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What is considered a business expense on a business trip?
[ { "id": "18850", "score": 0.7595993280410767, "text": "The IRS Guidance pertaining to the subject. In general the best I can say is your business expense may be deductible. But it depends on the circumstances and what it is you want to deduct. Travel Taxpayers who travel away from home on business may...
[ { "id": "531578", "score": 0.8006186485290527, "text": "\"It depends on what the \"\"true\"\" reason for the trip is. If you decide to deduct the trip as a business expense, then during an audit you will be asked why you had to go there. If there was nothing accomplished via the travel (that is, you wo...
4
Business Expense - Car Insurance Deductible For Accident That Occurred During a Business Trip
[ { "id": "196463", "score": 0.7185705304145813, "text": "As a general rule, you must choose between a mileage deduction or an actual expenses deduction. The idea is that the mileage deduction is supposed to cover all costs of using the car. Exceptions include parking fees and tolls, which can be deduct...
[ { "id": "531578", "score": 0.7626758217811584, "text": "\"It depends on what the \"\"true\"\" reason for the trip is. If you decide to deduct the trip as a business expense, then during an audit you will be asked why you had to go there. If there was nothing accomplished via the travel (that is, you wo...
5
Starting a new online business
[ { "id": "69306", "score": 0.6614459156990051, "text": "Most US states have rules that go something like this: You will almost certainly have to pay some registration fees, as noted above. Depending on how you organize, you may or may not need to file a separate tax return for the business. (If you're s...
[ { "id": "521424", "score": 0.7255261540412903, "text": "Take your time. When I started my business I thought I had a killer name at first and a few weeks later I found a much better one. Brainstorm with your partners. For an internet business having a short domain name is going to matter, and you shoul...
6
“Business day” and “due date” for bills
[ { "id": "560251", "score": 0.7532988786697388, "text": "I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit as if I deposited on Monday. If a business' computer doesn't adjust their billing to have a weekda...
[ { "id": "210300", "score": 0.8072410225868225, "text": "My guess: they are giving you a constant number of days between when the bill is sent and when it is due. Due dates are usually set either: same date each month IE the 3rd of each month. same day IE first thursday of the month. Note: due date mig...
7
New business owner - How do taxes work for the business vs individual?
[ { "id": "411063", "score": 0.7073617577552795, "text": "Through your question and then clarification through the comments, it looks like you have a U.S. LLC with at least two members. If you did not elect some other tax treatment, your LLC will be treated as a partnership by the IRS. The partnership s...
[ { "id": "542213", "score": 0.7664855122566223, "text": "\"From the IRS perspective, there's no difference between \"\"your taxes\"\" and \"\"your sole proprietorship's taxes\"\", they're all just \"\"your taxes\"\". While I could see it being very useful and wise to track your business's activities sepa...
9
Hobby vs. Business
[ { "id": "509122", "score": 0.684577226638794, "text": "Miscellaneous income -- same category used for hobbies." }, { "id": "184698", "score": null, "text": "\"You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes tab (Personal in Home ...
[ { "id": "562176", "score": 0.8075333833694458, "text": "The difference between a hobby and a business is income. Yes, every country I know of allows you to do something as a hobby until it becomes profitable and then change it into a business once it becomes likely to turn a profit. There's usually a li...
11
Personal checks instead of business ones
[ { "id": "596427", "score": 0.7656961679458618, "text": "I'll assume you are asking about a check for some kind of work or service that you provided them, that they hired your company to do. No large business will do that. In their records they have a contract with your company to provide services. If th...
[ { "id": "135196", "score": 0.8026266098022461, "text": "\"Checks sold as \"\"business checks\"\" are larger than checks sold as \"\"personal checks\"\". Personal checks are usually 6\"\" x 2 1/2\"\" while business checks are 8 1/2 \"\" x 3 to 4 \"\". Also, business checks typically have a tear-off stub ...
12
Does U.S. tax code call for small business owners to count business purchases as personal income?
[ { "id": "192516", "score": 0.7557467222213745, "text": "\"I am going to keep things very simple and explain the common-sense reason why the accountant is right: Also, my sister in law owns a small restaurant, where they claim their accountant informed them of the same thing, where a portion of their bus...
[ { "id": "363495", "score": 0.7823725342750549, "text": "\"The point is that you need to figure out when a \"\"business expense\"\" is actually just a personal purchase. Otherwise you could very easily just start a business and mark all of your personal purchases as business expenses, so you never have t...
13
How can I register a UK business without providing a business address?
[ { "id": "503678", "score": 0.7053155303001404, "text": "You don't have to provide your personal home address per se. You can provide a legal address where Companies house can send across paper correspondence to. Companies house legally requires an address because directors are liable to their shareholde...
[ { "id": "86852", "score": 0.7043649554252625, "text": "\"Unfortunately, Australian bureocrats made it impossible to register a small business without making the person's home address, full name, date of birth and other personal information available to the whole world. They tell us the same old story ab...
14
What are 'business fundamentals'?
[ { "id": "398960", "score": 0.7838494777679443, "text": "From http://financial-dictionary.thefreedictionary.com/Business+Fundamentals The facts that affect a company's underlying value. Examples of business fundamentals include debt, cash flow, supply of and demand for the company's products, and...
[ { "id": "96910", "score": 0.6434898972511292, "text": "\"Definition: Fundamental analysis involves analyzing financial statements and health, management and competitive advantages, and competitors and markets. Books are a great way to learn fundamental analysis but can be time consuming for something th...
16
Business Investment Loss from prior year
[ { "id": "60590", "score": 0.7091996669769287, "text": "You need to give specific dates! In the United States, you have three years to file an amended tax return. https://www.irs.gov/uac/Newsroom/Ten-Facts-about-Amended-Tax-Returns Did the restaurant fail in 2012? If so, that's probably the year to take ...
[ { "id": "33117", "score": 0.8003838658332825, "text": "If this was a public corporation (stock) and the investment was made in a non-registered account, then you can claim a capital loss. Capital losses are claimed against capital gains (not income), and can be carried back 3 years or carried forward i...
19
How can I estimate business taxes / filing fees for a business that has $0 income?
[ { "id": "315086", "score": 0.7096883654594421, "text": "Is the business an S-Corp, LLC or Sole Prop? I am going to guess based on the question that it is an LLC that you never closed with the state and you live in a state (NY) that charges a fee for having an LLC in the state in which case you owe those...
[ { "id": "510692", "score": 0.7695355415344238, "text": "\"Depending on the nature of the expenses, you will enter them under Deductions, on lines 9 through 20. Did you rent an office? Add the rental expense to line 13. Fee for a business license? Line 14. Everything else that doesn't fall into any speci...
20
Would the purchase of a car for a business through the use of a business loan be considered a business expense?
[ { "id": "447231", "score": 0.7631787657737732, "text": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business...
[ { "id": "397608", "score": 0.7517942190170288, "text": "I contacted Stephen Fishman, J.D., the author of Home Business Tax Deductions, to let him know that this question was missing from his book. He was kind enough to send a reply. My original phrasing of the question: If your car is used for both busi...
21
Deducting last years (undocumented) side business loss
[ { "id": "497642", "score": 0.7803925275802612, "text": "You should speak to a good tax adviser. The less documentation you have the more problems IRS are going to cause you. Generally you can deduct business losses (in the year they occurred, which is 2011), but you have to show that that was a valid bu...
[ { "id": "362060", "score": 0.7671096324920654, "text": "I am not an accountant, but I have a light accounting background, despite being primarily an engineer. I also have a tiny schedule C business which has both better and worse years. I am also in the United States and pay US taxes. I assume you ar...
23
30% share in business
[ { "id": "550624", "score": 0.6000539660453796, "text": "Keep in mind a good lawyer will have the contract cover the five D's: Its really best to lay these things out ahead of time. I watched, first hand, two friends start a business. When they were broke and struggling the worked very well together. ...
[ { "id": "445353", "score": 0.7757527828216553, "text": "Your question has already been answered, you divide the amount of shares you own * 100% by the total amount of shares. However, I feel it is somewhat misleading to talk about owning a percentage of the company by owning shares. Strictly speaking, s...
25
Claiming business expense from personal credit card
[ { "id": "107584", "score": 0.7315531373023987, "text": "or just input it in my accounting software along with receipts, and then when I'm doing taxes this would go under the investment or loses (is it somewhere along that line)? Yes, this. Generally, for the long term you should have a separate bank...
[ { "id": "354716", "score": 0.8096770644187927, "text": "Credit card fees on a credit card used for personal expenses are not tax deductible. Credit card fees on a business credit card are deductible on schedule C (or whatever form you're using to report business income and expenses). If you are using th...
27
Using business check to pay at retail
[ { "id": "537326", "score": 0.7492416501045227, "text": "You can just buy the items personally and then submit an expense report to the company to get reimbursed. Keep all the receipts. Paying with a company check is also fine, but you might run into problems with stores not accepting checks." } ]
[ { "id": "188893", "score": 0.7823073863983154, "text": "Assuming it's your business, endorse the check as yourself and your DBA name, payable to your personal account", "topk_rank": 0 }, { "id": "1873", "score": 0.7783580422401428, "text": "\"I expect the company wanted to pay you fo...
28
Tax whilst starting a business in full time employment
[ { "id": "250640", "score": 0.7417842745780945, "text": "With a limited company, you'll have to pay yourself a salary through PAYE. With income from your other job taking you over the higher-rate threshold, you should inform HMRC of this and get a tax code of DO for the second job, meaning 40% tax (and a...
[ { "id": "590775", "score": 0.776059091091156, "text": "In Australia, any income you earn is taxable despite where it came from. Using your example your taxable income is $70,000. Keep in mind that with a business even as a sole trader any business expenses that contribute to the earning of your business...
30
Can I pay off my credit card balance to free up available credit?
[ { "id": "551175", "score": 0.7601889967918396, "text": "Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a payment period? Yes you can pay off the balance more than once even if its not due. This will get applied to outstanding and yo...
[ { "id": "371558", "score": 0.7732598185539246, "text": "\"The debt isn't \"\"paid off\"\" until you've brought the balance back to zero. If you pay less than the full amount, some goes to pay down the balance and some goes to paying interest on the balance, and you're left with a debt on the account (wh...
31
Starting a side business slowly
[ { "id": "156554", "score": 0.6765567064285278, "text": "\"This is a great question! I've been an entrepreneur and small business owner for 20+ years and have started small businesses in 3 states that grew into nice income streams for me. I've lived off these businesses for 20+ years, so I know it can be...
[ { "id": "468086", "score": 0.7705413699150085, "text": "If you have the skills and the desire, you can start small as a side business while working a regular job. Get client referrals from friends and friends of friends that utilize your services. I know a few small business owners who started companies...
32
Why is “cheque cashing” a legitimate business?
[ { "id": "279480", "score": 0.7087239027023315, "text": "\"This answer is based on my understanding of the US banking system. We have check cashing businesses here too, which are just like what you describe, except for the spelling :-) Let's consider what \"\"cash it for free at the bank\"\" really mean...
[ { "id": "220644", "score": 0.729682445526123, "text": "Some of these answers are actually wrong. Basically if you were to cash this cheque, you are committing bank fraud. The cheque is usually fake and ends up with them cashing it off your account--this is how cheques work, when you cash a cheque, you ...
33
Is business the only way to become a millionaire?
[ { "id": "519798", "score": 0.6356104612350464, "text": "\"Not at all. The Millionaire Next Door offers a book full of anecdotes on couples that earned money and saved their way to being millionaires. I believe about 1/3 or so had businesses, but the rest were employed and simply saved wisely. $3860/yr ...
[ { "id": "434869", "score": 0.7303398251533508, "text": "\"It is difficult to become a millionaire in the short term (a few years) working at a 9-to-5 job, unless you get lucky (win the lottery, inheritance, gambling at a casino, etc). However, if you max out your employer's Retirement Plan (401k, 403b) ...
35
Valuing a small business to invest in
[ { "id": "498681", "score": 0.7321285605430603, "text": "There is nothing fair / unfair in such deals. It is an art than a science. what kind of things should be considered, to work out what would be a fair percentage stake A true fair value is; take the current valuation of the company [This can be dif...
[ { "id": "538208", "score": 0.8080907464027405, "text": "There are many ways to value a business. Here is a simple method to get a ball park number on most businesses. This business is made of two parts. For the real estate: For the business: I would consider this type of small business riskier than the...
36
Starting a large business with a not so large income?
[ { "id": "275249", "score": 0.6633316874504089, "text": "\"There are three (or four) ways that a company can grow: (Crowdfunding is a relatively new (in mainstream businesses) alternative financing method where people will finance a company with the expectation that they will benefit from the product or ...
[ { "id": "492178", "score": 0.7483190298080444, "text": "open a bank account under the business name and put tthe money in there You can probably simply speak to the banker about having a business account and setting aside money for taxes,, etc no rocket science there just don't lie about your inc...
37
Requirements for filing business taxes?
[ { "id": "523564", "score": 0.7055911421775818, "text": "\"While she can certainly get an LLC or EIN, it isn't necessarily required or needed. She can file as a sole-proprietor on her (or your joint) taxes by filling out a schedule-C addition to the 1040. Any income or losses will pass through to your ...
[ { "id": "68969", "score": 0.7451314330101013, "text": "According to the Illinois Department of Revenue, you don't have to file any taxes that are specific to a LLC, only your personal taxes. LLC on Federal level is disregarded, instead you submit all your business income/expenses on Schedule C. On the s...
41
IRA for work and my business
[ { "id": "176229", "score": 0.8087804317474365, "text": "Yes, you can have both. You'll need business income to contribute to a SEP IRA though." } ]
[ { "id": "163865", "score": 0.7917625904083252, "text": "\"I am not 100% sure, but I think the answer is this: You can't max out both. You could theoretically max out the SIMPLE IRA ($11,500) and then contribute $4,000 to your 401k, but your total can't exceed the 401k limit of $16,500. This also mean...
43
Advice on money transfer business
[ { "id": "76662", "score": 0.7447141408920288, "text": "\"As soon as I see the word \"\"friends\"\" along with money transfer I think scam. But ignoring that red flag.... You will have American companies reporting to the IRS that you are a Canadian Vendor they have hired. Then you are transferring money ...
[ { "id": "269575", "score": 0.7656304836273193, "text": "Based on the additional comment you gave, I would recommend that you keep the capital from the businesses separate as much as possible. It sounds like you won't get into any trouble legally if you make 'loans' or transfers of capital from one busi...
45
How to transfer personal auto lease to business auto lease?
[ { "id": "284610", "score": 0.7225899696350098, "text": "I'd approach the lender that you're getting the lease from, but be prepared for them either saying 'no' to putting the lease into the name of an LLC without any proven track record (because it hasn't been around for a while) or require you to sign ...
[ { "id": "239167", "score": 0.6846676468849182, "text": "Break the transactions into parts. Go to your bank or credit union and get a loan commitment. When applying for loan get the maximum amount they will let you borrow assuming that you will no longer own the first car. Take the car to a dealer and ge...
46
Tutoring Business Payroll Management
[ { "id": "91325", "score": 0.7031567096710205, "text": "\"This is going to depend on the tax jurisdiction and I have no knowledge of the rules in Illinois. But I'd like to give you some direction about how to think about this. The biggest problem that you might hit is that if you collect a single chec...
[ { "id": "415345", "score": 0.6900933384895325, "text": "Whether to employ a payroll service to handle the taxes (and possibly the payroll itself) is a matter that depends on how savvy you are with respect to your own taxes and with using computers in general. If you are comfortable using programs such a...
47
As a small business owner, should I pay my taxes from my personal or business checking account?
[ { "id": "133299", "score": 0.7388647794723511, "text": "Payment of taxes for your personal return filed with the IRS always come from your personal account, regardless of how the money was earned. Sales tax would be paid from your business account, so would corporate taxes, if those apply; but if you're...
[ { "id": "542213", "score": 0.782314121723175, "text": "\"From the IRS perspective, there's no difference between \"\"your taxes\"\" and \"\"your sole proprietorship's taxes\"\", they're all just \"\"your taxes\"\". While I could see it being very useful and wise to track your business's activities separ...
48
Should my husband's business pay my business?
[ { "id": "108062", "score": 0.7439244985580444, "text": "It depends on the finances involved, but particularly if you're not billing anything right now and may have no revenue this year, it's probably a good idea to bill his company. This is in part because some deductions or other tax treatments are onl...
[ { "id": "90572", "score": 0.7337045073509216, "text": "The creditors will not be able to go after his father's estate (assuming the father had nothing to do with the business), but at some point, the estate will be divided up. At that point, any money or assets that your husband inherits will be fair ga...
49
Why can't online transactions be completed outside of business hours?
[ { "id": "352927", "score": 0.7321499586105347, "text": "Generally, unless you're doing a wire transfer, bank transactions are processed in batches overnight. So the credit card company won't be able to confirm your transfer until the next business day (it may take even longer for them to actually receiv...
[ { "id": "65227", "score": 0.7258918881416321, "text": "It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve system, for ACH), which then distributes incoming data back to the banks. All this has t...
51
Full-time work + running small side business: Best business structure for taxes?
[ { "id": "107817", "score": 0.6882157325744629, "text": "You should look into an LLC. Its a fairly simple process, and the income simply flows through to your individual return. It will allow you to deduct supplies and other expenses from that income. It should also protect you if someone sues you for...
[ { "id": "194899", "score": 0.7828192114830017, "text": "\"You can do either a 1099 or a W-2. There is no limitations to the number of W-2s one can have in reporting taxes. Problems occur, with the IRS, when one \"\"forgets\"\" to report income. Even if one holds only one job at a time, people typical...
52
New vending route business, not sure how to determine taxes
[ { "id": "566417", "score": 0.7028246521949768, "text": "You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just like costs of goods sold or interest on a loan. Then, depending on how you structure the business, the net income of the ...
[ { "id": "66492", "score": 0.7539272904396057, "text": "You're charging service fees as a conduit entity for these tickets. While the service fee is not a fixed rate, but a percentage, you would need to record each purchase at dollar amount. To illustrate, it would look like: Now, to your question: Ho...
53
Finding a good small business CPA?
[ { "id": "84077", "score": 0.5844925045967102, "text": "Ask your colleagues! I know that sounds obvious, but just go to where people who do your sort of business hang out (or better, find some venture capital firms and ask their portfolio companies). It's not something people would keep secret from you...
[ { "id": "396982", "score": 0.7298237681388855, "text": "\"Getting a specific service recommendation is off-topic, but the question of what type of professional you need seems on-topic to me. You may be looking for more than one professional in this case, but you could try these to start your search: Di...
54
Taxable income on full-time job + business earnings
[ { "id": "590775", "score": 0.7551947236061096, "text": "In Australia, any income you earn is taxable despite where it came from. Using your example your taxable income is $70,000. Keep in mind that with a business even as a sole trader any business expenses that contribute to the earning of your busines...
[ { "id": "438801", "score": 0.7817553877830505, "text": "Your taxable income is your total income from however many sources of income you have. If you are in employment and doing self-employed job at the same time, your taxable income will be a combination of both incomes. For example if in employment y...
57
How can I lookup the business associated with a FEIN?
[ { "id": "203633", "score": 0.6893249750137329, "text": "I think much of that info is hidden behind pay-walls. Here is one site I've found. http://www.feinsearch.com/ Another that is for non-profits only is guidestar. http://www.guidestar.org/rxg/products/nonprofit-data-solutions/product-information/gui...
[ { "id": "86281", "score": 0.7009572386741638, "text": "You can use the Securities Exchange Commission's EDGAR search engine to search all available SEC related filings. https://www.sec.gov/edgar/searchedgar/companysearch.html Top tip: use the fast search on the right to search for the company ticker rat...
59
Tax Allocation - Business Asset Transfer
[ { "id": "71601", "score": 0.6107456088066101, "text": "\"And my CPA is saying no way, it will cost me many thousands in taxes and doesn't make any sense. I'd think so too. It looks like it converts from capitol gains at 14% to something else at about 35% Can be, if your gain under the Sec.1231 rules i...
[ { "id": "16187", "score": 0.7292630672454834, "text": "The business and investment would be shown on separate parts of the tax return. (An exception to this is where an investment is related and part of your business, such as futures trading on business products) On the business side of it, you would s...
61
How to Deduct Family Health Care Premiums Under Side Business
[ { "id": "524134", "score": 0.6678668856620789, "text": "\"No, not on schedule C, better. Its an \"\"above the line\"\" deduction (line 29 on your 1040). Here's the turbo tax article on it. The instructions for this line set certain limitations that you must take into the account, and yes - it is limited...
[ { "id": "41793", "score": 0.7931078672409058, "text": "\"You can deduct what you pay for your own and your family's health insurance regardless of whether it is subsidized by your employer or not, as well as all other medical and dental expenses for your family, as an itemized deduction on Schedule A o...
62
Claiming car as a business expense in the UK
[ { "id": "34810", "score": 0.7956274151802063, "text": "\"I'm going to look just at purchase price. Essentially, you can't always claim the whole of the purchase price (or 95% your case) in the year (the accounting period) of purchase, but you get a percentage of the value of the car each year, called wr...
[ { "id": "182168", "score": 0.788815438747406, "text": "It's not quite clear what you are asking, so I'll answer a few possible interpretations. Businesses pay taxes on their profits. So if your business took a million pounds in revenue (e.g. sold a million pounds worth of stuff) then you would subtract ...
63
Do I need to keep paper records for my business?
[ { "id": "509617", "score": 0.7234760522842407, "text": "Scanned or electronic copies of invoices should be sufficient as long as they are accurate and you can deliver them during an audit. Also, if you have an accountant prepare your taxes you would either need to provide them a copy of the invoices or ...
[ { "id": "304034", "score": 0.7881760001182556, "text": "It's always beneficial to have detailed business records. There are any number of reasons where you'd need to prove both the types of services you've rendered and the payment history - you've already noted audits (for IRS taxes). Other possibilit...
64
1040 Schedule A Un-Reimbursed Business Expense Reporting
[ { "id": "391619", "score": 0.6900588274002075, "text": "It would be unusual but it is possible that the expenses could be very high compared to your income. The IRS in pub 529 explains the deduction. You can deduct only unreimbursed employee expenses that are: Paid or incurred during your tax year, For ...
[ { "id": "510144", "score": 0.7444183230400085, "text": "\"I'm assuming that you're in the US. In that case, the answer is that it depends on how your company set up its reimbursement plan. The IRS recognizes \"\"accountable\"\" and \"\"nonaccountable\"\" plans. Accountable plans have to meet certain ...
65
Why do banks require small businesses to open a business bank account instead of a cheaper personal one?
[ { "id": "580624", "score": 0.7878111004829407, "text": "The bank won't let you because: Differences in required account features — Business accounts have different features (many of them legal features) that are required by businesses. For instances: Do you want to be able to deposit cheques that are wr...
[ { "id": "364378", "score": 0.784477949142456, "text": "As an LLC you are required to have a separate bank account (so you can't have one account and mix personal and business finances together as you could if you were a sole trader) - but there's no requirement for it to be a business bank account. How...
66
How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?
[ { "id": "397608", "score": 0.8172141909599304, "text": "I contacted Stephen Fishman, J.D., the author of Home Business Tax Deductions, to let him know that this question was missing from his book. He was kind enough to send a reply. My original phrasing of the question: If your car is used for both busi...
[ { "id": "146388", "score": 0.8114623427391052, "text": "You've got two options. Deduct the business portion of the depreciation and actual expenses for operating the car. Use the IRS standard mileage rate of $.575/mile in 2015. Multiply your business miles by the rate to calculate your deduction. Ass...
67
value of guaranteeing a business loan
[ { "id": "370815", "score": 0.7910479307174683, "text": "The guarantee's value to you is whatever you have to pay to get the guarantee, assuming that you don't decide it's too expensive and look for another guarantor or another solution entirely. How much are you willing to pay for this loan, not countin...
[ { "id": "368010", "score": 0.7268811464309692, "text": "You're not missing any concepts! It sounds like you are contributing a piece of collateral to the business, and you want to know a fair way to value how much this contribution of collateral is worth. Technically the economic answer would be the dif...
69
Deducting business expenses paid for by gift card
[ { "id": "378484", "score": 0.878789484500885, "text": "To quote the answer you linked to: Perhaps the simplest way to think about this is you can only deduct an expense that you actually incur. In other words, the expense should show up on a bank or CC statement. So, if your business purchased the $1000...
[ { "id": "245447", "score": 0.777845561504364, "text": "\"For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The reason is most personal purchases are made wi...
70
Car as business expense, but not because of driving
[ { "id": "327002", "score": 0.7558953762054443, "text": "\"To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An ...
[ { "id": "447231", "score": 0.806012749671936, "text": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business ...
71
Can a business refuse to take credit cards?
[ { "id": "372052", "score": 0.777786374092102, "text": "Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards they accept by posting some stickers at their door. When your credit card isn't among them and you don't ha...
[ { "id": "153679", "score": 0.753176212310791, "text": "\"A business can refuse cash (paper currency) payment pretty much in all cases provided it's a reasonable policy and/or notified during/in advance of contracting. Details in this link. \"\"all United States money as identified above are a valid and ...
72
Calculate Estimated Tax on Hobby Business LLC
[ { "id": "549870", "score": 0.6987597346305847, "text": "\"You are on the right track, for tax purposes its all ordinary income at the end of 2016. If the free lance \"\"employer\"\" will withhold fed,state and local tax, then that takes care of your estimated tax. If they can't or won't, you will need t...
[ { "id": "167494", "score": 0.745014488697052, "text": "\"I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a sole-proprietorship, you'd complete a Schedule C for the business, and you'd end up with a loss at the end. If the in...
74
Buying car from rental business without title
[ { "id": "46680", "score": 0.72982257604599, "text": "I would steer well clear of this. The risk is that they take your money but don't pay the bank. This wouldn't require dishonesty - what if they run into financial trouble? Any money of yours that they have that hasn't gone on to the bank yet might end...
[ { "id": "329620", "score": 0.7415083646774292, "text": "The moment that you start to rent your car to strangers you are talking about using your car as a business. Will it be financially advantageous? If you can convince somebody to rent your vehicle for more than your required monthly payments then it ...
75
Why should I choose a business checking account instead of a personal account?
[ { "id": "297965", "score": 0.8483079075813293, "text": "\"Some benefits of having a business checking account (versus a personal checking account) are: The first 3 should be pretty easy to determine if they are important to you. #4 is a little more abstract, though I see you have an LLC taxed as a sole ...
[ { "id": "98636", "score": 0.8275167942047119, "text": "\"Thirtyfive years ago, when buying checks through one's bank was the sole option, if you got a \"\"business\"\" account with a bank, you had to buy \"\"business\"\" checks. One difference between a \"\"business\"\" account and a personal account w...
76
How to report house used for 100% business?
[ { "id": "375357", "score": 0.7363085746765137, "text": "As DJClayworth said, be very careful with this one! The property is a residence, not a business location. Given that, it is almost a certainty that the IRS is not going to let you claim 100% of the expenses for the home as a business expense, ev...
[ { "id": "75920", "score": 0.7250456213951111, "text": "Yes, use a separate Form 8829 for each home used for business during the year. The top of 8829 includes that exact instruction.", "topk_rank": 0 }, { "id": "356884", "score": 0.724751889705658, "text": "If the UK is similar to Au...
78
How to record business income tax paid, in QuickBooks?
[ { "id": "152407", "score": 0.6011483669281006, "text": "Federal income taxes are indeed expenses, they're just not DEDUCTIBLE expenses on your 1120. Federal Income Tax Expense is usually a subcategory under Taxes. This is one of the items that will be a book-to-tax difference on Schedule M-1. I am presu...
[ { "id": "71987", "score": 0.7454307675361633, "text": "\"For anyone that's curious, I had a number of chats with Quickbooks who recommended I import only the relevant business transactions from my personal account & personal credit card in order to lower the tax liability. This way money \"\"paid\"\" fr...
80
Get a loan with low interest rate on small business
[ { "id": "252473", "score": 0.7307484149932861, "text": "\"I am going to assume your location is the US. From what I am seeing it is unlikely you will get a loan other than some government backed thing. You are a poor risk. At 7k/month, you have above average household income. The fact that all of your...
[ { "id": "39495", "score": 0.7666067481040955, "text": "Ben already covered most of this in his answer, but I want to emphasize the most important part of getting a loan with limited credit history. Go into a credit union or community bank and talk to the loan officer there in person. Ask for recommendat...
81
Does revenue equal gross profit for info product business?
[ { "id": "451207", "score": 0.6005113124847412, "text": "What about web-hosting fees? Cost of Internet service? Cost of computer equipment to do the work? Amortized cost of development? Time for support calls/email? Phone service used for sales? Advertising/marketing expenses? Look hard--I bet there are ...
[ { "id": "97688", "score": 0.6937230229377747, "text": "It is true that operation profit comes from gross profit however it is possible for a company to have negative net profit yet have postive cash flow , it has to do with the accounting practice A possible example is that a company has extremely high ...
82
Will unpaid taxes prevent me from getting a business license?
[ { "id": "500708", "score": 0.7790483832359314, "text": "Generally these things are unrelated. Your tax debt is to agency X, your license is (mostly) from agency Y. If your business involves agency X, then it may be a problem. For example, you cannot get a EA license (IRS Enrolled Agent) if you have unse...
[ { "id": "381753", "score": 0.7597863078117371, "text": "Disclaimer: I am not an attorney, and I have not 100% researched the law. Take any advise from an online forum with a grain of salt. Please consult an attorney, tax specialist, or the IRS directly for any concrete answers. AFAIK there isn't anythin...
83
Using cash back rewards from business credit card
[ { "id": "534277", "score": 0.6932962536811829, "text": "\"A C-Corp is not a pass-through entity, any applicable taxes would be paid by the Corporation, which is a separate legal entity from yourself. If you use the points to purchase something for yourself, that would constitute \"\"income\"\" to you, a...
[ { "id": "245447", "score": 0.7950407266616821, "text": "\"For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The reason is most personal purchases are made w...
85
Moving my online only business to the USA?
[ { "id": "431230", "score": 0.7028812170028687, "text": "You don't need a Visa to create or own US property. Your registered agent will be able to take care of most of this, and your new entity will use the registered agent's address where applicable, but you may need your own separate address which can ...
[ { "id": "192332", "score": 0.7268613576889038, "text": "\"Since as you say, an LLC is a pass-through entity, you will be making income in the U.S. when you sell to U.S. customers. And so you will need to file the appropriate personal tax forms in the US. As well as potentially in one or more States. ...
86
Moving a personal business to a LLC accounting in California
[ { "id": "71569", "score": 0.7082104682922363, "text": "You can move money in and out of the business at will, just keep track of every transaction. Ideally you'd use an accounting software like QuickBooks or similar. Create a Capital Contributions account and every time you put money into the business c...
[ { "id": "440506", "score": 0.7611584663391113, "text": "I have researched this question extensively in previous years as we have notoriously high taxes in California, while neighboring a state that has zero corporate income tax and personal income tax. Many have attempted pull a fast one on the Californ...
87
What should one look for when opening a business bank account?
[ { "id": "357938", "score": 0.6512485146522522, "text": "From my experience, I opened a business account to handle my LLC which owns a rental property. The account process and features were similar to shopping for a personal checking account. There would be fees for falling below a minimum balance, and ...
[ { "id": "384192", "score": 0.7168060541152954, "text": "Technically, it's only when you need to pass money through. However consider that the length the account has been open builds history with the financial institution, so I'd open ASAP. Longer history with the bank can help with getting approved for ...
88
Which r in perpetuity formula to pricing a business?
[ { "id": "415946", "score": 0.7777619361877441, "text": "In the equity markets, the P/E is usually somewhere around 15. The P/E can be viewed as the inverse of the rate of a perpetuity. Since the average is 15, and the E/P of that would be 6.7%, r should be 6.7% on average. If your business is growing, ...
[ { "id": "76695", "score": 0.7391021251678467, "text": "I don't have any experience in this, but this is my academic understanding of business pricing. The LOWEST amount a seller would accept is the liquidation value. For a B&B, what would the value of the land, the house, the furnishings, accounts paya...
91
US Double Taxation - Business Trips and the Foreign Tax Credit
[ { "id": "523431", "score": 0.7982928156852722, "text": "\"If you're a US citizen, money earned while in the US is sourced to the US. So you can't apply FTC/FEIE to the amounts attributable to the periods of your work while in the US even if it is a short business trip. Tax treaties may affect this. Most...
[ { "id": "197501", "score": 0.7935664653778076, "text": "There is no such thing as double taxation. If you pay tax in the US, you CAN claim tax credits from India tax authority. For example, if you pay 100 tax in USA and your tax liability in India is 200, then you will only pay 100 (200 India tax liabi...
92
Can I use my Roth IRA to start a business?
[ { "id": "465787", "score": 0.7522523999214172, "text": "Read the Forbes article titled IRA Adventures. While it's not the detailed regulations you certainly need, the article gives some great detail and caution. You may be able to do what you wish, but it must be structured to adhere to specific rules t...
[ { "id": "290228", "score": 0.7786301970481873, "text": "\"Chris's answer is a great start. Keep in mind that when you withdraw from a Roth IRA, you \"\"shrink\"\" the size of the IRA (i.e. if the start up flourishes, you can't put the $10k you withdrew back, as you're limited to ~$5k in contributions pe...
93
Really have to use business credit card for personal expenses
[ { "id": "292748", "score": 0.835771918296814, "text": "\"I really have to use the business card for personal expenses, please assume that in your answer. This is very hard to believe. You must do that? Why not just have the company pay you $1600 each month? Then you can use that money for whatever you w...
[ { "id": "189642", "score": 0.8091040253639221, "text": "I would suggest at least getting a personal card that you only use for business expenses, even if you don't opt for a business card. It makes it very clear that expenses on that card are business expenses, and is just more professional. The same ...
95
Do Affordable Care Act business requirements apply to “control groups?”
[ { "id": "586355", "score": 0.7247883081436157, "text": "\"Yes, it applies to control groups. If I remember correctly common ownership rules are used to determine \"\"Applicable Large Employer\"\" status but if the time comes to owe a penalty, only the actual entity missing the mark will owe a penalty, ...
[ { "id": "197846", "score": 0.7263654470443726, "text": "\"I don't think so. There is a provision in ObamaCare called \"\"community rating\"\" that applies starting in 2014. Insurance companies must place individual and small group plans into a pool of people from the same geographical region. The same p...
96
As a contractor, TurboTax Business-and-Home or Basic?
[ { "id": "328863", "score": 0.7768206000328064, "text": "\"Assuming you file state tax returns, you shouldn't buy Basic. Ever. Your choice is probably between the \"\"Premier\"\" version and the \"\"Business and Home\"\" version. Price difference is insignificant (I have a comparison on my blog, includin...
[ { "id": "482165", "score": 0.7249596118927002, "text": "It depends on the structure of your business. Are you a sole proprietor filing Schedule C on your 1040, or an S-corp, or part of a partnership? The treatment of a home office will differ depending on business entity.", "topk_rank": 0 }, { ...
97
Peer to peer lending business model (i.e. Lending Club)
[ { "id": "578529", "score": 0.6703680753707886, "text": "This is all answered in the prospectus. The money not yet invested (available/committed to a note but not yet funded) is held in pooled trust account insured by FDIC. Money funded is delivered to the borrower. Lending Club service their notes thems...
[ { "id": "45600", "score": 0.7979941368103027, "text": "Yes and no, P2P Capital Markets is similar concept but is more geared towards business loans. Community Lend used to offer this service but has stopped.", "topk_rank": 0 }, { "id": "304477", "score": 0.7947915196418762, "text": "...
99
In what cases can a business refuse to take cash?
[ { "id": "474248", "score": 0.8009517192840576, "text": "The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse cash for services not yet rendered unless prohibited by local law. The Treasury website includes examples of bu...
[ { "id": "29849", "score": 0.8021941781044006, "text": "I just listened to a podcast on this topic this week, and Satanicpuppy is pretty much correct. If you are interested, here is a link to the podcast on Legal Lad: Can Businesses Refuse to Accept Cash?", "topk_rank": 0 }, { "id": "104572",...
102
Maintaining “Woman Owned Business” while taking on investor
[ { "id": "494264", "score": 0.759788453578949, "text": "To qualify as a woman owned business, a woman or group of women must own shares worth 51% of the business. If your investor was a woman, the entire 5% could come from her share of the company without affecting the 51% ownership requirement. Could yo...
[ { "id": "241660", "score": 0.7367672324180603, "text": "I guess I am trying to avoid making her a partner, which creates the struggle of how to compensate her. Having her be a partner is pretty straightforward - she would get an agreed % of any business, mine or hers. Not sure I want/need to do that.......
105
How to safely earn interest on business profits (UK)
[ { "id": "41356", "score": 0.7172666788101196, "text": "Deposit it in a business savings account. The following below show you some options you can choose from. Next you can invest it in the market i.e. shares, bonds etc. If you have a more risky side, can go for peer to peer lending. If you are feeling ...
[ { "id": "529032", "score": 0.7573716640472412, "text": "Adding to webdevduck's answer: Before you calculate your profits, you can pay money tax-free into a pension fund for the company director (that is you). Then if you pay yourself dividends, if you made lots of profit you don't have to pay it all as ...
107
Income tax on my online drop-shipping business (India)
[ { "id": "276408", "score": 0.6822920441627502, "text": "Please consult a tax advisor. You may be voilating the FEMA [Foreign Exchange Management Act] and can land into trouble. Further what you are doing can land up into various other acts as illegal including AML. Further if there is income genera...
[ { "id": "584074", "score": 0.7422206997871399, "text": "There are no clear guidelines. If you are selling as individual, then what ever profit you make gets added to your overall income as you pay tax accordingly. This is true for sole proprietor or partnership kind of firms. If you are registered as a ...
108
How to find a business consultant that would ensure that all your business activities are legal and compliant with all regulations?
[ { "id": "396982", "score": 0.6805775165557861, "text": "\"Getting a specific service recommendation is off-topic, but the question of what type of professional you need seems on-topic to me. You may be looking for more than one professional in this case, but you could try these to start your search: Di...
[ { "id": "406707", "score": 0.6420747637748718, "text": "For this reason, whilst preparing to hire an consultant to preserve and assist your application and additives it's far crucial to realize the one of a kind industry certification and in reality confirm that the computer professional has them. You c...
110
How to determine how much to charge your business for rent (in your house)?
[ { "id": "520386", "score": 0.7932466864585876, "text": "Your best approach is to assess rent levels in your local area for offices of a similar size. You need to take into account all the usuals - amenities, parking, etc, just as if your home-office was provided by a third-party. Get your $/sq ft and wo...
[ { "id": "86864", "score": 0.7945041060447693, "text": "first, let me reiterate what everyone else is saying about rental rates having nothing to do with your expenses. you should charge market rates. slightly higher if you want better tenants and slightly lower if you want to avoid prolonged vacancy. yo...
111
Dual Citizen British/US and online business taxes
[ { "id": "46092", "score": 0.7135462164878845, "text": "I see no reason why a US ID would be mandatory anywhere in the UK. I'm sure they have their own tax IDs in the UK. However, if the gallery requires US persons to submit US W-9 - then yes, you're covered under that requirement." } ]
[ { "id": "510599", "score": 0.7798813581466675, "text": "A) a tax treaty probably covers this for the avoidance of double taxation. Tax treaties can be very cryptic and have little precedence clarifying them http://www.irs.gov/businesses/international/article/0,,id=169552,00.html B) I'm going to say NO s...
112
Will my wife's business losses offset my income on a joint tax return?
[ { "id": "153541", "score": 0.887065589427948, "text": "\"First, filing status. If you and your wife are legally married, you should be filing your tax returns as married, either jointly or separately. In the US, \"\"head of household\"\" has a specific meaning and is for unmarried people who are support...
[ { "id": "208989", "score": 0.7726806402206421, "text": "\"It's not possible to determine whether you can \"\"expect a refund\"\" or whether you are claiming the right number of exemptions from the information given. If your wife were not working and you did not do independent contracting, then the ans...
439
Do I need a Like-Kind Exchange when selling a personal vehicle for a company car
[ { "id": "202630", "score": 0.8376662135124207, "text": "You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property. Since you said that you traded in your personal car - no like-kind exchange is possible. Also, since the new car doesn't belong to you - yo...
[ { "id": "309758", "score": 0.7839570641517639, "text": "If you had an agreement with your friend such that you could bring back a substantially similar car, you could sell the car and return a different one to him. The nature of shares of stock is that, within the specified class, they are the same. I...
442
Why are earning credit card rewards often tied to groceries and gas?
[ { "id": "92144", "score": 0.7935253381729126, "text": "Every reward program has to have a funding source. If the card gives you x percent back on all purchases. That means that their business is structured to entice you to pump more transactions through the system. Either their other costs are lower, or...
[ { "id": "183774", "score": 0.7460944056510925, "text": "At least in the US, many credit card companies offer statements that categorize your spending on that card and break it down by different categories depending on the merchant category code. Having different cards for each budget category can be a...
443
1099 versus corporation to corporation for payments?
[ { "id": "194955", "score": 0.7551494836807251, "text": "Do not mix personal accounts and corporate accounts. If you're paid as your self person - this money belongs to you, not the corporation. You can contribute it to the corporation, but it is another tax event and you should understand fully the cons...
[ { "id": "467704", "score": 0.7835012078285217, "text": "They are a business. You're not a corporation. They paid you more than $600 during the year, so they're supposed to send 1099 to you and the IRS about it. They need your taxpayer certification (W9) for that. They were supposed to ask for it before ...
444
Why do most banks in Canada charge monthly fee?
[ { "id": "573518", "score": 0.7618897557258606, "text": "\"Arguably, \"\"because they can\"\". Canada's banking industry is dominated by five chartered banks who by virtue of their size, pretty much determine how banking is done in Canada. Yes, they have to abide by government regulation, but they carry...
[ { "id": "321294", "score": 0.7861595749855042, "text": "Many banks will waive the fee if you have a certain minimum balance, use direct deposit, or something similar. That said, some banks and credit unions have no monthly fees under any circumstances. Big banks only get away with terrible service and...
445
Do I need to register as self employed in Ontario, Canada?
[ { "id": "178942", "score": 0.6586203575134277, "text": "If your business name is your name, you are automatically considered a sole-proprietorship and any income you generate and expenses you incur can be calculated on your personal tax return. You can use QuickTax Home & Business tax software to lead y...
[ { "id": "200023", "score": 0.7652089595794678, "text": "If you do business under your name, you don't need to register your business. Your business will be treated as a sole proprietorship. If your revenue exceeds 30,000 (or wish to collect GST for the government) then you will have to register with t...
446
Why do credit card transactions take up to 3 days to appear, yet debit transactions are instant?
[ { "id": "450371", "score": 0.7951384782791138, "text": "When you swipe your credit card, the terminal at the store makes a request of your bank, and your bank has only a few seconds to accept or reject the transaction. Once the transaction is accepted by your bank, it appears in the Pending transactions...
[ { "id": "434509", "score": 0.8055457472801208, "text": "When debit cards were first made available one of the advertised strengths was that if you never wrote a check,and always used a debit card, you could never be overdrawn. They money would be instantly withdrawn from the account and the balance woul...
447
Why do VAT-registered businesses in the EU charge VAT to each other?
[ { "id": "297588", "score": 0.711089015007019, "text": "Not doing this would defeat the entire purpose of a VAT. The reason for a VAT rather than a simple sales tax is that it's harder to evade. Having a simple sales tax with the type of rates that VAT taxes typically are is unworkable because evasion is...
[ { "id": "387165", "score": 0.7735676169395447, "text": "It's quite common for VAT-registered businesses to quote ex-VAT prices for supply to other businesses. However you're right that when you make an order you will be invoiced and ultimately have to pay the VAT-inclusive price, assuming your supplier...
448
How To Report Cryptocurrency Earnings?
[ { "id": "378437", "score": 0.6079151630401611, "text": "\"While this does fall under the \"\"All-inclusive income\"\" segment of GI (gross income), there are two questions that come up. I invested in a decentralized bitcoin business and earned about $230 this year in interest from it Your wording is co...
[ { "id": "294187", "score": 0.701087236404419, "text": "It should be reported as Miscellaneous Income. Congratulations for wanting to report this income.", "topk_rank": 0 }, { "id": "158515", "score": 0.6978467702865601, "text": "Lets look at possible use cases: If you ever converted ...
449
Allocation between 401K/retirement accounts and taxable investments, as a young adult?
[ { "id": "130118", "score": 0.7389822006225586, "text": "I'm afraid you're mistaking 401k as an investment vehicle. It's not. It is a vehicle for retirement. Roth 401k/IRA has the benefit of tax free distributions at retirement, and as long as you're in the low tax bracket - it is for your benefit to tak...
[ { "id": "586756", "score": 0.791452169418335, "text": "Your approach sounds solid to me. Alternatively, if (as appears to be the case) then you might want to consider devoting your tax-advantaged accounts to tax-inefficient investments, such as REITs and high-yield bond funds. That way your investment...
450
Income Tax form in India for freelancing
[ { "id": "159709", "score": 0.7542663216590881, "text": "\"ITR1 or ITR2 needs to be filed. Declare the income through freelancing in the section \"\"income from other sources\"\"\"" }, { "id": "347590", "score": 0.7354605197906494, "text": "Since you are living in India and earning income...
[ { "id": "156063", "score": 0.7839170098304749, "text": "If you are freelancing, the best form for you is ITR-4. With this form you can declare your salary income as well as your expenses related to your freelancing. And you should treat your freelancing income as business. That way you can get max dedu...
452
Should I be filling out form W-9 for somebody I sold used equipment to?
[ { "id": "467704", "score": 0.7200679779052734, "text": "They are a business. You're not a corporation. They paid you more than $600 during the year, so they're supposed to send 1099 to you and the IRS about it. They need your taxpayer certification (W9) for that. They were supposed to ask for it before ...
[ { "id": "39125", "score": 0.7379432320594788, "text": "\"Form W-9 (officially, the \"\"Request for Taxpayer Identification Number and Certification\"\") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It request...
453
Where I am I liable for taxes?
[ { "id": "592926", "score": 0.6328515410423279, "text": "You will have to pay your taxes in the UK not USA. For tax purposes it is the company's tax residency not where the server is located. You are just hiring a server in USA. Take for example a CDN being used for your same service then would you pay t...
[ { "id": "245365", "score": 0.7309358716011047, "text": "You are only responsible for IRS debt that you owe from returns that you have filed for yourself. The back taxes that your dependent owes are between him and the IRS.", "topk_rank": 0 }, { "id": "93744", "score": 0.723412275314331, ...
454
Can I Accept Gold?
[ { "id": "144927", "score": 0.6584514379501343, "text": "\"You can accept almost anything mutually agreeable to you and the other party as payment. That's the definition of \"\"barter\"\". If you agree to trade manufactured goods for livestock, as long as both parties agree on the terms, I'm not aware of...
[ { "id": "123787", "score": 0.7284395098686218, "text": "My friend is the king of Nigeria with lots of gold. He would love to sign up for your program. He usually pays commission in direct gold deposits to your bank account. If you are interested I can have him contact you and he will reach you directly....
456
Can a company have a credit rating better than that of the country where it is located?
[ { "id": "146995", "score": 0.7202566266059875, "text": "\"BlackJack's answer is technically correct: government credit ratings are independent of corporate credit ratings. The rating should reflect the borrower's ability to repay its obligations. One reason the book you read may have stated that corpor...
[ { "id": "128433", "score": 0.739355742931366, "text": "It won't hurt your credit rating. I wouldn't worry about it. The company can certainly pursue debt collections across borders but unless its a massive sum.. they will write it off. Now.. what the right thing to do is to take care of it... 1. for kar...
457
Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen?
[ { "id": "59686", "score": 0.7305755615234375, "text": "You're doing business in the US and derive income from the US, so I'd say that yes, you should file a non-resident tax return in the US. And in Connecticut, as well, since that's where you're conducting business (via your domestic LLC registered the...
[ { "id": "130934", "score": 0.8126747608184814, "text": "Do I pay tax to the US and then also pay it in India for my income, or does my American partner, who holds 15% of the monthly income, pay tax in the US for his income? Of course you do, what kind of question is this? You have income earned in t...
458
How would IRS treat reimbursement in a later year of moving expenses?
[ { "id": "263485", "score": 0.8153113126754761, "text": "IRS pub 521 has all the information you need. Expenses reimbursed. If you are reimbursed for your expenses and you use the cash method of accounting, you can deduct your expenses either in the year you paid them or in the year you received the ...
[ { "id": "357094", "score": 0.7834433317184448, "text": "\"It will count as income, and you can deduct as much of your moving expenses as allowed by tax laws. If you also count it as a reimbursement, then you're double-taxed - once for the income and again by reducing your moving deduction. The \"\"rei...
460
Transfer $70k from Wells Fargo (US) to my other account at a Credit Union bank
[ { "id": "591357", "score": null, "text": "The LLC is paying you. It would only be fraudulent if you were trying to move the money out of the LLC to avoid a liability. I'm pretty sure the transaction will be taxable income for you personally. Consider consulting with a CPA to ensure that you're doing ...
[ { "id": "514425", "score": 0.7775928974151611, "text": "As long as your bank does not have any limits on the number of transactions per month you should be fine. The danger would be theft while you had the money before depositing into the new account. I would expect that your new credit union could do a...
461
I have $100,000 in play money… what to do?
[ { "id": "237392", "score": null, "text": "" }, { "id": "159156", "score": 0.668447732925415, "text": "\"For any sort of investment you need to understand your risks first. If you're going to put money into the stock or bond market I would get a hold of Graham's \"\"The Intelligent Invest...
[ { "id": "284948", "score": 0.7558349370956421, "text": "Compound interest. Next time you buy a 100$ toy realize that if you save it - in x years that 100$ you saved and invested could potentially be more than 100$ where as most likely whatever you're buying will be worth much less.", "topk_rank": 0 ...
462
Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere?
[ { "id": "447167", "score": null, "text": "In the United states the US government has the Small Business Administration. They also have Small Business Development Centers SMDC to help. These are also supported by state governments and colleges and universities. SBDCs provide services through professiona...
[ { "id": "352429", "score": 0.6757596135139465, "text": "Whenever you're not sure, you can always contact the regulatory agency in the location of the lender and see if they are registered. Organizations that lend out money tend to get oversight and have reporting obligations. Reputable banks in the Un...
464
How to deduct operational loss from my personal income tax?
[ { "id": "167494", "score": 0.7303194999694824, "text": "\"I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a sole-proprietorship, you'd complete a Schedule C for the business, and you'd end up with a loss at the end. If the i...
[ { "id": "298387", "score": 0.7759841680526733, "text": "\"This is called \"\"Net Operating Loss\"\", and it is in fact applicable for individuals as well. You can, under certain circumstances, have NOL even as an individual. But it is far more common in the corporate world. What happens is that you can ...
465
Can my company buy my personal debt?
[ { "id": "446553", "score": 0.6936970949172974, "text": "When your debt is forgiven, you have to consider the amount written off as an ordinary income item (with the exclusion of the debt originated from the purchase of primary home). If you're trying to write the debt off from your taxes - then it won't...
[ { "id": "228186", "score": 0.7441596984863281, "text": "In the case you mentioned, where a private company owners will take debt with the purpose of buying out other owners, is this done through a share repurchases program (I understand private companies issue them, even though it's rare)? Thank you fo...
466
Need small buisness ideas with 100k $ budjet in a 3rd world country
[ { "id": "217218", "score": 0.7330975532531738, "text": "Firstly, I highly doubt anyone on this site will be able to provide you with accurate input on this matter regarding what TO DO. It's the what not to do that may be possible. That said, if you want to offer equipment for rent, which in a developin...
[ { "id": "162633", "score": 0.7098376154899597, "text": "Even if you could get it with no major hassle, $100,000 is just not that much money. In a cheap third world country, as an expat you're looking at spending about $800-$2000/month, plus unexpected expenses. Locals live on less, but very few of us w...
467
Tax Write-offs and knowing how much I need to spend before the end of the year
[ { "id": "344340", "score": 0.687495231628418, "text": "\"(I'm assuming USA tax code as this is untagged) As the comments above suggest there is no \"\"right\"\" answer or easy formula. The main issue is that you likely got into business to make money and if you make money consistently you will pay taxe...
[ { "id": "491028", "score": 0.8009343147277832, "text": "\"One option is to look at the IRS Witholding Calculator - As George Marian notes, this is by no means a perfect way to \"\"estimate\"\" how much you'll owe. Other key questions for you to answer: There's no silver bullet here. The best you can do...
468
Loan holder wants a check from the insurance company that I already cashed and used to repair my car
[ { "id": "498927", "score": 0.7821748852729797, "text": "What would happen if you was to cash a check, didn’t realize it was to you and your finance company, take it to a local business that has a money center, they cash the check without even having you sign let alone having the finance companies ...
[ { "id": "196997", "score": 0.7511943578720093, "text": "The insurance company issued the check. I'd contact the insurance company to have the current check voided and a new one issued to the pharmacy.", "topk_rank": 0 }, { "id": "327729", "score": 0.74744713306427, "text": "I have a...
470
Is a 10 year old uncashed paycheck still good?
[ { "id": "45078", "score": 0.6051334142684937, "text": "You probably can't deposit the check directly, but there are mechanisms in place to get your money through other means. In the US, all states and territories have an unclaimed property registry. Before you contact the company that wrote the check, y...
[ { "id": "553288", "score": 0.6831228137016296, "text": "Are you working? Does your employer offer a 401(k) and if so, is there any match? Saving should be taught to kids at the same time they are old enough to get an allowance. There are many numbers tossed around, but 10% is a start for any new saver....