on your iPhone or Android! Thousands of sources and facts at your fingertips. iPhone: http://l.prageru.com/2dlsnbG Android: http://l.prageru.com/2dlsS5e Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful. VISIT PragerU! https://www.prageru.com FOLLOW us! Facebook: https://www.facebook.com/prageru Twitter: https://twitter.com/prageru Instagram: https://instagram.com/prageru/ PragerU is on Snapchat! JOIN PragerFORCE! For Students: http://l.prageru.com/29SgPaX JOIN our Educators Network! http://l.prageru.com/2c8vsff Script: Once upon a time, there were three brothers, triplets, named Tom, Dick, and Harry Class. They were raised in the same home, with the same parents, had the same IQ, same skills and same opportunities. Each was married and had two children. They were all carpenters making $25 per hour. While they were very similar in all these respects, they had different priorities. For example, Tom, chose to work 20 hours per week, while his brother, Dick worked 40 hours and Harry 60. It should also be noted that Harry's wife worked full time as an office manager for a salary of $50,000. Dick's wife sold real estate part time 10 hours a week and made $25,000 per year. Tom's wife did not work. Tom and Dick spent all of their family income. Since they paid into Social Security they figured, they didn't need to save for retirement. Harry and his wife, on the other hand, had, over many years, put away money each month and invested it in stocks and bonds. Here's how it worked out: Tom made $25,000 a year, Dick and his wife made $75,000 and Harry and his wife, $150,000. When a new housing development opened up in their community, the brothers decided to buy equally-priced homes on the same private street. One day the brothers decided to pool their funds for the purpose of improving their street. Concerned about crime and safety, and wanting a more attractive setting for their homes, the three families decided to install a security gate at the street's entrance; repave the street's surface; and enhance the lighting and landscaping. The work was done for a total cost of $30,000. Harry assumed they would divide the bill three ways, each brother paying $10,000. But Tom and Dick objected. "Why should we pay the same as you?" they said. "You make much more money than we do." Harry was puzzled. "What does that have to do with anything?" he asked. "My family makes more money because my wife and I work long hours, and because we have saved some of the money we've earned to make additional money from investments. Why should we be penalized for that?" "Harry, you can work and save all you like" Tom countered. "But my wife and I want to enjoy ourselves now, not 25 years from now." "Fine, Tom. Do what you want. It's a free country. But why should I have to pay for that? "I can't believe your being so... unbrotherly," Tom argued. "You have a lot of money and I don't. I thought you'd be more generous." At this point, Dick, the peacemaker in the family, entered the conversation. "I've got an idea," Dick said. "Our combined income is $250,000, and $30,000 is 12 percent of that amount. Why don't we each pay that percentage of our income? Under that formula, Tom would pay $3,000, I would pay $9,000, and Harry would pay $18,000." "I have a much better idea," said Tom. "And one that's fairer than what you're proposing." For the complete script, visit https://www.prageru.com/videos/progressive-income-tax-tale-three-brothers
Views: 5212792 PragerU
Mutual Funds Distributions Explained
Tangerine’s Joe Snyder addresses the most frequently asked questions about Mutual Fund distributions, starting with a simple explanation of what they are.
Views: 26756 Tangerine
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 325665 180 Law Co. LLC
Tax Tip for S-Corporation Owners: How to Pay Yourself
Emily Cowan, C.P.A., a Tax Consultant with Henssler Financial, explains how you can pay yourself as the owner of an S-Corp. Paying yourself a reasonable salary, withholding the proper FICA tax, and taking the proper distributions from the business are some of the most important steps to take. Fan and Follow Henssler Group -- Download the Henssler App Facebook: http://on.fb.me/14IxKoA Twitter: http://bit.ly/13rGJbI LinkedIn: http://linkd.in/17n8uTI YouTube: http://bit.ly/ehBglQ
Views: 53812 HensslerFinancial
Taxes on Producers- Microeconomics 2.11 ACDC Econ
I explain excise taxes any show what happens to consumer surplus, producer surplus, and deadweight loss as a result of a tax. Make sure to watch the section about tax incidence and who pays the majority of a tax.
Views: 534567 Jacob Clifford
Where Do Your Tax Dollars Go?
Why Do The UK And Argentina Hate Each Other? http://testu.be/1OJtfkb » Subscribe to NowThis World: http://go.nowth.is/World_Subscribe After an economic recession, Argentina is working to regain its former economic standing. Where does Argentina stand on the world stage? Learn More: Argentina http://www.britannica.com/place/Argentina "Argentina, country of South America, covering most of the southern portion of the continent." Argentina: Background and U.S. Relations http://www.fas.org/sgp/crs/row/R43816.pdf "Argentina, a South American country with a population of almost 42 million, has had a vibrant democratic tradition since its military relinquished power in 1983. " A century of decline http://www.economist.com/news/briefing/21596582-one-hundred-years-ago-argentina-was-future-what-went-wrong-century-decline "When the residents of Buenos Aires want to change the pesos they do not trust into the dollars they do, they go to a cueva, or "cave", an office that acts as a front for a thriving illegal exchange market." Music Track Courtesy of APM Music: "Human Connection" _________________________ NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today. More from NowThis: » Subscribe to NowThis News: http://go.nowth.is/News_Subscribe » Like NowThis World on Facebook: https://go.nowth.is/World_Facebook » Connect with Judah: Follow @judah_robinson on Twitter – Facebook: http://go.nowth.is/LikeJudah » Connect with Versha: Follow @versharma on Twitter – Facebook: http://go.nowth.is/LikeVersha http://www.youtube.com/nowthisworld
Views: 265319 NowThis World
How to calculate Excise Tax and determine Who Bears the Burden of the Tax
Tutorial on how to calculate total revenue from taxes. The animation shows how total revenue changes with elasticity It shows how the share between producer and consumer when the demand for elasticity changes too. Related Videos Entire Playlist on Understanding Elasticity in Economics http://www.youtube.com/playlist?list=PL3039DD4934D4C515 Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 193486 Economicsfun
Salary Slip explained | Decoding your Pay Slip | Know all about your Salary Slip
Do you know all the components of your salary slip? Are you sure the amount your are getting is as per the employment contract? We get salary slip every month giving the details about the amount that will credited as our salary in our bank. The salary slip has details about the tax deducted, allowances provided by the company and our details etc. but many times all these components are not very clear. So for all the details about a typical salary slip, you should watch this video Find us on Social Media and stay connected: Facebook Page - https://www.facebook.com/InvestYadnya Facebook Group - https://goo.gl/y57Qcr Twitter - https://www.twitter.com/InvestYadnya
Universal Basic Income Explained – Free Money for Everybody? UBI
What is UBI? How would free money change our lives. Kurzgesagt Newsletter: http://eepurl.com/cRUQxz Support us on Patreon so we can make more videos (and get cool stuff in return): https://www.patreon.com/Kurzgesagt?ty=h Kurzgesagt merch: http://bit.ly/1P1hQIH The MUSIC of the video: Soundcloud: http://bit.ly/2BHihcO Bandcamp: http://bit.ly/2AY8lPf Facebook: http://bit.ly/2qW6bY4 A few sources: Cash Transfers and Temptation Goods http://bit.ly/2gfkwsN Debunking the Stereotype of the Lazy Welfare Recipient: Evidence from Cash Transfer Programs Worldwide http://bit.ly/1lFeO5Y The Poverty Trap http://bit.ly/2iCv9cK The short-term impact of unconditional cash transfers to the poor: experimental evidence from Kenya http://bit.ly/2ixSbEn Opinion: Our Broken Economy, in One Simple Chart http://nyti.ms/2vzE1be Modeling the Macroeconomic Effects of a Universal Basic Income http://bit.ly/2xLWUFi On the Economics of a Universal Basic Income http://bit.ly/2BdHoaX What Would Happen If We Just Gave People Money? http://53eig.ht/230Td6X Cash Transfers and Temptation Goods – A Review of Global Evidence http://bit.ly/2cXUTyY Cash transfers: what does the evidence say? A rigorous review of impacts and the role of design and implementation features http://bit.ly/2av62Ya Cash as Capital http://bit.ly/2rGvlgZ THANKS A LOT TO OUR LOVELY PATRONS FOR SUPPORTING US: Kelly-Anne B, Kevin Perot, Ehsan Kia, Larry Peterson, Verteiron, Kristofer Sokk, Lily Lau, Fabian Keller, Hrvoje Stojanović, Chris K, Rebecca Lawson, Jonah Larsen, Tombfyre, Carlos Fuentealba, Logan Spalding, Richard Williams, Sylvain Gibouret, Paul Cowan, François Agier, Tristin, Matthias Monnereau, Qiiii Wang, Hendrik Ewe, Jenny Wang, Steve Root, Erickson Dias, Daniel Dod, Peggy Snow, fxenergy, Stephan Wölcher, Christian Strømnes, Michael, Dave, Anders Mærøe, Peter Sodke, Mathis Rehfeld, Obedient Gamer, Mersija Maglajlic, Christian Kleinferchner, Luke Stowers, Macrieum, Joanna Iwańska, Eli Mahler, Kevin Stamps, K., Mike Danielson, Harethh aljagbir, Panayot Todorov, TechyTF77 , Jacob Hilliard, Paul Flynn, Raymond Carter, Luke Welton, Ryan Kratt, robert oseveno, Hugo Chuang, Seggev Shoresh, Mechanically Cryptic, Niklas Widmann, Moshe Simantov, Sebastian Link, Leezdorfer, Andrei Robu, Karla Brilman, Jason Lopez, n0mir3k, Daniel Mardale Help us caption & translate this video! http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2 Universal Basic Income Explained – Free Money for Everybody? UBI
How tax breaks help the rich
The US has a problem with income inequality. The current tax code makes it worse. Correction: At 2:20, we say that the Glenstone Museum is only open for private tours. But, in fact, it’s free and open to the public for scheduled tours. Subscribe to our channel! http://goo.gl/0bsAjO Check out our full video catalog: http://goo.gl/IZONyE Follow Vox on Twitter: http://goo.gl/XFrZ5H Or on Facebook: http://goo.gl/U2g06o Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com to get up to speed on everything from Kurdistan to the Kim Kardashian app. The gap between the rich and the poor in America looks more like developing countries than other Western nations. Trump and the GOP have proposed tax plans that will give massive tax breaks to the wealthy while it remains unclear if the middle class will get a tax benefit. Deductions give a greater proportion of tax breaks to people with higher incomes. The same charitable contribution from two different incomes will benefit the higher wage earner, because deductions give tax breaks in proportion with tax brackets. Other countries have eliminated certain tax deductions in favor of tax credits. Credits give breaks in proportion to the amount you give, not the amount you owe. There are two kinds of income in the US. We tax wage income at a higher rate than income earned in stocks and bonds. That means people who get their income from capital gains and stock market interest pay fewer taxes than the same income of someone who works for a paycheck.
Views: 1800409 Vox
Understanding Taxes for Freelancers (W-9 1099-MISC)
Views: 20637 Kurt Von Studios
Dividend Distribution Tax - Meaning, Accounting, Disclosure and Presentation
Did you liked this video lecture? Then please check out the complete course related to this lecture, Advanced Accounting A Complete Studywith 450+ Lectures, 60+ hours content available at discounted price(10% off) with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2weNR0h Enrollment Link For Students From India: https://www.instamojo.com/caraja/advanced-accounting-a-complete-study-for-ca-/?discount=inyaacs4 Our website link : https://www.carajaclasses.com Course Description Welcome to this course Advanced Accounting A Complete Study for CA / CMA / CFA / CS Students. As the name says, this course is structured keeping in mind academic curriculum of Advanced Accounting Paper meant for CA IPCC / CMA Inter / CS / CFA Students. In this course, you will learn advanced Accounting topics like a) Branch Accounts b) Departmental Accounts c) Accounting for Royalties d) Accounting for Hire Purchase Transactions e) Self Balancing Ledgers f) Sectional Balancing Ledgers g) Accounting for Service Sectors, Project Accounting, etc. h) Accounting for Service Sectors like Software, ITES, Telecommunication, Entertainment, Hospital, Educational Institutions. i) Accounting for Special Transactions - Bill of Exchange j) Accounting for Special Transactions - Consignment k) Accounting for Special Transactions - Joint Venture l) Accounting for Special Transactions - Sale of goods on Approval or Return Basis m) Accounting for Special Transactions - Account Current n) Accounting for Special Transactions - Investment Accounts o) Accounting for Special Transactions - Insurance Claim (Loss of Stock and Loss of Profit) p) Accounting for Banking, Electricity and Insurance Companies. This course is structured in self paced learning style. Theoretical back ground for each and every topic will be explained followed by numerous case studies and most of them will be past examination tested problems. Take this course and gain complete understanding of Advanced Concepts in Accounting and prepare confident-ally for Professional Course Examinations.
Taxes on Dividends Explained - TurboTax Tax Tip Video
https://turbotax.intuit.com If you purchase stock in a corporation or invest in a mutual fund that periodically pays dividends, the payments you receive throughout the year can provide you with some extra income. Though you must always report the dividend income on your tax return—it doesn't always mean you will pay tax on it. Find out more about taxes on dividends with this helpful tax tip video from TurboTax. TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: http://blog.turbotax.intuit.com TurboTax Twitter: https://twitter.com/turbotax TurboTax Facebook: https://www.facebook.com/TurboTax TurboTax Pinterest: https://www.pinterest.com/turbotax/ TurboTax Tumblr: http://turbotax.tumblr.com/
Views: 14354 TurboTax
How Do Business Owners Get Paid - Here's The Best Way
http://becomewealthystartingtoday.com - How Do Business Owners Get Paid You probably ended up on this page because you’re trying to find out how do business owners get paid. If so, in a nutshell, the answer is after everyone else gets paid. In my businesses, I generally set aside three times my monthly expense as backup funds then pay myself from the balance. However, the answer to the question, “How do business owners get paid?” will be different depending on who’s answering. On another note, if you’re interested in venturing into another area of business with better benefits I have a suggestion for you. I now do what I love, work when I want and where I want while earning more than ever before. To learn more about this opportunity click the link. https://www.youtube.com/watch?v=CI1fGwZ_V1s Here are some addittional articles about How Do Business Owners Get Paid Salary or Draw? How to Pay Yourself as An Owner | QuickBooks http://quickbooks.intuit.com/r/payroll/salary-or-draw-how-to-pay-yourself-as-business-owner/ QuickBooks Sole proprietors and members of partnerships are free to pay themselves — or otherwise take the profits out of their businesses — whenever they'd like. Payroll withholdings do not apply, but each individual essentially pays the equivalent on his or her reported income at tax time. business - Paying Yourself: From Startup and Beyond - Entrepreneur https://www.entrepreneur.com/article/80024 Entrepreneur business - Paying Yourself: From Startup and Beyond - Entrepreneur.com. ... your salary is one of the most important decisions you'll make as a business owner. ... So how do you know what is enough to get by and what you are worth? How Do Business Owners Get Paid? Meet The Owner's Draw ... https://justworks.com/blog/understanding-owners-draws May 16, 2016 - In many businesses workers are paid wages or a salary, and that compensation is subject to income tax withholding and employer taxes. But sole proprietors, partners in a partnership, and the members of a limited liability company are never paid wages because they are considered to be self-employed.
Views: 7098 Chris Thompson
Tax Forms & Payments - HOW TO YOUTUBE
Welcome to "How to YouTube." In this series we'll teach you the best tips and practices in order to optimize your videos and channel. In this episode, Ale explains the process of filling out your tax forms and setting up payments during the partnership process! Hosted by AleCat: @alecat22 & http://www.facebook.com/AleCatYT SUBSCRIBE TO RPM NETWORK http://www.youtube.com/subscription_center?add_user=rpmnetwork JOIN THE RPM FAMILY! Click here: http://awe.sm/cDFBJ Waiting to join? Already a member? Come inside ---v PREP WORK Get your RPM T-shirts: http://www.rodeoarcade.com/products/rpm-logo-tee Visit the MEMBERS-ONLY forum - https://central.makerstudios.com/login GET CONNECTED: Twitter: http://www.twitter.com/rpmnetwork Facebook: https://www.facebook.com/rpmnetwork Blog: http://www.rpmcommunity.com Google+: https://plus.google.com/u/0/b/117191006378027914330/117191006378027914330/posts Pinterest: http://www.pinterest.com/rpmnetwork ADDITIONAL CREDIT Royalty free music: AudioMicro Executive Producer / Created by: Paul Ballon Director / Producer: Paul Ballon Director of Photography: Jay Ahn Sound: Peter Forthun Gaffer: Matt Colbert Editor / Graphics: Logan Burdick Hair / Make up: Ada Trinh Writers: Justin Scarelli, Lawrence Dalusung, and Adam Hyatt Produced for Maker Studios
Views: 12379 Maker Gen
All Up In Yo' Business: How Do I Pay Myself in a Multi-Member LLC?
How Do I Pay Myself in a Single-Member LLC?: http://youtu.be/fWkbJs3XLrs?list=UUNh... In a previous video I discussed how to pay yourself when you are the owner of a single member LLC. In an effort to not "single out" the single member LLCs, I wanted to also discuss how to pay yourself in a multi member LLC. Luckily for you, and for me, how to pay yourself in a multi member LLC is pretty similar to paying yourself in a single member LLC. There are three things to take into consideration when deciding how to pay yourself in a multi member LLC: 1. Making sure you keep the LLC adequately capitalized, 2. Following the terms of the Operating Agreement, and 3. Whether the LLC is taxed as a partnership or as an S Corporation. When deciding how to pay yourself in a multi member LLC, you need to first make sure the LLC will still be adequately capitalized after the members take any distributions. This means ensuring that, after the members are paid, the LLC will still have enough money available to pay for its overhead, stay current with debts, purchase any supplies or equipment that the LLC needs or may need. Keeping your LLC adequately capitalized is something that will help protect you from a court one day deciding to pierce the corporate veil if the LLC is ever involved in a legal dispute. It is also important to make sure you comply with the terms of the LLC's Operating Agreement when deciding how to pay yourself in a multi member LLC. (You do have an Operating Agreement, right? If you are part of a multi member LLC and you do not have an Operating Agreement, you have much bigger fish to fry than figuring out how to pay yourself. Stop. Call an attorney. Do not pass go. And so on and so forth.) The Operating Agreement might specify in what proportion the distributions are to be made to the members, or if a vote is required for a distribution, or if distributions are to be made only at certain times, and a whole host of other possible things. Finally, if the LLC is taxed as a partnership and not an S Corporation, then distributions can be made however & whenever and through whatever method the members agree upon. They can take the form of paychecks, bank transfers, etc. There is no distinction between a "paycheck" or a "salary" and a "distribution" unless the members say there is. If one member is elected as an officer and the members agree that, as an officer, he or she should receive a salary on top of the proportional distributions, then that needs to be honored. But absent an arrangement like that, distributions can be made however the members want. If the LLC has elected to be taxed as an S Corporation, then the members will receive "reasonable salary" payments, which payments can be made through payroll if the members so choose. The salary in that case though is different from the "distributions" from the LLC because the salary is taxed at a different rate than the distributions. I generally recommend that small businesses outsource the payroll duties in instances like this because it is usually worth it to leave that task to someone who knows how to do it properly, and it leaves the owners free to focus on building the business. After those things are taken into account, the actual method of how to pay yourself in a multi member LLC can vary. Again, they can be in the form of transfers, checks made out to the members, whatever the members decide. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 13730 180 Law Co. LLC
When does the early withdrawal penalty tax apply and how do you minimize the tax?
A detailed discussion of the Sec. 72(t) 10% early withdrawal penalty tax and its exceptions. We learn how to best plan to avoid, or at least minimize, the penalty tax.
Views: 2549 NYLCRI
How to Withdraw from 401k after age 60 - How to Withdraw from 401ks after Age 60
What are the ways on how to withdraw from 401k after age 60 – How to withdraw from 401ks after age 60? 1-800-566-1002 http://www.RetireSharp.com . What are the best ways how to withdraw from 401k after age 60 for retirement and learn how you can avoid the most common mistakes that individuals have made when looking how to withdraw from 401k after age 60. 401K Rollover Or 401K Withdrawal? What's the difference between a 401k withdrawal and a 401k rollover anyways? Can you do a rollover without doing a withdrawal? Read to find out how. Closer to the last stages of your retirement, you'll need to understand the distribution process. You maybe changing careers or retiring soon and in need of income. Regardless of the need, there's some standard steps that you'll need to adhere to. If not done correctly, you may face adverse tax consequences. While most employers no longer offer pensions, many still offer a 401k retirement plan. With disciplined investing, you may have saved up a substantial nest egg. If you've separated from your job or severed from service, it's very important to handle everything properly. It's very crucial you understand the 401k withdraw process. Foremost, when withdrawing from a 401k or any other qualified plan, there can be consequences. If you are 59 1/2 or older, you can take withdrawals from your 401k retirement without any penalty. In all cases that early retirement withdrawal prior to 59 1/2 can cost you an extra 10% tax. This is in addition to you being taxed at your current income rate. At age 70 1/2, it is mandatory to take withdrawals call RMD or required minimum distribution. These penalties can be avoided by doing what's called a 401k rollover. Rolling your 401k maybe the best option for deferring taxation. Doing a rollover allows you to move your funds from your current 401k to another account. This is very commonly done by moving the funds to an IRA or individual retirement account. By making a 401k rollover, you often have more control of your account than leaving it at your previous employer. This is by far the most preferred method than having an old employer keep the funds. The old employer can charge fees as well for doing so. A lump sum distribution is also an option when making a 401k withdrawal. Lets say you cash out the old 401k. Again if done prior to age 59 1/2, there is the 10% penalty. Additionally, employers will require you to withhold 20% to cover income taxes. There is one exception to this rule and it would applies to using the withdrawals for a 1st time home purchase. The limit to that exception is up to $10,000 out of an IRA or 401k for sole use of a 1st time home buyer. Another way to avoid taxation, is to do a direct transfer. This is done by transferring the funds directly from your old employer to the new IRA account you set up or new 401k from a new employer. If the distribution check was made out to you and mailed to you; then you have 60 days to complete a transfer to another institution. The direct transfer is the preferred way since it does not require a deadline to meet. Either way would work for a 401k withdrawal. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: how to withdraw from 401k after age 60 annuities how to withdraw from 401k after age 60 income how to withdraw from 401k after age 60 explained how to withdraw from 401k after age 60 reviews how to withdraw from 401k after age 60 review What is the best fixed indexed how to withdraw from 401k after age 60 vs the top immediate income how to withdraw from 401k after age 60 for retirement https://www.youtube.com/watch?v=gR8KSYt5cz4
Views: 31818 retiresharp
Partnership Income Allocation to Partners | Corporate Income Tax | CPA REG | Ch 21 P 3
eparately stated items, non-separately items, Partnership taxation, taxation of partnership, cpa exam, capital balance, capital interest, LLC, LLP, general partnership, limited partnership, flow through entity, profit sharing ratio, guarantee payments, form 1065, schedule k-1, inside basis, outside basis, built-in gain, built-in loss, precontribution gain, partner basis
How long does it take to see Earnings from DistroKid?
When it comes to being an independent musician, one of the biggest aspects is getting paid. I love DistroKid, and I use it to release all my music, so in this video I answer a popular question which is when you get paid from DistroKid. It's a bit longer than I would like, but once you get into a rhythm, it doesn't matter too much Check out DistroKid here (7% Discount!): https://distrokid.com/vip/seven/576311 My review of DistroKid: http://marcfreccero.com/distrokid-review/ DistroKid Videos: https://www.youtube.com/playlist?list=PLC6_h3BCPalWiwLEeS-cpQFHyN9N_WmfW
Views: 27852 Marc Freccero
Do the Rich Pay Their Fair Share?
Do the rich pay their fair share of taxes? It's not a simple question. First of all, what do you mean by rich? And how much is fair? What are the rich, whoever they are, paying now? Is there any tax rate that would be unfair? UCLA Professor of Economics, Lee Ohanian, has some fascinating and unexpected answers. Donate today to PragerU! http://l.prageru.com/2ylo1Yt Joining PragerU is free! Sign up now to get all our videos as soon as they're released. http://prageru.com/signup Download Pragerpedia on your iPhone or Android! Thousands of sources and facts at your fingertips. iPhone: http://l.prageru.com/2dlsnbG Android: http://l.prageru.com/2dlsS5e Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful. VISIT PragerU! https://www.prageru.com FOLLOW us! Facebook: https://www.facebook.com/prageru Twitter: https://twitter.com/prageru Instagram: https://instagram.com/prageru/ PragerU is on Snapchat! JOIN PragerFORCE! For Students: http://l.prageru.com/29SgPaX JOIN our Educators Network! http://l.prageru.com/2c8vsff Script: Here’s a question you’re likely to hear whenever the subject of taxes comes up: Do the rich pay their fair share? There are two parts to this question: Who is rich? And, what is fair? Let’s start with who is rich: Nearly everyone assumes that a person who is among the top ten percent of all income earners qualifies as rich. But according to 2011 data, a top ten percent household makes around $150,000 or above in gross annual income -- that’s income before deductions and taxes. Now, $150,000 is a nice living, but it certainly doesn’t make you rich. OK, then. What about the top 5%? You get into this percentile if your household makes around $190,000 or above. That’s a nice bump. But it hardly puts you in the rich category. How about the top 1%? That’s $500,000 or above. A great income, but remember, most people only get to that level after many years of hard work and, quite possibly, the accumulation of serious debt to fund their education or build their business. Of course, there are people who make more than $500,000. And there are some who make many millions, even billions. But the number who do is very small. Now, let’s talk about fair. Fair would seem be that the group of taxpayers who earn 10% of the country’s income would pay 10% of the country’s taxes; the group who earned 20% would pay 20% of the taxes and so on. But what If I told you that, according to IRS data, the top 10% of all earners -- the people making $150,000 and above -- pay 71% of all federal income tax while earning only 43% of all income. If anything, the top ten percent pay more than their fair share. So, as it happens, do the much reviled top 1%. They earn 17 percent of all income, but pay 37% of all federal income taxes. And what about those at the other end of the income scale, the lower earners? Are we squeezing them? Hardly. Those who make $45,000 or less, 47% of all earners, pay little and often no income taxes. Ah, but what about payroll taxes -- the money we pay to fund Social Security and Medicare? That takes a bigger bite of the paycheck of lower earners than higher earners. Isn’t that unfair? For the complete script, visit https://www.prageru.com/videos/do-rich-pay-their-fair-share
Views: 921333 PragerU
Reasonable Salary for shareholders of an  S-corporation
Wayne Lippman CPA | Taking money out of an S Corporation
https://www.youtube.com/watch?v=z1ml_O9wPZ0 Wayne Lippman CPA - Taking money out of an S Corporation. Wayne Lippman, C.P.A., a Tax Consultant with LIppman & Associates CPA's Inc, tells S Corporation owners how to can pay themselves as the owner of an S-Corp. Paying a reasonable salary to yourself, withholding the proper Payroll and FICA taxes, and withdrawing the proper distributions from the business are some steps you can take. Wayne Lippman describes the process in a simple to understand way, demystifying the confusion around this important tax topic. Website http://waynelippman.com http://lippmancpas.com Facebook https://www.facebook.com/wayne.lippman.cpa https://www.facebook.com/lippman.associates.cpas Tumblr  http://waynelippman.tumblr.com Twitter https://twitter.com/waynelippman Wordpress http://Waynelippman.wordpress.com About.me https://about.me/waynelippman Google + https://plus.google.com/+WayneLippmanLippmanAssociatesCPAsWalnutCreek https://plus.google.com/u/0/+WayneLippman YouTube: Wayne Lippman https://www.youtube.com/waynelippman https://www.youtube.com/watch?v=uEBxsU4YZWs https://www.youtube.com/watch?v=p_-2iM00kZ4 https://www.youtube.com/watch?v=Rh7teBOwV_0 https://www.youtube.com/watch?v=1auXz0eHgIA https://www.youtube.com/watch?v=SYLX3GvRFS8 https://www.youtube.com/watch?v=z1ml_O9wPZ0 https://www.youtube.com/watch?v=f4pYMA91Md8 https://www.youtube.com/watch?v=AXOpIEalsJ8 https://www.youtube.com/watch?v=SoaGUgzoljs https://www.youtube.com/watch?v=f4pYMA91Md8&list=PLsXKW7rT2XqQryta0Ey37JDDv8-x4UMOE https://www.youtube.com/watch?v=z1ml_O9wPZ0&list=PL6b-Dl60taJxBA_khpklTdqSlTnGZkuvN https://www.youtube.com/watch?v=0GCh1L0XFcA&list=PLsXKW7rT2XqQCnyrX6cFs7gawFKyqiCxK https://www.youtube.com/watch?v=z1ml_O9wPZ0&list=PLsXKW7rT2XqS9pPoQWi3-jeSQxJ-iH0hK Blogger http://waynelippman.blogspot.com LinkedIn www.linkedin.com/in/waynelippman Pinterest http://pinterest.com/waynelippman Quora https://www.quora.com/Wayne-Lippman Academia.edu https://independent.academia.edu/WayneLippman Blogger http://waynelippman.blogspot.com Quora https://www.quora.com/Wayne-Lippman Linkedin https://www.linkedin.com/in/waynelippman
Views: 14111 Wayne Lippman
Retirement Withdrawals before 59 1/2, Without A Penalty?
Click this link to get your copy! http://lethemonfinancial.com/freeretirementguide How To Retire Happy, 7 Simple Steps To Creating Your Ideal Retirement I'm going to show you how to take retirement withdrawals from your retirement accounts before you turn 59 1/2, and do it without paying a penalty. You may be thinking about retiring early, but may not be sure exactly how to do it. If you're like a lot of people you probably have a most of your retirement savings in tax deferred accounts like IRA's and 401k's. We all know since the time we got into these accounts that we couldn't touch the money until we turned 59 1/2 without getting hit with a 10% penalty. Well, there are actually 4 ways that you can take retirement withdrawals before 59 1/2 without paying the 10% penalty. The first is the Age 55 rule from a qualified plan. If you separate service from your company on or after your 55th birthday, you can access the money in your company sponsored retirement plan without paying the 10% penalty that normally would apply to early distributions. This rule only applies to company sponsored retirement plans like your 401k. Once you rollover to your IRA, you no longer have this option available. As with any tax deferred account distribution, ordinary income taxes will still apply, but the 10% penalty will be waived. Here's how it works: Let's say you have a 401k with $500,000 in it and you retire at 56. You figure you need about $50,000 to get you through the next 3 1/2 years. So you take a penalty free distribution from your 401k for the $50,000, then rollover the remaining $450,000 into a self directed IRA to continue the tax deferral on that portion. Next is Regulation 72t. Regulation 72t refers to a section of the IRS tax code that allows for penalty free withdrawals from IRA accounts. Whereas the age 55 rule applies only to qualified employer plans, regulation 72t is just for IRA accounts. Again, as with any tax deferred retirement account distribution, you still have to pay the taxes, but what we're talking about here, is how to avoid the normal 10% penalty. You can elect 72t at any age as long as you follow the 3 rules. The payments must be "substantially equal". You must use one of the three distinct methods of calculating what your annual payment is each year. Your Payments must continue for 5 years or until you turn 591/2 whichever occurs later. Regulation 72t is a complex tax strategy and should not be implemented without seeking appropriate advice from a qualified financial professional. Take a loan Not my favorite, but another option that may be available is to take a loan from your 401k account before you retire. 401k's generally allow you to borrow 50% of your account value up to a maximum of $50,000. One advantage is that you don't have to pay taxes on the loan amount, however, the disadvantage is that you lose the growth on your money. Before you do this, check with your plan provider to make sure you can keep the loan open after you retire. Even if your employer does allow you to keep the loan after you retire, it will likely prevent you from rolling over your 401k to an IRA. Also, make sure to keep up on your payments, otherwise the outstanding balance of the loan will become taxable and may be subject to penalties if you are under age 59 1/2. After Tax Distributions You may have money in your company retirement plan that has already been taxed. If you do, this can be another source of money that you can access before 59 1/2. The after tax portion of your account consists of two parts. The portion that you contributed after tax, and the earnings on your after tax contributions that have not been taxed. Even though the IRS rules allow you to roll the entire account over to your IRA. If you roll over after-tax contributions you will be required to keep track of what portion of every future IRA withdrawal is taxable and what part is non taxable. We don't recommend this. The preferred method is to rollover all of your pretax money to your IRA account, and then take a check for the portion of your account that has already been taxed. When you receive this check it is a non-taxable event. This money has already been taxed and therefore you can do whatever you want with this money. Depending on how much you have in your after tax portion of your account, this can be another great way to get access to some of your money, not only penalty free, but tax free as well, in order to fund an early retirement. If you want to get more tips and strategies like this, click on the link below to check out my Free Retirement Readiness Guide, 7 Step Action Plan to Creating Your Ideal Retirement!
Views: 62239 Money Evolution
S-Corporations Tax Strategies
How forming a S-Corporation could save taxes. An LLC can be classified as a S-Corporation by the IRS. Focus on tax strategies for the one person business.
Views: 12560 DallasTaxPro
How are LLCs Taxed in 2018?
Taylor Mathis, the KEYTLaw girl, explains in detail the four ways that limited liability companies can be taxed in 2018. The four tax methods are sole proprietorship (for one owner LLCs and LLCs owned only by a married couple as community property), partnership (if there are two or more owners), C corporation and S corporation (if the LLC is eligible). Here is a link to the IRS Form 1040 also Schedule C: https://www.irs.gov/pub/irs-pdf/f1040sc.pdf Here is a link to the IRS Form 8832: https://www.irs.gov/pub/irs-pdf/f8832.pdf Here is the link to the IRS Form 1120: https://www.irs.gov/pub/irs-pdf/f8832.pdf Here is the link for IRS Form 2553: https://www.irs.gov/pub/irs-pdf/f2553.pdf Here is the link for the Instructions for the IRS Form 2553: https://www.irs.gov/pub/irs-pdf/i2553.pdf Here is a link to the IRS Form 1065: https://www.irs.gov/pub/irs-pdf/f1065.pdf Here is the link to the Instructions for the IRS Form 1065: https://www.irs.gov/pub/irs-pdf/i1065.pdf Here is the link to the article that goes with this video: https://www.keytlaw.com/azllclaw/forming-llcs/llc-tax-methods/ If you have questions about forming or operating Arizona LLCs enter a comment below and Arizona LLC attorney Richard Keyt will answer or respond. Learn more about forming and operating Arizona LLCs at: https://www.keytlaw.com/azllclaw See the contents of our three LLC formation packages: the Bronze ($397), Silver ($597 - most popular) and Gold $997 (for people who want to keep their name and address off the public records of the Arizona Corporation Commission) at: https://www.keytlaw.com/packages To hire us complete our online LLC formation questionnaire at: https://www.keytlaw.com/azllclaw/llcq You may also call Rick (the father) at 480-664-7478 or Ricky (the son) at 480-664-7472 and give your information over the phone. ========================================­==== SUBSCRIBE to our Channel for More Videos: https://www.youtube.com/user/keytlaw ============================================ Call Richard Keyt at 480-664-7478 See his bio at https://goo.gl/vS2J78 Call Richard C. Keyt at 480-664-472 See his bio at https://goo.gl/XmgZzZ ========================================­==== KEYTLaw: https://www.keytlaw.com Arizona LLC law: https://www.keytlaw.com/azllclaw Arizona wills & trusts: https://www.keytlaw.com/arizonawills Facebook: https://www.facebook.com/keytlaw Twitter: https://twitter.com/azestateplanner Twitter: https://twitter.com/azattorney
Views: 1461 KEYTLaw
Computation of Dividend Distribution Tax u/s 115-O for the F.Y. 2017-18
Computation of Dividend Distribution Tax u/s 115-O for the F.Y. 2017-18
SAP SD | Tax Determination | SAP Sales & Distribution Module
Tax Determination: SAP Sales & Distribution Module; Tax Determination in Sales and Distribution Module Steps to Configure Tax Determination 1) Define Tax Determination 2) Define Regional Code 3) Assign Delivering Plants for Tax Determination 4) Master Data Classification 5) Maintain Sales Tax Identification Number Determination 6) Maintain Tax Codes 7) Maintain Tax Condition Records Video by Edupedia World (www.edupediaworld.com), Free Online Education. Click here https://www.youtube.com/playlist?list=PLJumA3phskPHjbd-dsViJ1Kg8L7AKZdDT for more videos on SAP ERP- Sales & Distribution; All Rights Reserved.
Views: 6829 Edupedia World
The Basic Taxation of Annuities
http://www.brokersalliance.com (800) 290-7226 Presented by Brokers Alliance. Basis: the original principle, corpus or contribution of into an annuity. Exclusion Ratio: The exclusion ratio which contains basis is amortized in the distribution payment with gain. The exclusion ration is generally distributed over the life expectancy of the annuitant. Gain: The profit, gain or accumulated cash values beyond basis. LIFO: (Last In First Out Taxation) Distributions from an annuity policy are treated as gain until all gain has been distributed. Then remaining distributions should be the recovery of basis. The exception to the rule is life time annuitization whereas the exclusion ratio which contains basis is amortized in the distribution payment with gain. The exclusion ration is generally distributed over the life expectancy of the annuitant. All gain is taxed at ordinary income rates. Annuity Docs & Vocabulary: Order- [email protected] This video was produced by http://bizmediastudios.com/ ____________________________ Follow Us On Social! ____________________________ TWITTER: https://twitter.com/BrokersAlliance FACEBOOK: https://www.facebook.com/pages/Brokers-Alliance-Inc/115179661832101 INSTAGRAM: https://instagram.com/brokersalliance/ WEBSITE: http://www.brokersalliance.com/ GOOGLE+: https://www.google.com/+BrokersAlliance LINKEDIN: https://www.linkedin.com/company/brokers-alliance-inc
Views: 5920 BrokersAlliance
S Corporation Form 2553: How To Pay Yourself Reasonable Compensation Reasonable Salary Gusto Payroll
S Corporation (Form 2553) Reasonable Compensation Reasonable Salary How To Pay Yourself Gusto Payroll. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp =========== Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/Kvb41h =========== IRS: Reasonable Compensation: "S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly." Reasonable Salary: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues LLC Tax Classifications: http://www.companiesinc.com/llc/tax-classifications.asp Key Words: S-Corporation, Form 2553, Small Business, Partnership, Sole Proprietorship, C-Corporation, Tax Classifications, Small Business Election, Entrepreneur, ★ Please LIKE Comment & SUBSCRIBE: https://goo.gl/o8hRuk ★ Thanks for watching http://AdvisorFi.com ★ Music from YouTube: https://www.youtube.com/audiolibrary/music #Accounting #Business #Taxes
Views: 30025 advisorfi.com
Distribution from Partnership to Partners | Corporate Income Tax | CPA REG | Ch 21 P 5
liquidating distribution, non-liquidating distribution, proportional distribution, Partnership taxation, taxation of partnership, separately stated items, non-separately items, cpa exam, capital balance, capital interest, LLC, LLP, general partnership, limited partnership, flow through entity, profit sharing ratio, guarantee payments, form 1065, schedule k-1, inside basis, outside basis, built-in gain, built-in loss, precontribution gain,
How Do My Withholdings Affect My Tax Return?
Nate Ritchison, CFP® explains how your withholdings on your W-4 affect how much you owe to or get refunded by the IRS. He highlights the importance of staying on top of your taxes throughout the year, especially if your situation changes (i.e. you get married, divorced, have kids, purchased a home, etc.). Transcription: "Most of us have experienced an emotional and financial roller coaster when filing our taxes. Did you know you don't have to experience this anxiety? Hi, I'm Nate Ritchison, CERTIFIED FINANCIAL PLANNER™ with Pure Financial Advisors, and this is Question of the Week. This week's question is: How do my tax withholdings affect my tax return? Most of us, as we grow earned income, are going to owe some income taxes on that income. If you're self-employed, you have to pay quarterly taxes throughout the year. But for most of us, if we're employees of a company, we had those taxes withheld from our paychecks every month. The amount you have withheld is completely up to you, and you determine the amount you have withheld by filling out that W-4 when you first start your job. If you want more withheld, you claim more withholdings and allowances. If you want less withheld, you have less allowances claimed. This system works really well if you're a standard tax filer. That is, you're single, you have one job and you'd claim the standard tax deduction. For a lot of us, we don't fit into that category. We need to regularly review our withholdings so we don't have these surprises when it comes to filing our taxes. The surprise of if you owe money or have a big refund can be negative. The reason is because if you owe money, chances are if you owe a lot then you also have to pay your tax and a tax penalty on top of that. If you get a big refund, what you've done is you've just given an interest-free loan to the government over that period of time. Either way, you want to make sure you dial in your tax withholdings. Now, when you consider your tax withholdings, also consider some changes that can affect your taxes throughout the year--things like if you've been married or got divorced, if you've had a child, a job change or maybe even purchased a home, those are all things you might want to consider to adjust your withholdings up or down. Other things like doing some financial planning can also affect how much tax you're going to pay and maybe how much you want to have withheld from each paycheck. Things like if you have dividend income or interest income, if you have capital gains, if you have an IRA distribution you take or maybe you do some Roth conversions, these are things you want to consider because they will affect your taxes when you file your tax return. Either way, you want to make sure you stay on top of this and you adjust your taxes throughout the year, either through your W-4 or making estimated payments so that your tax season is as boring as possible. This is Nate Ritchison with Pure Financial Advisors, and this was the Question of the Week" If you live in southern California and would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ http://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Accounting For Owner Contributions and Distributions with QuickBooks
Visit the new NerdEnterprises.com Subscription Options: https://nerdenterprises.com/services/subscription-based-training/ One to One Training: https://nerdenterprises.com/services/one-to-one-training/ Get templates: https://nerdenterprises.com/resources-page/templates/
Views: 104628 Nerd Enterprises, Inc.
The Financial Planner - Dividend Distribution Tax
In this episode of The Financial Planner we are in conversation with Sumeet Vaid, CFP, Ffreedom decoding dividend distribution tax.
Views: 591 Bloomberg TV India
Explanation about "Good and Service Tax (GST) - One Nation One Rate"
GST will be a game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting leading to a complete overhaul of the current indirect tax system. What is GST? Goods and Services Tax – GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. Through a tax credit mechanism, this tax is collected on value-added goods and services at each stage of sale or purchase in the supply chain. The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain. Experts say that GST is likely to improve tax collections and boost India’s economic development by breaking tax barriers between States and integrating India through a uniform tax rate. What are the benefits of GST? Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions. It is expected to help build a transparent and corruption-free tax administration. GST will be is levied only at the destination point, and not at various points (from manufacturing to retail outlets). Currently, a manufacturer needs to pay tax when a finished product moves out from a factory, and it is again taxed at the retail outlet when sold. How will it benefit the Centre and the States? It is estimated that India will gain $15 billion a year by implementing the Goods and Services Tax as it would promote exports, raise employment and boost growth. It will divide the tax burden equitably between manufacturing and services. What are the benefits of GST for individuals and companies? In the GST system, both Central and State taxes will be collected at the point of sale. Both components (the Central and State GST) will be charged on the manufacturing cost. This will benefit individuals as prices are likely to come down. Lower prices will lead to more consumption, thereby helping companies. What type of GST is proposed for India? India is planning to implement a dual GST system. Under dual GST, a Central Goods and Services Tax (CGST) and a State Goods and Services Tax (SGST) will be levied on the taxable value of a transaction. All goods and services, barring a few exceptions, will be brought into the GST base. There will be no distinction between goods and services. Read more @ http://superprofs.com/ca/gst-goods-service-tax-ca-cma-cs-exams/ Classes are available for CA/CS/CMA. You can purchase classes at a very reasonable price. For full lectures, chapter wise log on to our website: www.superprofs.com or call at 011-39587099
Views: 117317 SuperProfs.com
SAP FICO LIVE PROJECT. TDS USAGE. PLEASE CONTACT AT: 8123999977. GMT 5.5+ (Between 9 am to 9 pm). Mail: [email protected]
Views: 16199 pranav yadake
S Corp Shareholder Compensation
Don't risk an audit. If you're an S Corp shareholder pay yourself a reasonable salary before taking a tax free distribution. Checkout ARI's YouTube Channel for other important videos: https://www.youtube.com/user/ARIAssociates Visit ARI on FaceBook: https://www.facebook.com/AlexanderRemingtonInternational
How to Pay Income Tax Online
Demo to show how to pay Online Income Tax by using online banking.
Views: 166940 Nagesh Pv
Mutual fund taxation
Taxation Before investing in a fund, you should consider the tax consequences. Here, one of the most important questions you should ask is, "Is this fund going to be taxable or will it be sheltered in a retirement account?" The answer will affect which fund you should select. Always ask "Is this for a retirement account?" Whenever someone asks me, "Which fund should I invest in?" I always reply, "What's the objective of the investment?" If they respond, "Retirement", my second question always is, "Are you investing this money through a retirement account like an IRA or a 401(k)?" If you're saving through a retirement account, picking mutual funds becomes much simpler because you don't have to worry about taxes until you retire and begin to withdraw the funds. Let's say that you've invested in mutual funds through an IRA or 401(k) type account. You can trade those funds as many times as you want inside the retirement account and you won't have to pay any capital gains taxes or taxes on the distributions made by the fund until you retire. Keep trading and income funds inside retirement accounts So if you like to trade, you should do your trading inside your retirement accounts. Likewise, you should keep funds that have high distributions inside your retirement accounts. Here's an example to show how you might want to manage mutual funds in taxable and non-taxable accounts. Assume you're 35 years old, single, and don't have a retirement plan at work. Since you're on your own, you figure you need to save at least $4,000 per year for retirement. About the only retirement account option for you is an IRA, but your contributions to an IRA are limited to $2,000 or your earned income. You could save for retirement through an annuity, but annuities are expensive and inflexible, so this isn't a great option. So to minimize your taxes and have a balanced portfolio, here's what you could do. Put $2,000 into your IRA, and the other $2,000 into a normal, non-sheltered mutual fund. You're still pretty young, so you can afford to put most of your retirement money into stocks. Of the $2,000 that you put into your IRA, you might want to put $1,000 into bonds, and $1,000 into blue chip stocks. Of the remaining $2,000 which can't be put into the IRA, you might want to put this into a an index fund which invests in small company stocks. If you do this your total portfolio provides you with good diversification across bonds and various types of stocks, and ensures that you'll pay a minimum in taxes. Bond funds tend to make high distributions of their interest earnings. By placing the bond portion of your portfolio inside the IRA, you won't have to pay taxes on the interest earnings until you retire. Blue chip stock funds also tend to make high distributions of dividends paid by established companies. By placing these high-dividend-paying stocks inside your IRA, you again avoid paying taxes until you retire. Use small cap index funds outside of retirement accounts Finally, your unsheltered investment in the small company stock index fund saves you in taxes as well. Index funds simply buy and hold a predetermined basket of stocks like the Standard & Poors 500 index for large companies, or the Russell 2000 for small companies. Index funds don't have many internal trades, so they don't have many internally realized capital gains distributions. This reduces your annual tax payments. Also, small company stocks usually make low dividend payments. They're growing companies, so they don't want to pay out their profits as dividends. They reinvest their profits in the business so the business can grow further. The low dividend payments made by these companies means that they'll probably grow faster than the more established blue chip companies. This hopefully will translate into a higher share price for you. But you won't have to pay any capital gains taxes on the higher share prices until you sell the shares. Money market funds simplify your taxes So when you invest in mutual funds outside of a retirement account, try to minimize your taxes by selecting a fund with low trading activity and low distributions. However, even the most tax-efficient stock or bond fund will complicate your taxes if it's not inside a retirement account. Money market mutual funds, however, don't complicate your taxes because these funds try to maintain a stable share price. All the money you make with money market funds is essentially interest income, and you shouldn't have any capital gains or losses. But if you invest in a bond or stock fund, your taxes become more complex because of capital gains. In fact, because of tax complications, you may want to think twice about investing in bond funds outside of a retirement account. Bond funds versus CDs - tax complications Copyright 1997 by David Luhman
Views: 6075 MoneyHop.com
Shashi Tharoor On Why South Indians Feel Betrayed By Central Govt's Tax Devolution
Shashi Tharoor On Why South Indians Feel Betrayed By Central Govt's Tax Devolution CNN-News18 (formerly known as CNN-IBN) has been the world’s window to India and India's window to the world. The channel has been a ‘thought leader’ and has pioneered several path-breaking initiatives that include CNN-News18 Indian of the Year, Real Heroes, The Citizen Journalist Show, India Positive, State of the Nation (channel’s flagship bi-annual poll) to name a few. During the last 9 years, the channel has won over 197 awards and accolades at the prestigious Asian Television Awards, Ramnath Goenka Excellence in Journalism Awards, Indian Television Academy Awards, News Television Awards and Indian Telly Awards, making it India’s Most Awarded English News Channel. CNN-IBN's news portal IBNLive.com has now changed to News18.com Subscribe our channel for latest news updates: https://goo.gl/rgjh7Q Follow Us On: Facebook: https://www.facebook.com/cnnnews18/ Twitter: https://twitter.com/cnnnews18 Googleplus: https://plus.google.com/u/0/+cnnnews18 Website: http://www.news18.com
Views: 147312 CNN-News18
Retirement Income and Distributions -- Getting to Know Your Taxes
Learn which retirement income is taxable and the rules for withdrawing that income. Brought to you by The Tax Institute.
Views: 84120 H&R Block
How to Reduce or Eliminate Taxes On Social Security Benefits! (How to Minimize Taxes In Retirement)
How to Reduce or Eliminate Taxes On Social Security Benefits! (How to Minimize Taxes In Retirement) Up to 85% of your social security benefits can be subject to taxation. My Roth IRA Videos Can be found here so check them out if you want to learn more: How rich can a Roth IRA Make You: https://youtu.be/2nx0vHGNVmE Roth IRA Rules Explained: How Do Roth IRAs Work?https://youtu.be/3MzZfRrgEYg Video Time Stamp Index Guide: • How much of your social security is tax free? 0:59 • Tip#1 1:44 • Tip#2 2:28 • Tip#3 3:49 • Tip#4 4:47 • Tip#5 5:36 • Tip#6 6:52 Ways to minimize taxes on social security benefits 1. Roth IRA - The first way and my personal favorite way to minimize income taxes on your social security benefits is to have a Roth IRA. Both you and your spouse can have one. Qualified Roth ire distributions are not factored into the social security income equation which freaking awesome. As an example a person could receive $25,000 a year in dividend distributions from their Roth IRA and $25,000 a year in SSI benefits and still pay $0 tax. That’s a full $4,000 a month that you get to keep and keep it all 2. Begin taking taxable IRA distributions before drawing social – This second strategy takes a bit of planning but can be powerful. This assumes you are older than 59 ½ and can begin taking distributions from your 401(K) or traditional tax IRA. By taking some of their IRA or 401(K) distributions early it allows them to delay drawing from their social security. This does two things: By delaying their SSI benefits it will allow them to draw higher social security benefits in the future. Secondly by drawing some of their IRA or 401(K) they will be able to take lower required minimum distributions in the future. The net result = higher social benefits and helps reduce taxable income from other sources. This strategy could go very wrong if a person blows their distributions from their retirement account, however, a disciplined person could always reinvest that money into growth stocks or dividend paying stocks within a taxable brokerage account and grow the money even further. With careful throughout planning this strategy could work very well for future retires. 3. Donate RMD/Retirement distributions – Already drawing social security benefits and taking IRA distributions? No worries. You can always choose to donate a portion (or potentially all of your IRA distribution) to a qualified charity. I have seen this first hand. People who have donated to a good cause. A cause they are passionate about and saved tens of thousands of dollars in the process. This takes some planning, but can work quite well in helping one minimize their social security income taxes or income taxes in general. 4. Lower your income by quitting a part-time job – Normally I would not suggest someone quits their part-time job, but when it comes to minimizing ones income taxes on their SSI benefits this might actually make sense if a person can afford to do so. If you drastically reduce your income and taxes it might not feel like that much of a pay cut, and you will no longer have to work. Remember the overall idea of lowering your income taxes if finding ways to reduce your taxable income. 5. Debt - Speaking of reducing your taxable income let’s talk about debt. Paying off your debts before you retire is one of the best things you can do to help you reduce your taxes. The less taxable income you need to live off of the less tax you will pay. Not only that, the longer your 401(K) and IRA investments will last you. Unfortunately most debt payments are no longer helping people from a tax perspective unless they own a business or rental estate under the new tax laws so in my opinion if you getting ready to retire or already retired I think it’s time to get rid of the debt if you can. 6. Delay taking social security benefits Most people cannot begin to emotionally fathom the idea of delaying their social security benefits and they often react like this if you even begin to suggest it…. I realize that most people will probably not entertain the idea of delaying taking their social security, and that’s fine I get it, but what I have found from experience in the real world is the people who are very well off, those with a substantial amount of retirement assets…the ones would could afford to take a lower social payments are more likely to delay taking their benefits until full retirement age or closer to age 70. If a person is willing to work a little longer or use other retirement assets until they are ready to start drawing social security this can be a powerful tax saving strategy. What people often forget is if their social security payment is higher each month they can draw down their other assets at a slower pace and might have more to pass on to the next generation at the end their life.
Views: 594 Money and Life TV
Quickbooks Owner Draws & Contributions
In this video, we demonstrate how to set up equity accounts for a sole proprietorship in Quickbooks. We also show how to record both contributions of capital and draws from equity by owners.
Views: 102563 PaperTrailFinancial
Pension & Social Security Income Reporting
Lecture Content This lecture covers the reporting of income from retirement plans, education accounts and social security income. Topics Covered * Overview of Form 5498 IRA Contribution Information * Discussion of Form 1099R and distributions codes * Use of Form W4-P Withholding Certificate for Pension or Annuity Payments * Overview of the different kids of retirement plans taxpayers may participate in * Using Form 8606, Nondeductible IRAs, to figure the taxable part of a distribution from an IRA * Traditional IRA to Roth IRA conversions * Roth IRA to traditional IRA recharacterization * Inherited IRAs * Loans from pension and annuity plans * Additional tax owed on certain early distributions from retirement plans * Exceptions to additional tax on early distributions from retirement plans * Additional tax on certain distributions for education accounts * Additional tax on excess contributions to certain accounts * Required minimum distributions * How to complete Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts * Calculating the taxability of annuity income with the Simplified General Rule * Lump-sum distributions * How to report partially taxable distributions from IRAs * Instructions for Social Security Form SSA-1099 Benefits statement, Form RRB-1099 Tier I Railroad Equivalent Benefit statement, and Form RRB-1099R Tier II Railroad Retirement Benefits statement * Form W-4V social security Voluntary Withholding Request * How to calculate the taxability of social security income using the social security benefits worksheets * Taxation methods to apply to lump-sum social security payments * Special deductions relating to social security benefits income and repayments Terms of Use or Enrollment Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.
Partnership Taxation | Corporate Income Tax | CPA REG | Ch 21 P 1
Partnership taxation, taxation of partnership, separately stated items, non-separately items, cpa exam, capital balance, capital interest, LLC, LLP, general partnership, limited partnership, flow through entity, profit sharing ratio, guarantee payments, form 1065, schedule k-1, inside basis, outside basis, built-in gain, built-in loss, precontribution gain,
Making Federal Tax Deposit Payment Using EFTPS.GOV
This demonstration walks you through the steps to make and submit a federal tax deposit payment using the eftps.gov website.
Views: 30463 SummerTaxServices
input tax credit in gst in hindi | input tax credit in gst with example
concept of input tax credit under gst, gst input tax credit explained Queries asked- GST Playlist - https://goo.gl/udp8x1 What is Input Credit? input tax credit in gst what is input tax credit under gst gst input tax credit example input tax credit under gst india input tax credit meaning gst guide for input tax credit in india input tax credit in hindi input tax credit on closing stock GST में INPUT TAX CREDIT के तहद आपने जो पैसा INPUT टैक्स के रूप में दिया है वो आपको वापिश मिलेगा GST में INPUT TAX CREDIT क्या है ? और पैसा वापिश कैसे मिलता है ? My Gear- Camera Canon EOS 700D- http://amzn.to/2jIerIz 4k action camera- http://amzn.to/2lti31f Mic- http://amzn.to/2jIiIvr , http://amzn.to/2k7GsJf Clip Collar mic - http://amzn.to/2m0ZOmQ Tripod- http://amzn.to/2jIs76x | http://amzn.to/2k7HPIa Mini Tripod- http://amzn.to/2m0Rqnh Light setup- http://amzn.to/2jIwgr2 | http://amzn.to/2jol9lZ | http://amzn.to/2jIpgKP Memory card - http://amzn.to/2jorOg2 | http://amzn.to/2jIoXPS Headphone- http://amzn.to/2joaFmC Mobile- http://amzn.to/2jogVei For more items- http://amzn.to/2jIqNAs My name is “Ranjeet Kumar shah” I am Google Adwords certified. YouTube channel name is “Ranjeet Digital marketing Expert”! I have created this channel for Support Digital India. In this channel you will find Digital Marketing tutorials, How to Make money Online, how to start online business, Tech news, Best mobile apps, Mobile reviews, tech talks, you can get all types of Videos and many more! We help optimize your website through SEO, SMO PPC For Business enquiries: [email protected] I do not provide support over e-mail. Please SUBSCRIBE to Ranjeet Digital marketing Expert, Thanks. भारत माता की जय !!! -~-~~-~~~-~~-~- Please watch: "ऑनलाइन पैसे कमाने का नया तरीका | बिना पैसे लगाये RESELLING बिज़नस स्टार्ट करे ! और पैसे कमाए" https://www.youtube.com/watch?v=hHczwOiozcs -~-~~-~~~-~~-~-
How To Generate Payment Slip For Income Tax - David Mutoro (Asst. Project Mgr - iTax Rollout)
Facebook - https://www.facebook.com/StoriZaUshuru/ Twitter @StoriZaUshuru Instagram - https://www.instagram.com/storizaushuru/ The Kenya Revenue Authority (KRA) was established by an Act of Parliament, Chapter 469 of the laws of Kenya , which became effective on 1st July 1995 . The Authority is charged with the responsibility of collecting revenue on behalf of the Government of Kenya. A Board of Directors, consisting of both public and private sector experts, makes policy decisions to be implemented by KRA Management. The Chairman of the Board is appointed by the President of the Republic of Kenya . The Chief Executive of the Authority is the Commissioner General who is appointed by the Minister for Finance. PURPOSE OF KRA Assessment , Collection, Administration and Enforcement of laws relating to revenue. Organization The Authority is a Government agency that runs its operations in the same was as a private enterprise. In order to offer better single-window services to taxpayers, KRA is divided into five Regions as follows: Rift Valley Region Western Region Southern Region Northern Region Central Region KRA is divided into the following Departments, which are headed by Commissioners: Customs Services Department Domestic Services Department – Medium & Small Taxpayers(MST) Domestic Taxes Department – Large Taxpayers Office (LTO) Investigations & Enforcement Technical Support Services Corporate Support Services The Technical Support Services Department comprises of the following: Research & Corporate Planning Compliance Risk & Quality Management Marketing & Communication Road Transport Dispute Resolution Kenya School of Revenue Administration Laboratory Corporate Support Services Department comprise of the following: Human Resources Finance Procurement Regional Offices Administration & Logistics In addition to the six major departments, the Authority has the following service departments that enhance its operational efficiency: Risk Management & Internal Audit Ethics & Integrity Legal Services Information Communication Technology The office of the Board Secretary handles all issues related to the Board of Directors. Role of KRA in the economy To administer and to enforce written laws or specified provisions of written laws pertaining to assessment, collection and accounting for all revenues in accordance with these laws. Advise on matters pertaining to the administration or and the collection of revenue under written laws. Enhance efficiency and effectiveness of tax administration by eliminating Bureaucracy, Procurement, Promotion, Training and Discipline. Eliminate tax evasion by simplifying and streamlining procedures and improving tax payer service and education thereby increasing the rate of compliance. Promote professionalism and eradicate corruption amongst K.R.A. employee by paying adequate salaries that enables the institution to attract and retain competent professionals of integrity and sound ethical morals. Restore Economic Independence and Sovereign pride of Kenya by eventually eliminating the perennial budget deficits by creating organizational structures that maximize revenue collection. Ensure protection of local Industries and facilitate economic growth through effective administration of tax laws relating to trade. Ensure effective allocation of scarce resources in the economy by effectively enforcing tax policies thereby sending the desired incentives and shift signals throughout the country. Facilitate distribution of income in socially acceptable ways by effectively enforcing tax laws affecting income in various ways. Facilitate economic stability and moderate cyclic fluctuations in the economy by providing effective tax administration as an implementation instrument of the fiscal and stabilization policies. Be a 'watchdog' for the Government agencies ( such as Ministries of Health, Finance, etc ) by controlling exit and entry points to the country to ensure that prohibited and illegal goods do not pass through Kenyan borders. #StoriZaUshuru #DigitalEmpowerment #CTA101
YouTube Revenue & Your Income Taxes Ep.2018-08
This video is about Your YouTube Revenues and Your Income Taxes For tax questions, please contact me at [email protected] --------- Points Covered: Is it taxable? How much of it is taxable? How can I reduce the tax on it? How do I report it? Business Form Estimated Taxes . . . and more One of the questions is, What form of business to select? There are basically 8 forms of business to choose from 1. Sole Proprietor – the simplest 2. General Partnership 3. Limited Partnership 4. LLC (Limited Liability Company) – Single Member 5. LLC – Multiple Members 6. LLC – Treated as a corporation 7. C Corporation – Regular 8. S Corporation – a Pass through tax entity to the Owners Each of these have their unique characteristics and reasons for choosing one. Is your income producing activity a hobby, or a for-profit-business? See additional information below about determining if it is a hobby. In Summary • All sources of income in an income producing activity are taxable • Select your form of business carefully as that will have an impact on your tax picture • Is it a Hobby or for-profit business? • Accounting for income and expenses to meet IRS requirements • Accounting and tax preparation software, or hiring a professional • Paying estimated tax payments ***** Here are some resources www.TaxBulldog.com This is my web site with many resources and information to help you. Slash IRS Back Taxes book http://www.taxbulldog.com/SlashTaxesBook.html This is a book I wrote to help taxpayers settle crippling tax debt. * * * DISCLOSURES In these videos I am not able to cover all angles, aspects, and specifics. This is general in nature and will hopefully guide you to finding more information as you need it. The information I provide in this video is not legal advice and should not be relied upon as such. *********** ADDITIONAL INFO HOBBY LOSS RULE OF THUMB If a business reports a net profit in at least 3 out of 5 years, it is presumed to be a for-profit business. If a business reports a net loss in more than 2 out of 5 years, it is presumed to be a not-for-profit hobby. This rule of thumb makes places a huge burden of proof on young businesses. On the one hand, the IRS expects new businesses to incur a loss. It is normal for a business to have a year or two of losses before becoming profitable. On the other hand, it is likely that a business could have several years of losses before ever making a profit. In fact, several such cases have been sent to the Tax Court. If you cannot meet the 3-out-of-5 year rule (3 years of profits in a 5-year period), you can still prove your profit motive using the following nine factors: 1. You carry on the activity in a businesslike manner, 2. The time and effort you put into the activity indicate you intend to make it profitable, 3. You depend on income from the activity for your livelihood, 4. Your losses are due to circumstances beyond your control (or are normal in the start-up phase of your type of business), 5. You change your methods of operation in an attempt to improve profitability, 6. You, or your advisors, have the knowledge needed to carry on the activity as a successful business, 7. You were successful in making a profit in similar activities in the past, 8. The activity makes a profit in some years, and how much profit it makes, and 9. You can expect to make a future profit from the appreciation of the assets used in the activity. This list is found in IRS Publication 535 Business Expenses. ------------ LINKS www.TaxBulldog.com my web site with a lot of information for you. ‘Selecting a Tax Professional’ to Represent You at this link. https://youtu.be/bJgAmmxxlSs Slash IRS Back Taxes book http://www.taxbulldog.com/SlashTaxesBook.html TaxBulldog on YouTube for helpful videos https://www.youtube.com/channel/UCbYXP2CE4pxx3FwlS-Ljh5Q Nick Nimmin on paying taxes on YouTube Revenues https://www.youtube.com/watch?v=iKUvXcSPmAg Roberto Blake on paying taxes on YouTube Revenues https://www.youtube.com/watch?v=zhpkIvfZtUk IRS web page Record Keeping https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping Your Federal Income Tax for Individuals https://www.irs.gov/pub/irs-pdf/p17.pdf Tax Guide for Small Business https://www.irs.gov/pub/irs-pdf/p334.pdf Is Your Hobby a For-Profit Endeavor? https://www.irs.gov/newsroom/is-your-hobby-a-for-profit-endeavor Estimated Taxes for Individuals https://www.irs.gov/pub/irs-pdf/f1040es.pdf IRS Online Payment System www.EFTPA.gov All or portions copyright © 2018 by Gary W Lundgren. All rights reserved.
Views: 49 Gary Lundgren
Do you want to reduce the amount of property taxes you pay?
Broward County Property Appraiser Marty Kiar explains the deadline for homeowners to file for 2018 tax saving exemptions.
Views: 41 MartyKiarBCPA

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