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LLC and Business Structure

by TaxMama on November 11, 2009

Today TaxMama hears from Norm in California with a common question. “What is the best tax set up for in home consulting business. Is it LLC or? I have seen and heard so many different comments.”

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Incorporated Out of State

September 29, 2009

Today TaxMama hears from Barry in New York, who wants to know. “I have an LLC incorporated in a different state than the one I reside in. I will run an Web-based business under this LLC. Does having the company incorporated in a different state create any tax complications or costs?”

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Unpaid Employment Taxes

August 4, 2009

Today TaxMama hears from Joanna in California with this problem. “ I’m assisting an S-Corp in California that has not filed employment taxes in over 2 years and has accumulated several thousands in back taxes. Once I complete all of their employment tax forms, what is the best course of action to take to set [...]

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Why A Nevada Corporation

July 23, 2009

Today TaxMama hears from Meher in California, who is perplexed. “Why would an individual or an entity living and doing Business in California file a Nevada Corporation? There are so many companies who advertise this concept, claiming tax savings and various benefits for the Corporation who files a Nevada Corporation.”

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Unused Corporation

June 25, 2009

Today TaxMama hears from Luz in California with this problem. “I opened a corporation in 2001 but I never used it. I never filed tax returns. I didn’t even know how it works! Now I just learned that the state charges a fee for year that it is open. Is there a way or [...]

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Who Gets 1099s

June 18, 2009

Today TaxMama hears from Linda in Pennsylvania, who tells us “I’m in charge of the mailing of 1099 MISCs for 2009. Who gets a 1099? Who doesn’t get one? Are there corporations that get 1099s? I think attorneys and accountants receive them.”

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Upgraded Automobile

June 8, 2009

Today TaxMama hears from Tiffany in Virginia, who’s trying… “ I am starting an LLC which is an online store selling automotive upgrades. I will be buying a car ($10,000) and upgrading it with mostly my own inventory ($20,000). My website address will be printed on the car and it will be taken to [...]

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Roth Reinvesting Error

May 20, 2009

Today TaxMama hears from Sylvia in Texas with a problem. “In 1998 my husband converted his IRA holdings to a Roth account. The brokerage company continues to place dividends in a MM account saying they have no record of his wanting the dividends reinvested and it’s too late now. Unfortunately, our records were [...]

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Clients in Other States

May 18, 2009

Today TaxMama hears from Fred in Illinois who wants to know. “I’m thinking about opening a mortgage adjusting business. My clients might be from another state. What do I do about a local business license?”

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