4
votes
2answers
89 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
0
votes
0answers
32 views

Receiving money from overseas for a business

My friend is sending me a large sum of money from Germany to open a business in USA. Am I supposed to pay taxes for on that money? Should I open the business account first?
2
votes
3answers
70 views

Is it legal to start a new small business while owing personal back taxes?

We owe, personally, about 8 thousand in back taxes for the past 3 years. But we really want to start a small renovating business. I heard it was illegal to begin a new business while still owing the ...
1
vote
2answers
60 views

Is there a “Rollover as business startup” for IRA?

I had a 401(k) with my employer, who I left recently. I'm considering rolling this over into an IRA since I will avoid a small maintenance fee this way, but I'm not sure if I will lose the ability to ...
9
votes
2answers
127 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
176 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
62 views

financial institution wants share member break down for single member LLC

Due to latest crop of regulations, a particular financial institution is requiring a share member break down for a single-member LLC, an odd step in verification since there is only one share member ...
1
vote
1answer
136 views

Can a Nepalese (Asian) open a bank account in US without visiting there?

I am living in Nepal (South Asia) and want to setup a business using which Nepalese living in the USA can pay for gifts and services to be delivered here in Nepal to their beloved ones. To receive ...
0
votes
1answer
52 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 ...
0
votes
1answer
33 views

Deducting related educational trading expenses from LLC?

From what I understand, you need to trade full-time in order to deduct educational related trading expenses such as magazines, courses, or newsletter subscriptions. If I'm not a full-time trader but ...
2
votes
2answers
98 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
378 views

Capital Gains in an S Corp

In this question about s-corp distributions, the answer was given that an s-corp taxes all profit as personal income. That is, there are neither distributions nor dividends which can be taxed at a ...
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, ...
2
votes
1answer
106 views

How long does a bank's “Know Your Customer” (KYC) process typically take?

When opening a U.S. bank account, the bank will investigate about the account owner, and this investigation is called 'Know Your Customer.' The goal is to prevent money laundering. My question is: ...
8
votes
3answers
280 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
141 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 ...
4
votes
3answers
328 views

What's “wrong” with taking money from your own business?

Let's say there is a small business owner of a business that employs 30 people. From time to time, that business owner takes and/or borrows money from the business for personal expenses, like home ...
3
votes
1answer
119 views

Process for dissolving a recently-opened Colorado LLC?

I need help dissolving an LLC a couple of friends and I created. It seems as though we jumped into this much too quickly and unfortunately, things did not go as we had planned. I am in the U.S. and ...
2
votes
3answers
257 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
519 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 ...
3
votes
2answers
371 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 ...
1
vote
1answer
400 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
100 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
114 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
122 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
103 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% ...
4
votes
4answers
300 views

Is there a no-fee way for Americans to send electronic payments to American small businesses?

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
332 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
446 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? ...
0
votes
1answer
125 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
165 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
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
921 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
234 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 ...
4
votes
1answer
157 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
744 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
131 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
97 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 ...
8
votes
5answers
10k 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
94 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
145 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
263 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
697 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 ...
4
votes
4answers
4k 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
47 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
875 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
471 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 ...