2
votes
0answers
32 views

Single member LLC capital contributions and IRS reporting

I have a single member LLC which is a disregarded entity for IRS purposes. I have a new attorney who told me that when ever I make a capital contribution to the LLC out of my own pocket or transfer by ...
2
votes
1answer
94 views

How does 1099 work with my own company

I have a single member entity LLC set up and I am the only owner/member/employee of this company. I work at client place, i.e Client pay hourly rate to one other company, that company pay to my ...
0
votes
1answer
127 views

I am not a US Citizen But Can co own the LLC company with my US National Cousin?

I am in India and I provide projects to Indian companies that i get from US, but lots of companies asking me to open a LLC company and Bank account as they feel comfortable in paying in my US account ...
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 ...
0
votes
2answers
72 views

How much of my losses due to investments in a LLC can I deduct?

In 2013 I invested $90k for a 20% interest in a LLC and am a material participant. The LLC reported losses of $340k in 2013 and $180k in 2014. My losses were $68k in 2013 and $36k in 2014. How ...
2
votes
1answer
47 views

old LLC - revival question and Tax implication

I have a LLC in AZ that I opened in 2007 for consulting purpose on the side, filed taxes on it the first year then life got busy and did not do any consulting on the side for last 7 yrs and never ...
3
votes
2answers
150 views

Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen?

I formed LLC in 2010-Connecticut. I am NON US resident, from India. I use paypal for all my transactions. Business type is online training. I pay $800 per month for person working for US LLC as ...
2
votes
2answers
87 views

LLC Partnership Earned Income vs. Partnership Share

When filing taxes for an LLC-Partnership, what should be done if the earned income varies from that of the partnership share? For example, if there are 4 members, and $100,000 is earned, their ...
0
votes
1answer
55 views

Do we need to provide a TIN or ITIN in the W-8BEN form?

We are non-U.S. investors investing through an LLC into ventures. The ventures have operations in Brazil but some have Delaware holding companies. Do we need to provide a TIN or ITIN in the W-8BEN ...
3
votes
1answer
103 views

Should rented software be included on my LLC's balance sheet?

I am an incorporated freelance user experience (UX) designer with an LLC, and my state requires a personal property return with a balance sheet every year. I'm using cash accounting for my business ...
4
votes
1answer
114 views

In an LLC Partnership, does each partner report expenses in the partnership tax return or personal tax return?

Does each partner report their business expenses in the LLC partnership tax return or their personal return? Does the amount each partner reports as a business expense, affect the ownership in the ...
1
vote
1answer
68 views

Does the filing fee for an LLC count as a business expense when paying taxes in the US?

I formed an LLC this past year. Does the filing fee to form the LLC count as a business expense for tax purposes? What about for each reoccurring year?
1
vote
1answer
46 views

In an LLC formed in the US, if the partner puts in money, does this show up as income on my personal taxes?

I formed an LLC this past year where the ownership of the LLC is split 50/50 between me and my partner. When we created a bank account, my partner put in $400 and I put in $0. Besides the interest ...
1
vote
2answers
203 views

How does LLC affects my taxes?

I read this article http://www.watsoncpagroup.com/kb/How-does-an-LLC-or-S-Corps-income-affect-my-taxes_73.html but still can get it. My scenario: I work for a company full time and earn (let's say) ...
0
votes
1answer
94 views

What is the average cost of a LLC tax return and what it entails? (FL)

I want to understand the cost associated with complying with yearly maintenance of a Florida LLC. This answer outlines some of the costs, but does not specify what is required
0
votes
1answer
86 views

Creating a personal company [closed]

I'm developing several software which will be (I hope) really useful and will find it's customers, I'm doing it all by myself. For graphical works etc. I hire freelance designers online, but ...
2
votes
2answers
83 views

If you have a Delaware LLC you don't need, is there a free way to get rid of it?

Say you set up a Delaware LLC, but due to unforeseen circumstances, you end up not needing it at all. Can you simply do nothing and just ignore unpaid franchise tax, closing fees etc - or will that ...
4
votes
1answer
4k views

What is the “California SOS file number” and where do I find it?

My LLC's taxes are due soon and I want to pay the $800 annual tax here in California. I'm a little confused about something I'm supposed to write on the check: the "Calfirnia SOS file number". Google ...
4
votes
2answers
209 views

Is it possible to add a person to an existing LLC?

I have an existing LLC of which I am the sole owner/agent. I would like to add my spouse to the LLC as the second owner/agent. My reason for doing this is because I would like to file taxes for the ...
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 ...
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
1answer
241 views

US tax liability for a non-resident with a US LLC that does business in the US

I'm a non-resident of the US and I've never been to the US. However, I have an LLC in the US. I sell computer software warranty services where we fix computer problems remotely from India. I have a ...
2
votes
1answer
70 views

Consult as an individual or as a company?

I work full time (so benefits, etc are covered), and recently have been offered a consulting position for a previous employer. I have read and fall within the acceptable guidelines of the Moonlighting ...
3
votes
1answer
306 views

Corporate structure for sole purpose of gambling… LLC vs S Corp?

I need advice as to what would be the best-perceived corporate structure for a gambling entity: sole person LLC or S Corporation. I am a sports bettor; I live in Las Vegas, NV. I only bet on NBA ...
2
votes
1answer
143 views

Filing Form 7004 if an LLC's only members are husband and wife

I need to file tax extensions. I already know I need to file Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. I expect a refund, so I'm sending no ...
1
vote
1answer
74 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
1
vote
1answer
128 views

What's the minimum revenue an LLC must make in Florida or NY states?

Here in Italy, if you open a small company (sort of LLC) you must have a minimum revenue, and therefore you must pay a minimum amount of taxes every year. Too bad for you if you are not making money; ...
6
votes
2answers
1k views

What are the costs to establish an LLC and to maintain it?

What's the average (approximately) cost to open a basic LLC in Florida state or in NY state? (FYI in my case is to buy an house in Miami and rent it. I already have a bank account in the U.S.) What's ...
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 ...
5
votes
2answers
178 views

Is this formula accurate for weighing the difference between an S-Corp and LLC?

I have been doing much research before deciding on a S-Corp or LLC for an online start-up (2 people, software as a service). I've read lots of explanations of the two and their differences and I've ...
5
votes
3answers
418 views

Owning properties through an LLC - how to split the LLC expenses?

I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
1
vote
2answers
91 views

If you work from abroad for a week, does that count as a business expense?

I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out. Can I deduct the plane ticket for this trip ...
1
vote
1answer
3k views

Do I need to file income taxes for my business if it made no money?

I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file? My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
1
vote
1answer
154 views

File LLC as S Corp?

I am in the process of creating an LLC and am trying to decide whether to file as an S Corp. I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the ...
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, ...
0
votes
1answer
33 views

Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC?

I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a K-1 for for 2011. My understanding is that there is a tax form I can fill out to ...
0
votes
2answers
255 views

Expensive agenda book/organizer. Office expense or fixed asset?

I am unsure how to book an agenda book/organizer that was purchased for our business. Normally I book office/organizational expenses (notebooks, printer ink, etc.) as "Office Expenses" but the cost ...
0
votes
1answer
390 views

How do I deduct from Sales Tax Payable in Quickbooks?

(This question could probably use a better title) My current process for paying sales tax works as follows: I collect payments against invoices from clients throughout the month As I collect these ...
16
votes
6answers
3k views

Would it make sense to buy a rental property as an LLC and not in my own name?

I'm considering buying a rental property. Would it make sense forming an LLC and purchasing it in the name of my company, rather than owning it directly? Considerations: pros: I don't want my name ...
6
votes
1answer
384 views

What is considered a business expense on a business trip?

Scenario: I own my own business (LLC). There is a business-related conference that I wish to attend that requires travel. I assume airfare, cabs, hotel and conference tickets are all obvious ...
1
vote
1answer
156 views

Can I skip Sales Tax Payable and just transfer directly to dedicated bank account?

I am trying to account for sales tax. I just totalled up a Quarter of sales tax and normally, I would create an entry like: Debit "Business Income Checking Account" (true checking account) Credit ...
2
votes
2answers
77 views

Accounts Receivable included in Gross Sales?

I am trying to determine my sales tax. In a given quarter, let's say I close a deal for $2000 and collect $500 as a deposit. Which number is considered in my "Gross Sales", the $2000 or the $500? ...
2
votes
1answer
1k views

Paying myself a distribution caused a negative Owner's Equity account balance? Is this normal?

I just paid out my first distribution from my LLC. I wrote myself a check for $200 (example), using my business account and selected Owner's Equity. When I look at my summary of accounts, I notice ...
3
votes
1answer
145 views

How important is reconciling accounts for a small LLC (Quickbooks)?

We are in our first year of starting a small LLC. We are using Quickbooks Online and things are going well. The only exception is that, due to our lines of credit and bank accounts being personal ...
3
votes
2answers
698 views

How to transfer personal auto lease to business auto lease?

What is involved in transferring a personal auto lease to a business auto lease? We have a car for our business that was leased prior to establishing our LLC, therefore it is under our names, ...
7
votes
4answers
124 views

Can I set up a second 401(k) at my LLC?

I have a 401(k) at work. I also have an LLC. Can I start a second 401(k) and contribute an additional $16,500?
10
votes
5answers
2k views

How to determine how much to charge your business for rent (in your house)?

I started a business this year and have a dedicated room in my home for this business. How do I determine the rate at which I will charge the business rent for the space?
5
votes
3answers
900 views

I'm about to be offered equity by my employer. What should I expect?

I'm not expecting to potentially be screwed over in any way (this is being given to me alongside a raise and a promotion so it's more of a cherry on top.) I was told in passing that I'll be vested at ...