You Asked, We Answered.

A new collection of Q&A from our users.

Christopher Ragain CPA avatar Tatiana Bashlova avatar
87 articles in this collection
Written by Christopher Ragain CPA and Tatiana Bashlova

Prior Year Return Pricing

Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

If we bought a used car for the business, what do I put for prior depreciation?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Halon Private Client: Personal CPA

Small business owners get 1-on-1 advice and tax management with Halon Private Client
Christopher Ragain CPA avatar
Written by Christopher Ragain CPA
Updated over a week ago

What are the different types of payroll taxes? How much of the payroll tax can be a deduction for the employer?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

I'm not clear what I need to put under prior depreciation, can you help?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do I need to select a pin before I e-file?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

The date on top of my K-1 is blank, is that right?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

If a vehicle is owned by a business that is a partnership and there are no W2's, how do we add it to personal use?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do payroll taxes apply to a Sole Prop when you hire your own children?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

When it comes to owner compensation, can health insurance premiums include covered family members?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is an inheritance taxable?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do payroll taxes apply to an S-corp when you hire your own children?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is the Local Earned Income Tax Credit (EIC) included in a return?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

What happens to assets when converting from a Sole Prop to an S-corp?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Where do you enter electronic/cash tips?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

If the S-corp owner has individual insurance and pays it themselves (with personal funds), to created the best tax outcome the s-corp should:

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can S-corp owners and employees participate in health insurance reimbursement accounts?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Can a company have both an accountable plan and a cafeteria plan?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can the tax payer claim the self employed health insurance deduction even if it was a part time business?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Should a single shareholder S-Corp pay into their solo 401K via their paycheck or by money received from distributions?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Should I expense anything under $2500?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

When converting to an S-corp, do you have to notify the state?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

What is additional paid in capital?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How do you determine tax basis?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Can a non-US resident own an S-corp?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

When converting from a partnership to an S-Corp, do I receive a new EIN?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

When converting from a Sole Proprietorship to an S-Corp, do I receive a new EIN?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Does Halon do estimated tax payments for taxes?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

If I want to change my structure and/or relocate my company, can I file just a name change with IRS or will I need a new EIN?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Newly converted S-Corp has not run any payroll for tax year, can they catch up before year end or will they be forced to pay penalties?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

When submitting a 2553, if the wrong EIN is submitted can this be corrected after the fact?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

What's the average price of an S-Corp return?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Can Halon assist in any other form of taxes other than income?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What if a client exceeds their basis?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is Alimony tax deductible?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

What are retained earnings?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

I plan to sell my rental properties the following tax year, how will this effect my previous year losses as I plan to have a gain?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

I have multiple rental properties with a loss in the previous year. I plan to sell with a gain this year. Will I have to sell all my properties at once since they all had losses?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What are the requirements to form an S-corp?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What is a community property state?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

I previously have claimed my car using mileage method and would like to use depreciation method, can I switch?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What is cash basis?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Who is responsible for payroll tax?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

How late can you file an extension? What are the penalties?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What is form 7004?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

What are guaranteed payments?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Who should have a home office deduction and accountable plan?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

My client is looking to sell 50% of his S-Corp. What is the best way for my client to structure the transaction?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

My client is an S-Corp. We pay her a salary, therefor she will receive a W-2. Should she receive a 1099 for Owner's Draws?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Does Halon assist with payroll, 1099s, etc?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

My client is self employed, is he required to do quarterlies? Is there a penalty for paying after Jan. 15th?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

How much is the late fee penalty for the self employed who don't pay quarterlies?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What is Bonus Depreciation?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Parent Corporation has multiple LLCs that pay contractors. Does the 1099 come from the parent corporation or the LLCs?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Can you late elect to become an LLC?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do S-Corps and C-Corps need 1099s?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Are self employment taxes paid on owner's distribution?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can a single shareholder still take a distribution for tax year 2018?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How do you categorize 401k contributions?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Are the state specific tax/forms/docs used/addressed in Halon?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is an LLC right if you are thinking about selling your business?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Is an LLC right if you are just starting your business?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is an LLC right if you are trying to bring on investors?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do we issue 1099s to workers outside of the US?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Who pays estimated tax?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Client wants to keeps their partnership and then create two S-Corps. What would be the best way to feed money into the partnership to pay shared expenses?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How long does it take to become an S-corp with the 2553? Do I receive a notification?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How do I determine if I need to file in other states?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Does Halon prepare returns for businesses in the Ecommerce industry?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Does Halon prepare K1's?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Where do I report Home Office & Auto Expenses Mileage?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What's an accountable plan?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do we provide journal entries at the end of the return?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

How do I file an extension with Halon?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can Halon help with obtaining an IRS transcript?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Do shareholder distributions have to be equal to elect to be an S-corp?

You asked, we answered.
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Written by Tatiana Bashlova
Updated over a week ago

Is rental real estate subject to SE tax, regardless of entity?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How does payroll tax work? When do I pay?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Is it required to have a state tax ID number to file?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can we carry forward NOL net operating loss?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

On my K-1, box 17, I see a V* STMT - where do I find that amount?

This question came up the other day, so let's answer it.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can a cash basis entity have fixed assets?

This question came up the other day, so let's answer it.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

How do I enter distributions into Halon?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Can I download a copy of my return with a wet signature?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

What should I put if I don't know my state tax ID number?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

Does Halon prepare prior year tax returns?

A question we get quite frequently, let's answer.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago

If the business owner uses their business account for personal expenses how do we best categorize this?

You asked, we answered.
Tatiana Bashlova avatar
Written by Tatiana Bashlova
Updated over a week ago