sullivan_vl asked:
I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?
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Archive for the ‘United States’ Category
I’ve been filing a business write-off on my personal taxes. How do I close out the business on my tax return?
Thursday, April 23rd, 2009Ending a home based business – what are the tax implications?
Tuesday, April 21st, 2009Eric 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.
Internet Business
How do I retroactively transfer personal income to my new business?
Saturday, April 11th, 2009Matt asked:
I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.
I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.
Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?
The income was received within the 2006 tax year, so I’m assuming i may need to start the LLC within 2006 as well?
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Transitioned business from proprietorship to LLC – How to file taxes?
Tuesday, March 31st, 2009chris 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.
Internet Business
For business owners: How do you start your own business and register your company’s name?
Tuesday, March 31st, 2009Kia25 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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Home-based Business. What if I have next to nothing coming in for how much I am deducting in taxes?
Sunday, March 29th, 2009rothchristian asked:
I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.
Private Air Charter & Jet Charter
If you invest money into your business and the business loses money, how do the taxes work?
Thursday, March 26th, 2009thebuffettour 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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I would like to know what is the percentage that I need to start saving to pay taxes on a internet business?
Tuesday, March 24th, 2009vginagc asked:
I open an internet business in CA, I got an ien # because the bank requested me to have it to open an account with a business name. I had not make any money yet. but when I do, how much percentage do I have to save to not touch that money so I have it when it is time to pay taxes?
internet business
Are there tax benefits if I get a business lisense for selling things on online auctions?
Tuesday, March 24th, 2009Jack 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?
Private Air Charter & Jet Charter
Type of business that does not need to collect Texas state sales tax?
Thursday, March 19th, 2009bobinn 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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