Tagged Questions

1
vote
1answer
72 views

Tax Year & Incorporation Question

My partner & I just won $30,000 in a business plan competition. We haven't incorporated yet (and therefore haven't cashed the check). We plan on spending all the money to get the business ...
0
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2answers
77 views

Apportioning annual expenses across multiple tax years

My wife is starting an architecture business as a sole proprietor. One significant expense is insurance. Suppose that she pays $10,000 for insurance now that covers the period Nov. 1, 2012 to ...
2
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1answer
73 views

Is a professional accountant required in a federal or a provincial corporation in Canada?

Is a professional accountant required by law to do annual taxes/reports/filings for a federal or a provincial corporation in Canada? I am about to incorporate my company but don't have enough money to ...
1
vote
1answer
1k views

How to “pay” one self in a single member LLC w/ separate checking account?

I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
0
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2answers
81 views

Tax law benefits?

I am thinking about starting a small charity to help find and support the "untapped Genius" in everyday people or people that might otherwise just end up in a dead end job or unemployed. The concept ...
6
votes
4answers
682 views

Alternative to QuickBooks for a small (1 man) S-Corp? [closed]

I'm currently using a 2009 version of QuickBooks Pro for my S-Corp accounting needs. They recently sent me a letter "suggesting" I upgrade to the 2012 version ($200+) as many of the features of the ...
2
votes
1answer
150 views

Tax obligations of foreign operations for a US LLC

I live in a country where corruption and bureaucracy are widespread. Opening a business takes months and costs a lot of money, and will require one to hire somebody solely for handling all ...
1
vote
2answers
356 views

Can we use the tax classification of “disregarded entity” for our LLC if all owners live and work outside the US?

We have registered a US LLC to help us get a US bank account. We are based in the UK, however we have some suppliers we import from in the US and we have clients who will purchase from us in the US. ...
4
votes
3answers
256 views

How do I choose an accountant for my small business?

I want to register a small work from home business and do yearly audits. I have found a tax consultant and we exchanged more than dozen emails. After I asked him about where he got his certification ...
2
votes
1answer
115 views

Are shipping charges taxable?

I purchase products and resell them, adding services that relate to computers and technology. For example, I might purchase a laptop, install custom software and settings according to my customer's ...
0
votes
1answer
101 views

Going with a CPA or Enrollment Agent

My business partner and I are currently looking for an accountant for our growing business. At the moment we have met with two different accountants. One was a CPA and one was an Enrollment Agent. We ...
1
vote
1answer
99 views

1099 required for payment?

I run a small website. I sold $100 of ad space to a local business. They asked me to send them a 1099 so they can set me up in their accounting department. I'm not sure how this works or why I need to ...
4
votes
2answers
271 views

Startup Taxes and Accounting: Finding services, Best practices, & How not to go to jail

There are many money issues that neither add to my code base nor user base. For example: payroll taxes and excise taxes W2 W3 W4 I9 941 940 1120 + all the equivalent state forms all of those ...
3
votes
1answer
150 views

Accounting Software a Coder Would Be Happy With?

I'm looking for accounting software a software developer would be happy with. Available integration with most big US banks. Ability to submit tax forms electronically. An API I can call into to send ...
4
votes
1answer
446 views

Is there any tax advantage or incentive to leave money in an LLC at the end of the tax year?

We're forming a 2 person LLC and part of what we're trying to figure out is how much to leave in the LLC to build up some capital reserves. Since an LLC is a pass through tax entity if the LLC earns ...
1
vote
0answers
126 views

Switching from a Canadian corporation to a Canadian sole-proprietorship

I currently run a Canadian Corporation, but I'm finding taxes (both accounting fees and bookkeeping) a real pain and expense. I would like to keep the corporation and basically find out how to file a ...
2
votes
2answers
1k views

How do I classify money I put into my own business for tax purposes?

S-Corp. I am currently the only shareholder. Doing taxes for my first year. How do I properly account for money I've put into the business both in my accounting system, and for tax purposes? Is it ...
2
votes
1answer
123 views

Virtual corporations, state registration and taxation

This question seems to have been beat up on this site, but I can't find a direct answer. If I have an internet business incorporated in Delaware that sells software online, and I personally live in ...
0
votes
1answer
87 views

Tax services for an almost non-existant corp

I founded an s-corp with a couple of friends in the early part of 2010 that hasn't shipped a product nor made a dollar yet (and likely won't ever). Unfortunately, I'm really not in the financial ...
4
votes
2answers
1k views

Claiming Laptop as LLC expense

I don't have a separate bank account for my LLC (I am sole owner). I am planning to buy a new laptop. How do I claim it as an LLC expense, come tax time? Related questions: What are pros/cons of ...
5
votes
1answer
355 views

Is it possible to delay customer invoices to the next financial year so I can save tax?

I'm operating a startup in its 1st year. This year's sales from consulting services is very good but the pipeline for next financial year is very very weak. My question is, legally, can I delay ...
5
votes
3answers
1k views

c-corp tech startup with expenses but no income - worth getting a bank account and accounting services for writeoffs?

I recently formed a c-corp and am looking for outside investment very soon. I'm paying out of pocket for startup expenses (office lease, office equipment, software licenses, etc). I will spend about ...
1
vote
1answer
401 views

Annoying startup Tax question - I moved, company didn't

I started my LLC in Michigan in 2009, filed the required paperwork, and sent in my tax return for 2009. My company was just myself, and I worked out of my home in Michigan. After getting married ...
0
votes
3answers
369 views

deferred sales trust (DST) — guarantee long-term capital gains on entity sale?

Can a deferred sales trust (DST) be used to effectively convert a short-term capital gains entity sale into long-term capital gains income? For example, suppose I create a small company on 1/1/2011, ...
0
votes
2answers
368 views

example company timeline & determining capital gains basis date

Looking at a hypothetical company timeline (corporation), what is the capital gains tax to shareholders upon entity sale? (aka, how is the basis date computed)? Start date (1st effort of ...
3
votes
3answers
808 views

Startup LLC, tax time HELP, anyone?

I registered my company as an LLC last February(2009). Since that time, I've had a lot of expenses, but no revenue because it's not quite completely up and running. How should I file my taxes now? ...