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 […]
Tag Archives: Types of companies
Today TaxMama® hears from Randal in the TaxQuips Forum with a sensible question. “I am an outside salesperson working as a sole proprietor, getting 1099s each year. My largest deduction is mileage. I earn less than $30k most years. If I setup an LLC to run my business through, will I lose my mileage deduction?”
Your organization is doing good work, and has an important message to offer your community. But do-gooding is not enough for your local governments and tax boards: there are strict rules that must be followed:
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 Sue in the TaxQuips Forum with a timely question. “I was wondering if LLC’s are exempt from getting a 1099 MISC form from our company?”
Free phone forums featuring IRS employees discussing retirement plan topics. Upcoming Phone Forums Determination Letter Issues Regarding Employee Stock Ownership Plans – October 28, 2011 The presentation will cover topics such as technical issues affecting ESOPs and recurring issues noted in ESOP determination letter submissions. Presenters are Don Kieffer and Rick Parker in the […]
Today TaxMama wants to talk to you about filing deadlines and the consequences of ignoring them. Dear Friends, Today is another of those tiresome deadlines. I’ve just come to realize that not everyone who is affected, understands the implications.https://www.grapplearts.com/wp-content/languages/new/dissertation-writing-service-uk.html So… If you opened up an LLC, partnership, corporation, etc. in 2010 and have not finalized […]
Today TaxMama hears from Jeff in the TaxQuips Forum, who is unclear on the concept. Let’s look at just a portion of what he said. Jeff said, “My S-Corp does not have a separate checking account.”
Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005. In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010. The new business […]
Guest article by Wayne M. Davies Author of the free report One Simple Step. The due date for business income tax returns on extension is September 15. If that date has passed and you still haven’t filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what […]
Today TaxMama hears from Mary in the TaxQuips Forum. She says. “I was taking a real estate course and the instructor brought up the idea of having an s-corporation. He said the IRS will allow you to set up an account as an s-corporation where you are allowed to take out a certain percentage of […]
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?”