Tagged Questions
1
vote
1answer
101 views
Can I form a company to rent a car or apartment to my wife's employer for her to use?
My wife's job places her on long-term contracts (> 6 months) in different parts of the US. The employer currently pays for a permanent car through a popular car rental agency and a permanent room ...
1
vote
2answers
61 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
1answer
60 views
How do I pay my estimated income tax?
I've recently made the move from salaried employee to small business owner. Now instead of my employer sending in my taxes incrementally with each paycheck I need to pay my expected taxes quarterly.
...
3
votes
2answers
38 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 ...
2
votes
1answer
78 views
For qualifying for a mortgage, is it better to have a small business showing a loss or a pay stub with short history in the company?
My fiancee and I are trying to qualify for a mortgage. She is full-time W2 employee and I am a small business owner. My 2012 profit in the business was significantly less then 2011 (more than 20% ...
1
vote
2answers
108 views
Is there a Free/Quick way to transfer money between two parties online if one of the parties is a business?
currently I have a registered business with a client that pays me every two weeks. Normally I send an invoice, and he sends a check via snail mail. We would like to move this to something online. ...
0
votes
1answer
89 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
187 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
403 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?
...
0
votes
1answer
72 views
Can I set up a retirement plan for an LLC with negligible income?
I am currently working as a W2 contractor, with no access to a 401(k) plan through the contracting agency. However, I do own an LLC, with, unfortunately, negligible revenue earnings. Here are my ...
4
votes
1answer
71 views
Rules for SEP contributions in an LLC?
I am located in NY. I have a PC (my business) and an LLC which holds the office space for my PC. The owners of the LLC is my self and my son. I am the sole owner of the PC. What are the rules of ...
11
votes
5answers
2k 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?
3
votes
2answers
605 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
118 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
122 views
Paying Federal Income Tax without Witholding
I receive payments from iTunes Connect, and no income tax is being withheld from those payments (I am receiving the entire earnings), and I have been trying to find out how I pay Federal Income Taxes ...
1
vote
1answer
230 views
How to “pay” one self in a single member LLC w/ separate checking account?
I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
3
votes
1answer
92 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
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 ...
5
votes
4answers
3k views
Any practical difference between “personal checks” and “business checks”?
I need to order checks for my LLC. I wrote maybe 5 paper checks last year (by hand, not printed). So it doesn't make sense for me to spend $30-40+ on "business checks" if I can spend $5-10 on ...
1
vote
1answer
82 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
97 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
488 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
142 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, ...
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 ...
3
votes
3answers
2k views
Deductible expenses paid with credit card: In which tax year would they fall?
If I paid my business expenses with a credit card during the month of December, which year can I deduct them from my taxes? 2011 (when the purchase was made) or 2012 (when I paid off the credit card)?
...
1
vote
1answer
42 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 ...
3
votes
2answers
158 views
Is it ok to use a check without a pre-printed check number?
I opened a new account for my business and got a bunch of starter checks. They have the routing and account numbers preprinted with MICR font and magnetic (I presume...) ink, but they don't have a ...
4
votes
1answer
237 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 ...
2
votes
3answers
114 views
Proper “Legal Services” insurance - is there such thing?
There's the "Prepaid Legal", and my company offers a "MetLaw" program as a benefit, and I wonder how useful are they, and if there are more?
I'm looking into a program that will cover my needs for ...
5
votes
1answer
198 views
I have a 401k loan used for a house down payment and now I am changing jobs: What should I do?
I guess this could be a cautionary tale, but I am hoping it can be remedied.
I had a job that I am leaving, but I had took a 401k loan to put down on a house. I don't have the money to pay it back ...
9
votes
3answers
255 views
Does that mean I'm fooling the US gov?
I'm a foreign student studying in the US. Soon, I'm a launching a website where an American ad agency will handle posting the ads on it from American advertisers and the revenues are supposed to go to ...
9
votes
1answer
428 views
Can I use my Roth IRA to start a business?
I've recently been reading up on Roth IRA to Self-Directed IRA plans. And I've seen a few places that mention their use as a seed-fund to start your own business.. Where can I find the parts of the ...
0
votes
1answer
598 views
Where on schedule C should a PO Box Rental fee go?
I'm filling out my US Income tax forms and I am trying to decide where on Schedule C to put the expense for a PO Box Rental.
My first guess was "Communication," but I'm not sure. "Office Expense" or ...
1
vote
1answer
3k views
How to record business income tax paid, in QuickBooks?
This is not a personal finance question, but I don't see a StackExchange site dedicated for business finance/accounting. So I'm asking it here.
I run a small business (LLC) and using QuickBooks for ...
4
votes
1answer
92 views
What are the some banks for businesses looking to handle *everything* online?
My business works with contractors and customers around the world and I have plans for long-term travel for myself. The small local bank I'm currently with doesn't seem like a good fit for my company. ...
6
votes
2answers
136 views
Should I take contributions out of my Roth IRA to live off of?
My current contract is ending, with no future job immediately lined up. I have a few thousand dollars in my checking/savings accounts, and a significant amount of cash in my Roth IRA. I have no debt.
...
1
vote
1answer
107 views
Costs associated with starting an LLC in Massachusetts?
I am going to be starting a LLC business (wedding photography) and I was curious about the associated costs. The business will be registered in Massachusetts. I understand that an exact number may not ...
3
votes
1answer
644 views
Is it worth incorporating, when working in Canada as a contractor for an employer in the US?
Assume a Canadian contractor is working remotely from Canada for a US based contracting company. Is it advisable to incorporate, in Canada, in this situation?
Also, once incorporated in Canada, is it ...
4
votes
3answers
737 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 ...
6
votes
2answers
117 views
What are the ongoing administrative requirements associated with running a small business that is incorporated?
Throughout my career, I've done some development and consulting projects in addition to my full time job. I've always just reported the income on my personal income tax forms. Now that I am getting ...
2
votes
3answers
226 views
At what point does a hobby turn into a business?
Is it based on how much I earn? if so, can I re-invest all of the income back into the hobby and still call it a hobby?
4
votes
1answer
2k 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 ...
2
votes
1answer
94 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 ...
2
votes
2answers
92 views
How to deal with PA sales tax for item bought on behalf of my customer and resold to them?
I work for myself and at times buy a piece of software or something for someone I am working for. Like my title says, I live and work for people in PA.
If I pass the product on to my customer at ...
8
votes
3answers
2k views
Full-time work + running small side business: Best business structure for taxes?
Currently I have a full time job (IT industry) but from time to time I do a side project.
Most of the times my clients agree to pay me cash as the amounts are not large.
However, last year there ...
4
votes
8answers
99 views
Finding a good small business CPA?
Maybe I've just had bad luck, but the four CPAs I've met so far with have been morons.
The first one I found on superpages and he couldn't help me set a structure for my LLC. Didn't know what ...
6
votes
1answer
395 views
What are the benefits and downsides to an LLC vs. Sole Proprietorship vs. Individiual?
As a followup to my previous question, what benefits are there for an LLC vs. a Sole Proprietorship? What are advantages and disadvantages to both and also vs. just being paid as a person?
18
votes
4answers
774 views
When should I start an LLC for my side work?
I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
9
votes
3answers
298 views
Can I withdraw from my Roth IRA retirement account to fund a startup?
I'm 24 years old and have $10k in my retirement accounts (Roth IRA) after about a year with a real job. I'm considering withdrawing the entire balance to support myself for a few months while I ...
