Can spouse W-2 withholding cover tax on my business income?
On a joint-return projection, reconcile both spouses' income and withholding before choosing additional payments.
Tax Strategy Blog: Page 14
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Can S corporation distributions fund my 401(k) contribution limit?
Ask the plan administrator to identify eligible compensation under the actual document.
Can rental income support a solo 401(k) contribution?
Determine whether the receipts arise from ordinary investment rentals or an actual operating activity with different tax treatment.
Can my spouse participate in my business retirement plan?
Document the spouse's duties, hours and reasonable compensation for actual services.
Can my company reimburse mileage if I also use the car personally?
Keep a log showing dates, destinations, business purposes and business miles, along with the records needed for the chosen method.
Can my company pay for my spouse to accompany me on business travel?
A spouse's airfare or lodging should not be included merely because the owner had a qualifying trip.
Can my business partner's hours count as my participation?
Record which partner performed each task rather than allocating operating hours according to ownership percentages.
Can I use last year's refund toward this year's business taxes?
Read the filed return to see whether the overpayment was designated for refund, applied forward or split.
Can I use a 60/40 salary split for my S corporation?
Begin with a role inventory: billable work, sales, management and administration.
Can I use 100% bonus depreciation on a property acquired in 2026?
The restored 100% allowance generally concerns eligible property acquired and placed in service after January 19, 2025, subject to statutory requirements and applicable elections.
Can I take S corporation distributions before running owner payroll?
Prepare a dated list of draws, company-paid personal costs, wages and reimbursements.
Can I reimburse owner business expenses paid with a personal credit card?
An owner expense report should identify the merchant, date, amount, business purpose and company that incurred the cost.
Can I reimburse expenses without keeping paper receipts?
A digital receipt should retain item detail, date, amount and merchant information.
Can I receive rental sale proceeds and arrange a 1031 exchange afterward?
Talk with the qualified intermediary and tax adviser before selling, signing final instructions or directing proceeds.
Can I put all missed depreciation on this year's Schedule E?
Prepare an asset-by-asset comparison showing what was claimed and what the correct treatment would have been.
Can I order a cost segregation study several years after buying?
Collect original closing records and all filed depreciation schedules before ordering implementation.
Can I materially participate when I hire a property manager?
Ask the manager to describe the services performed and how work is divided among individuals.
Can I keep a solo 401(k) after hiring employees?
Send the administrator the hire dates, service hours, ages and ownership relationships of all workers.
Can I fix a missed estimated tax payment by paying extra later?
Not automatically. Installment timing and applicable exceptions determine the result, rather than the annual total alone.
Can I file a depreciation method change without coordinating entity returns?
Trace legal ownership and federal classification for the property and the return reporting its depreciation.
Can I exchange real estate for business equipment under Section 1031?
Current Section 1031 treatment applies to qualifying real property, not a general swap of business assets.
Can I elect out of bonus depreciation after receiving a cost segregation study?
A study identifies assets; it does not itself make a bonus-depreciation election.
Can I depreciate land when I buy a rental property?
Start with total acquisition cost and determine a reasonable allocation supported by relevant evidence.
Can I deduct travel to inspect a possible rental property?
Record the properties visited, meetings, trip dates and reason for each expense.
Can I deduct rental expenses while the property is vacant?
Keep evidence that the property remains held for rental use, such as marketing, applications, management correspondence and efforts to obtain tenants.
Can I deduct my entire K-1 loss if the business lost money?
A K-1 shows an allocated tax item, but does not by itself establish how much the owner can deduct.
Can I deduct mortgage principal on a rental property?
Use the mortgage statement to separate principal, interest, escrow deposits and fees.
Can I deduct commuting when I own the business?
Map the home, regular workplace, temporary assignments and trips between work locations.
Can I combine every rental property to meet material participation?
List each property's ownership, use, activity classification and participation history.
Can I claim a catch-up deduction after selling the rental?
Provide the sale closing date, filed returns, extension status, asset schedules and proposed correction details.
Can I buy replacement property in a different LLC?
Determine how the selling owner and proposed buying entity are classified for federal tax purposes.
Can Form 3115 fix a missed bonus depreciation election automatically?
No. Asset analysis and election relief are separate matters with their own requirements.
Can debt basis make an S corporation distribution tax-free?
Reconcile stock basis before analyzing the tax treatment of a distribution.
Can cost segregation help if my rental losses are currently passive?
Estimate the deduction, then determine whether passive income or another applicable rule permits current use.
Can contributing cash before year-end support an S corporation loss?
Determine whether funds were genuinely contributed as equity or advanced under bona fide shareholder debt before year-end.
Can an S corporation pay a shareholder health insurance premium?
Identify who paid each premium, whether the corporation reimbursed the shareholder and whether the shareholder is subject to the more-than-2% rules.