Tagged Questions
5
votes
1answer
39 views
FAFSA implications of filing jointly?
Recently our accountant filed a tax return as married for my partner and me (we live together). She is applying for FAFSA and is not sure whether she should be reflecting her marital status from our ...
4
votes
2answers
307 views
Are in-kind donations from my S-Corp tax-deductible in any way?
I have an S Corp that each year, sponsors a film festival by creating their website for free. In return, they print our logo in their program guide. Last year, I gave them 80 hours of work building ...
2
votes
1answer
123 views
Filing federal taxes for C-corp with no income
I started a startup in November, established as a C corporation. We made a single payment to a lawyer to have him file the papers and write the bylaws (payment was from my personal account). We didn't ...
0
votes
1answer
72 views
Form 8829 and Multiple Businesses
I work from home and had income from 3 sources
1) as an employee of an S corp (which I'm a small part owner of) main source of income
2) Consulting done under my name individually, separate from my ...
2
votes
1answer
172 views
What are the tax implications for doing accounting on the cash vs the accrual method?
What are the tax implications in the U.S. for doing ones accounting on the cash method versus the accrual method? As I understand it the main difference is in the timing (i.e. which period) of ...
3
votes
1answer
397 views
Why does the fiscal year in many countries start in April?
I was just wondering why in the UK the fiscal year starts in April. Is there any historical reason for this?
2
votes
2answers
241 views
Is it okay to issue myself a 1099 from my LLC, of which I'm the sole owner?
I own a small publishing company and occasionally publish my own books. I want to track royalty expenses on the products I've written, so my plan was to pay myself royalties, book it as a royalty ...
2
votes
1answer
202 views
How to account for money earned and spent prior to establishing business bank accounts?
In terms of QuickBooks...
How does a newly started business, an LLC in my case, account for payments received and money spent PRIOR to having organized business bank accounts in place? Is there a ...
3
votes
2answers
155 views
What can a CPA do that an EA cannot, and vice versa?
A lot of the responsibilities of CPAs and Enrolled Agents appear to overlap, but could someone outline the key differences? When would I choose to hire one versus the other?
7
votes
3answers
913 views
What does “write-off” mean?
I've heard this term throughout my life but I've never been entirely sure exactly what it means or why you would want to write something off.
