Contributions to a 401(k) are qualified deferrals. This means that the amount should not be included in your income when calculating income tax. You can check your W-2 and the amount of taxable wage should not include the 401(k) contributions. The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding this matter.
When forming a partnership the partners will make initial capital contributions and may make additional contributions depending upon the operations of the partnership and partnership agreement. Common capital contributions may include cash, property (vehicles, equipment, computers etc.) and sometimes services.
The video below has been prepared by a tax attorney and business attorney at The McGuire Law Firm to discuss capital contributions.
John R. McGuire is tax attorney and business attorney at The McGuire Law Firm. The McGuire Law Firm represents and advises clients on tax matters from IRS debts and tax audits or overall tax planning and the tax implications of certain transactions. Further, the firm represents small and medium sized business with their contract issues as well as the formation and sale of businesses or business interests. In addition to his law degree, John holds an advanced degree in taxation known as an LL.M. The McGuire LAw Firm provides a free consultation with a tax attorney.
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