Tag Archives: grand opening

Business Loan 1099

Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter.  She is a limited liability company, but has dissolved the company in March 2010.  Do I send her a 1099-MISC for the […]

Expensing Accounts Payable

Today TaxMama hears from Cinda in the TaxQuips Forum with a quickie question. “I bought a company and with it came  $72,310 worth of outstanding debt.  How should I initially set this up and how would I track the payments I make towards these payables?  The payments are an expense correct?”

Key IRS Audios for Your Small Business

Starting a small business can be confusing. IRS provides free audio tools and information to guide you.