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  1. Replies
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    Keep in mind it is still important to contribute...

    What hurts you on self-employment is the social security tax you have to pay on your profit.

    Keep in mind it is still important to contribute to the social security system if you're hoping to get...
  2. If you're working for the company, you should be...

    If you're working for the company, you should be paying yourself a wage. Nobody works for any company for free. At some point, you'll have enough to provide yourself a distribution/dividend. If you...
  3. If you go to Intuit's website, they will only...

    If you go to Intuit's website, they will only push their QuickBooks Online product. But they still sell a desktop version that is preferred by many professionals. You can certainly purchase it from...
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    7,726

    I've audited Fortune 1000 companies and small...

    I've audited Fortune 1000 companies and small community organizations. They don't track investments in their accounting ledgers -- they post only what is needed for an adjustment and that is because...
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    That is for a single owner. You'll be taxed as a...

    That is for a single owner. You'll be taxed as a partnership. You'll need to file a Form 1065. When you apply for your tax ID, you'll select partnership. Good luck!
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    Much of what you describe isn't accounting....

    Much of what you describe isn't accounting. QuickBooks does have a fixed asset manager and can keep track of inventory assuming you have the right package that can offer you these full benefits. But...
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    If you have sales and such in California, or if...

    If you have sales and such in California, or if you're performing any of that work in California, the state will say you need to register with them and pay taxes back to California anyways. The...
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    Member Loan (liability) or Member Contribution...

    Member Loan (liability) or Member Contribution (equity) would suffice. You'd create a journal entry by Dr. Organizational Costs $500 / Cr. Member Loan/Equity $500. Keep the documentation on file like...
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    As long as the fictitious names are filed, you...

    I currently have a LLC that has 3 fictitious names registered with the state. I have a business checking account that has the LLC as the account holder and the fictitious names authorized to receive...
  10. Each ledger indicates a transfer (out / in)....

    I'm a small Small Proprietor. I have a business checking and savings account. I want to properly document my transactions- a savings account is dedicated to charitable donations; How do I make the...
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    Stay tuned, as many states are taxing even the...

    Evan, thank you so very much for your help. Your explaination was perfectly communicated so that even a novice like me could comprehend! My service is in videography not photography. I actually...
  12. You're asking a very specific question to NYS,...

    You're asking a very specific question to NYS, which is not my expertise. You can call the state to ask a general question and they may be able to answer. The short answer is yes, you're probably...
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    Just see this wasn't answered. In general, if...

    Just see this wasn't answered. In general, if you're a US citizen, you're taxed on worldwide income, so even if you earned money as a taxi driver in Uzbekistan, the US will still require you to...
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    You should obtain an EIN for your DBA by visiting...

    You should obtain an EIN for your DBA by visiting IRS.gov and completing their SS-4 application online. You can get an EIN in just a few minutes and it will help provide some separation between you...
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    Unless they do one of the tasks described, they...

    Unless they do one of the tasks described, they aren't statutory employees.

    Are they:


    A driver who distributes beverages (other than milk) or meat, vegetable, fruit, or bakery products; or...
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    If you cancelled your payroll service and had...

    If you cancelled your payroll service and had processed payrolls with them, what were they doing for you? Did they withhold the taxes for you and not remit them to the state agency? Were they just...
  17. Thread: Why not ?

    by Evan
    Replies
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    21,300

    [/COLOR]A corporation holding property is doing...

    as you pointed out.. it's required TO DO BUSINESS. If a foreign corporations is NOT doing any business in the US, you are not required to register. The entity itself just owns property.

    A...
  18. Thread: Why not ?

    by Evan
    Replies
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    21,300

    Foreign corporations can't hold property in the...

    @Evan:
    Now, let's imagine.. a foreign corporation (outside of the US) just owns Real Estate in the US. And that foreign Corporation grants you to live free or for a minimal monthly rent/fee in their...
  19. Thread: Why not ?

    by Evan
    Replies
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    21,300

    If you're not a US Citizen, not a US Permanent...

    Hmm.. well.. I am also not sure if my post was clear enough. You have to understand. I am not a US Citizen. I have officially absolutely nothing to do with the US. I just live and work here as an...
  20. Thread: Why not ?

    by Evan
    Replies
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    21,300

    Depending on the legal entity you're operating,...

    I wonder, if this is just a BLACK OUT of my thoughts... a SYSTEM ERROR, or a MODEL that is totally fine and shouldn't run into any tax issues.

    Description:
    I wonder why so many small business...
  21. It varies, but the state would generally notify...

    It varies, but the state would generally notify you for not filing after about three years that they've dissolved your LLC. Now you have no legal liability protection. For the IRS, they can't...
  22. If there are TWO important dates to not forget --...

    If there are TWO important dates to not forget -- it's when your annual report is due to the Secretary of State (to prevent your entity from being administratively dissolved) AND when your tax return...
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    Yes, New Jersey acknowledges the single-member...

    Yes, New Jersey acknowledges the single-member LLC as a disregarded entity and the information from your federal 1040 and Schedule C will flow through to the New Jersey forms.

    As a single-member...
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    What you describe is actually illegal. If there...

    @turboguy:
    Can't you just keep the money within the corporation ?
    And just simple use the Corporation's money to buy things ?

    I simple can't find any law that says you can't do that !!!!
    I was...
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    You DO realize that LLC's are most flexible, and...

    First comes first:
    Like every Businessman I am thinking about the best options when it comes to taxes. An LLC is always a Pass-Through Taxation. That means, it's impossible to avoid higher tax...
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