5
votes
1answer
41 views

Small business tax dates, what is “the date” of a job?

I work to a tax year that starts on the 6th of April. I have a number of jobs which before this date are: "in the pipeline" i.e. in my order book work in progress finished not invoiced finished and ...
7
votes
1answer
76 views

Joint Account for Common Earnings

I've started a tutoring group with two of my peers; the three of us are minors in the state of Ohio. We charge a modest fee and generate approximately $2,000 in revenue per month. We plan on charging ...
3
votes
1answer
169 views

Do I need to get a business license if I charge users to play on my Minecraft server?

Mojang (the developer of Minecraft) has recently stated that server owners may charge users access to their server, so I know they allow it (source). My only question is whether I need a business ...
15
votes
1answer
2k views

Will I owe any taxes if I can write off every cent?

Does anyone know if I will owe any taxes for my small business if I can write off every cent? My business is based in the United States. I started a small web design business this year and anticipate ...
0
votes
1answer
50 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
2
votes
2answers
84 views

Applying for EIN when incorporated in another state?

I have an online startup that is generating revenue and now I have to file for taxes. I'd like to keep my PayPal separate from personal and keep it purely business so I want to sign up with an EIN. ...
1
vote
1answer
42 views

Requirements for filing business taxes?

In her free time, my wife writes a food blog that gets a respectable amount of traffic. From time to time, businesses will approach her to sponsor a post about their products. At the end of the year, ...
8
votes
3answers
266 views

What kind of taxes might I incur if I sell off intellectual property from my small software business?

For a little over five years (I started in fall of 2008) I've been developing an app for the iPhone/iPad, and it's been for sale in the App Store for all of that time. I'm in a position now where I ...
4
votes
1answer
134 views

Can a husband and wife who are both members of the same LLC file a joint tax return?

My question is basically summed up in the title. My wife and I are active members of a new LLC which also has other members. The LLC is taxed as a partnership, so profit/loss is simply passed through ...
-1
votes
1answer
101 views

Why does paying out all corporate income as salary reduces the risk of being labeled a personal service business?

This blog article on PSB outlines the rules clearly. But in one of the comments it says: However, if you are paying mostly salary to yourself, your risk is minimal even if assessed What is the ...
2
votes
3answers
250 views

How to account for personal baby sitter?

My mother-in-law lives with my wife and me and baby sits our 5 month old baby. I pay her every week and I was wondering what makes the most financial sense for tax report/breaks/etc? I believe I ...
0
votes
1answer
499 views

How do I pay taxes on earnings from the sale of my Android app?

I'm under 18, so right now I don't pay any taxes. I had a paid app and I also just started advertising, so eventually I may be making income. I don't want to be evading taxes, so I want to know how to ...
2
votes
1answer
127 views

How do I account for money paid to colleagues out of my professional income?

I am resident of India and I work as a freelancer, developing software for Indian companies. Sometimes, I do the work along with a few other professionals like me. I receive the payments into my bank ...
3
votes
2answers
359 views

Can I write off time I spent working on my business?

So, I'm a freelance web programmer by trade, which means that my time really is money. I, occasionally, work on side projects of my own and forgo the possibility of earning direct income for that ...
3
votes
2answers
2k views

How to start a business when you owe the IRS and Everyone else?

My history: In 2006 I was doing pretty well, my online ventures were doing around $30k profit a month however I am a programmer and did not run the business side of it well at all. (taxes, forming a ...
1
vote
2answers
99 views

How can I estimate business taxes / filing fees for a business that has $0 income?

I'm looking for a good resource to understand the penalties I need to pay in order to get my business 'up to date' with the IRS. I called the NY state and I was able to determine the amount needed ...
3
votes
2answers
118 views

Does business income generated while physically present in NY count as New York Source income?

Question Is some or all of any business income generated from my Wyoming business qualify as New York source income while I'm physically present in NY? Background I run an IT consulting firm (LLC ...
0
votes
1answer
320 views

How to set up my business as a self-employed contractor

I am a full time employee in New York City who does contract work on the side. Next year, I would like to set up a business for myself for this, with the expectation that I might become a full-time ...
6
votes
3answers
438 views

What are the ins/outs of writing equipment purchases off as business expenses in a home based business?

I'm currently self-employed doing computer programming work. As part of self-employment I'm learning about filing taxes quarterly (not fun) and also writing things off as business expenses ...
1
vote
1answer
3k views

How much can you write off on a car lease through a LLC?

If you lease a car over buying it, how much can you write off of the car lease for the LLC? Given that you can lease it through the business, is that a more wise decision than buying financially? ...
11
votes
5answers
5k views

A merchant requests that checks be made out to “Cash”. Should I be suspicious?

My barber accepts only cash or checks made out to "Cash". Is there a likely legitimate reason she might want the checks made out to "Cash"? Or am I helping her hide her revenue from the IRS?
4
votes
2answers
912 views

Taxes owed on funds raised through Kickstarter for a film I plan to shoot?

I'm looking to run a Kickstarter campaign and I was curious about a few things. Obviously you'll need to pay taxes on the amount raised, if you don't spend it all producing something (expenses). ...
4
votes
1answer
228 views

Determining the minimum dividend that should be paid from my S corporation

I am the sole shareholder and only employee of an S corporation. I understand that all profits of the corporation are passed through and taxed as income to me. I also understand that all dividends ...
3
votes
1answer
128 views

Married filing separately

We recently got married and I'm thinking ahead, just because I want to be prepared. :-) We both work FT jobs, but I also have a side company creating web applications. It's a single member LLC that ...
0
votes
1answer
96 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 ...
1
vote
1answer
93 views

US Simple donation taxation question

If i take in 50k of income and donate 40k to a 501(c)(3) non-profit, how much money will have to pay taxes on? I am a sole proprietorship. Thanks!
4
votes
1answer
142 views

How does LLC ownership work in relation to U.S. tax law?

If an established LLC business offers ownership to a new member, will that member owe federal tax even though that member has still not realized any gain? Let's say for example the LLC is worth $10M ...
4
votes
2answers
2k views

What are the tax implications of lending to my own LLC?

Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
1
vote
1answer
252 views

Can a single-member LLC have a fiscal year not as the calendar year?

Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, ...
3
votes
3answers
676 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 ...
1
vote
1answer
46 views

Resources online to help with filing income taxes that include a small business?

My wife an I usually file taxes ourselves using the 1040A (with the standard deduction), but she started her own business this year selling jewelry. Most people are recommending to use a CPA for help ...
4
votes
1answer
458 views

How to deduct operational loss from my personal income tax?

This questions starts with "How to" but I will accept any answer as "if I should or not". My question is related to a business that I have been running this year. I have not been very successful at ...
4
votes
1answer
232 views

Foreign company incorporated in US and W9

I own a translation company and my clients are reluctant to contract a provider based abroad, although I have a US Bank account, US tel, US PO Box (I lived in US for a while). I need to be able to ...
5
votes
3answers
770 views

I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?

As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
7
votes
1answer
489 views

When it comes to doing business taxes, do bank statements and bills work in place of receipts?

Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
3
votes
2answers
140 views

In which country can I set up a small company so that I pay a lower rate of corporate tax?

I read in some news articles that some large corporations manage to avoid large corporation tax in this way. Is it possible to set this up for a small company?
5
votes
4answers
886 views

What's the difference between TaxAct and TurboTax?

I've always used TurboTax, but found an edition of TaxAct that will do state, federal plus schedule c for about 33 percent of the price of the Turbotax edition? Does TaxAct not do some important ...
4
votes
1answer
3k views

I'm self-employed with my own LLC. How should I pay myself, given my situation?

I do a ton of freelance web design and decided to setup a simple LLC so I could have a credit card to make business purchases with. From my limited understanding, I can choose to be taxed as an S-corp ...
3
votes
1answer
100 views

What book or source of information can help me build a business from tax money?

My wife and I are both employed. We are in the middle class family tax bracket, but we don't own a house thus making our tax very high. I want to start a business to work it after hours and divert ...
9
votes
5answers
439 views

Should I start my own company so I can claim against tax?

I live in the UK and I'm an employed web and mobile phone developer and very occasionally do some work on the side. I've been recently advised by a family member that I should look at starting my own ...
4
votes
1answer
7k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...