Posted by admin on Sep 18, 2008 in
United States
chris c asked: I transitioned my business mid 2007 to an LLC. Should I file taxes as two separate businesses? The first to include income and expenses as the sole proprietorship and the second to include income and expenses after becoming an LLC.
Or should I just include everything under the LLC?
Thanks!
It is a single owner LLC with its own Tax ID.
Also, I do not have any employees.
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Tags: Llc, Sole Proprietorship, Tax Id
Posted by admin on Aug 12, 2008 in
United States
Eric M asked: I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?
Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?
I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.
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Tags: Business Tax, Home Based Business, Tax Implications
Posted by admin on Jun 27, 2008 in
United States
Ken asked: I am opening an online business for website design. (set up as a LLC, I’m the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don’t make a certain amount of money in the year that I’m filing.
What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses?
Do I have to accept payments towards the business’s services through a corporate account, or can they make the check/payment directly to me?
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Tags: Business Expenses, Start Business, Website Design
Posted by admin on Jun 24, 2008 in
United States
thebuffettour asked: I want to start a business and I know most lose money in the beginning so I was wondering how the taxes work between filing business tax returns and personal tax returns. I wasn’t planning on doing a DBA so there would be two returns but do I claim business loss of revenue AND personal loss of investment?
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Tags: Business Money, Money Work, Start Business
Posted by admin on Mar 28, 2008 in
United States
greg b asked: I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially “opened for business” we do not have a profit line. Do I need to file? What about the business expenses that I incur?
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Tags: Business Need, Business Tax, Start Business
Posted by admin on Nov 9, 2007 in
United States
tru_belle asked: I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?
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Tags: Best Interest, Business Loan, Commercial Loan
Posted by admin on Sep 18, 2007 in
United States
izzy asked: I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?
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Tags: Business Area, Business Description, Start Business
Posted by admin on Aug 5, 2007 in
United States
Kia25 asked: I am starting my own home-based business. I hope I can expand it outside of the home in a couple of years, but until then I just need to know how to start it. Like tax wise how do I go about registering and do I have to get a Tax id?
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Tags: Business Register, How Do You Start Your Own Business, Start Business
Posted by admin on Aug 1, 2007 in
United States
bobinn asked: Looking to develop a new business that does not require collecting Texas sales tax on products or services. Are there such business out there?
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Tags: New Business, State Tax, Texas Sales Tax
Posted by admin on Jul 18, 2007 in
United States
Jack asked: I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.
Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?
(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?
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Tags: Business Online, Money Back, Pros And Cons