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 […]
Tag Archives: grand opening
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?”
Starting a small business can be confusing. IRS provides free audio tools and information to guide you.