Timeline for Raised 100k on a gofund.me campaign to teach a hands on electronics repair workshop for the next few years. How do I pay taxes?
Current License: CC BY-SA 3.0
20 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Apr 26, 2018 at 15:51 | answer | added | quid | timeline score: 1 | |
| Apr 26, 2018 at 14:36 | answer | added | tomjedrz | timeline score: 6 | |
| S Mar 6, 2018 at 18:42 | history | bounty ended | CommunityBot | ||
| S Mar 6, 2018 at 18:42 | history | notice removed | CommunityBot | ||
| Mar 4, 2018 at 17:36 | comment | added | Patoshi パトシ | I have a pass through LLC. Used the EIN from the LLC. | |
| Mar 4, 2018 at 7:02 | comment | added | Harper - Reinstate Monica | Is it an L3C? Whose EIN/SSN got used when setting up the GoFundMe campaign? Did you get a 1099 or W-2 from GoFundMe? Whose name was on it, yours or a company's? | |
| Feb 26, 2018 at 17:23 | comment | added | Patoshi パトシ | @BenMiller Yes I understand. I just want to educate myself on my options so I know what to ask my accountant. As not all accountants are upto date on latest tax loopholes. Most just take the easy route and will just tell you to just "pay your taxes". I'm not looking for that. | |
| Feb 26, 2018 at 16:52 | comment | added | Ben Miller | This is a great question, and I hope it gets a great answer. However, no matter what kind of answer you get here, you need to go to see an actual accountant/tax advisor who can look at all the details of your situation and help you figure out the best way to handle it. | |
| S Feb 26, 2018 at 16:45 | history | bounty started | Patoshi パトシ | ||
| S Feb 26, 2018 at 16:45 | history | notice added | Patoshi パトシ | Draw attention | |
| Feb 24, 2018 at 23:08 | comment | added | Patoshi パトシ | so i need a real corporate entity and my LLC isn't one? like what? | |
| Feb 24, 2018 at 15:29 | comment | added | Fattie | hi @dave_thompson_085 "LLC is passthrough for tax by default but can elect to be treated as corporation", yes, an excellent point, sorry; you're quite right of course. I should have written something like "Your own LLC is just a pass through entity; you will need an actual corporate entity." | |
| Feb 24, 2018 at 1:43 | comment | added | dave_thompson_085 | @Fattie: LLC is passthrough for tax by default but can elect to be treated as corporation. OP isn't clear on what 'fil[ing] together' means; that could be 1040 + 1120[-S]. Although it would matter here only if the corporation is using accrual accounting, which is not automatic or generally required. | |
| Feb 24, 2018 at 0:59 | history | tweeted | twitter.com/StackFinance/status/967202297825710080 | ||
| Feb 23, 2018 at 20:50 | comment | added | Fattie | duplicate ? money.stackexchange.com/a/15527/41786 | |
| Feb 23, 2018 at 20:49 | comment | added | Fattie | if something like this happens, it should go in to a corporate entity. that entity then pays for things, pays your LLC, and so on. | |
| Feb 23, 2018 at 20:43 | history | edited | Chris W. Rea |
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| Feb 23, 2018 at 20:01 | comment | added | Patoshi パトシ | Oh this is for new york and yes its for a business. I have an LLC that I file together with my personal taxes every year. | |
| Feb 23, 2018 at 19:15 | comment | added | Keith | Is this a non-profit venture or a for-profit business? That's probably the best place to start. | |
| Feb 23, 2018 at 19:10 | history | asked | Patoshi パトシ | CC BY-SA 3.0 |