It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about errors people have been making in their tax returns this year. Dear Family, My goodness, it’s already Spring! The first day, here in Southern California is mostly gray, threatening to rain…but not quite making […]
Category Archives: partnership
*AskTaxMama Newsletter, *Tax Quips, Form 7203, Form 8915F, IRS News, Net Operating Loss (NOL), partnership, Premium Tax Credit, RMD - Required Minimum Distributions, Tuition and Fees Deduction, Virtual Currency
TaxMama’s® TaxQuips 2022 Filing Deadline Tips
12
Apr
Apr
Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com® Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about. Dear Family, We are getting close to another year’s initial filing deadline. This year, our April 15th deadline has […]
*AskTaxMama Newsletter, *Tax Quips, California, Corporations, Dissolutions, IRS News, LLC, partnership
California Businesses Released from Catch-22
24
Sep
Sep
News Courtesy of Spidell Publishing: Governor signs two important tax bills (09-24-18) Governor Brown has signed AB 2503, which makes a domestic corporation and a limited liability company subject to voluntary or involuntary administrative dissolution or administrative cancellation if: The entity either never did business or filed returns/paid tax when it was operating and has no […]
*AskTaxMama Newsletter, *Tax Quips, Business, Business plan, Corporations, Employee Benefits, Employee Business Expenses, Employees, Independent Contractors, IRS News, Licenses, LLC, partnership
Switching from Employee Status to Independent Contractor
13
Feb
Feb
Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor.
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Business Tax Returns
08
Sep
Sep
Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.
Today TaxMama® hears from Ben in the TaxQuips Forum, with a question that raises another common issue. Let me summarize the issue. “Quite often when two people become partners, one of them ends up doing more work for the business than the other. How can you split the partnership income so each person still gets […]
Today TaxMama® hears from Jeb in the TaxQuips Forum, with a long, complicated issue. Let me summarize. “We want to close down our 3-member LLC, but there are outstanding issues. The CPA says we all need to file extensions, but one member has a big refund and wants it now. What can we do?”
Today TaxMama® hears from Andrea in the TaxQuips Forum who needs help. “My husband and I are trying to set up a turnkey small business and need a virtual terminal to run credit card information. Because of our bad credit history we are being rejected with our current SSNs. Do you think if we were […]
Today TaxMama® hears from Lara in the TaxQuips Forum who is helping get a partnership out of trouble. As it happens, this seems to be the week for questions from tax pros about the penalties IRS imposes on late-filed partnership tax returns. So let’s talk about those.
Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor. “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]
Today TaxMama® hears from Gary in the TaxQuips Forum with this tale. “During 2011 my wife and son-in-law formed an LLC in the State of Indiana. During 2011, no income was received, and only expenses were incurred as part of the start-up. Last week our son-in-law decided that he no longer is interested in being […]
Today TaxMama® hears from Mary in the TaxQuips Forum who’s starting an adventure. “I just purchased your book ‘Small Business Taxes Made Easy’ on Nook. I am a big Dave Ramsey fan and am also reading his book ‘EntreLeadership‘. The reason I am reading books such as these is, because I started a new small […]
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