glgcpa

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  • If they were capital purchases I would put them on the return and not depreciate them until they begin being used in the business.  This will save those deductions for future years.  You won`t get accelerated depreciation, but you will get depreciat…
  • Did you mean 2008 perhaps or have you failed to file your 2007 income tax return on time? Aside from that, the general rule of thumb is that if you were "open and able to take customers" then you can usually deduct the expenses.  However, in a situ…
  • The $800 is your franchise fee that you pay when  you file your California Franchise Tax Return at the end of the year.
  • I`m sorry to hear that you`re giving up.  Most new businesses take up to 5 years to succeed.  You may be selling yourself short, but if you feel the right thing to do is to throw in the towel, that`s your decision. LLCs are created at the state lev…
  • There are several situations when you would be required to file a NJ tax return even if you incorporate in DE, these include:If your corporation holds a general certificate of authority to do business in New Jersey issued by the Secretary of State, …
  • Score has a lot of useful templates and other resources, which you may find useful:http://www.score.org/template_gallery.html
  • The IRS likes to see separate businesses in separate entities.  In addition, in order to protect one business from the other businesses liability (current, future and/or potential) you should keep the businesses separate. Since you`re just starting…
  • It would depend on what your partnership agreement states.
  • First, since you`re a partnership you will need to file Form 1065, as you indicated.  Since you sister is also a partner, then 1% (her share of the partnership) of the loss for 2007 will be flowing to her.  Thus, she will receive a K-1 from the part…
  • You`re welcome Matt - and thank you!
  • If you are in business, whether or not you have sales, but your expenses are legitimate business expenses then there is no reason not to show your loss and take advantage of that.  Having said that, if you do not show a profit within 3 years then th…
  • Yes, if you intend the money you gave your business to be a loan, then you should have loan documents including the payment schedule and interest rate and your business should pay you according to those documents. You can only deduct losses to the …
  • Thank you both for your kind words.   Roland, you`re correct that you cannot avoid taxation by reinvesting, but depending on the type of entity and business he may be able to defer some or all of the tax on profits by reinvesting it.  
  • You have not even begun to supply enough information to answer your questions.  For starters one would need to know:The type of entityThe number of ownersHow you calculated the gain (did you do it properly? is this really gain or is some of it consi…
  • Here`s a couple more ideas, how well they work will obviously vary:Hire a collection agencyAsk them if they`d like to go on a payment planAsk if they`d like to barter the bill
  • Andy, I believe your understanding of how to use your Federal EINs is correct.  If the reason you need to provide your Federal ID number is related to your employee`s withholding and/or remitting their taxes, you use your LLC EIN number, for all ot…
  • I guess I`m mostly trying to figure out how much it would cost to have someone do a tax return for a corporation. and advice about how that all works. we started a corporation towards the end of last year, but haven`t done any business with it yet. …
  • Hello!  I`m an online CPA, how can I help you?
  • It is to your advantage to file a Schedule C with your Individual return this year, doing so will enable you to deduct and/or carryforward some of those business expenses.  It is very common that businesses lose money in the first year, so don`t be …
  • Thanks Stan and thanks BreeAna!  I broke down and called my accountant...  (I just hate doing that because the clock is always ticking)  This is why I went to flat rate pricing.  It encourages clients to be pro-active and call me before they do s…
  • My wife and I are planning to form a husband/wife partnership.  My questions are very simple: 1. If we put personal money (that we already paid income taxes on) into an account that is in the name of the partnership, how can we withdraw that money l…
  • If you are a sole proprietor you will need, at a minimum a Schedule C and a Schedule SE.  You may also need other forms such as for depreciation and home office deduction.  All forms are available for free from the IRS website (http://www.irs.gov).
  • One final comment... The IRS Debunks Frivolous Tax Arguments:  http://www.irs.ustreas.gov/newsroom/art ... 24,00.html
  • So what about the 6 million people that dont pay thier illegal income tax if you watch those Documentaries you will see those ex irs agents that dont pay income tax the many people that dont pay thier income tax EVEN---PRESIDENTIAL CANDIDATE  DR RON…
  • So all these people from Tax Honesty and We The People and the rest of the movements and the EX IRS agents are Lying  i just want to know because i dont want to GIVE away my money if i dont have to.....would you  (((((--GOOGLE VIDEO THESE VIDEOS--))…