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  1. Replies
    4
    Views
    2,286

    This is what Chris-Tax is mentioning: ...

    This is what Chris-Tax is mentioning: http://www.newcompanyinfo.com/save-taxes-with-an-s-corporation
  2. Thread: 401k set up

    by taxcpa
    Replies
    11
    Views
    2,854

    Most financial institutions offer retirement...

    Most financial institutions offer retirement plans for sole proprietors. There are several choices. 401(k) is only one option. You really need to decide which type of retirement plan fits your...
  3. There is a lot to your question. Social security...

    There is a lot to your question. Social security tax is paid half by the employee and half by the employer. The employee half is withheld from the employee's paycheck. Self-employed people pay...
  4. Multi owner LLC are taxed as a partnership by...

    Multi owner LLC are taxed as a partnership by default but may be taxed as a corporation if the LLC files an election with the IRS. Depending on how your LLC is taxed it will impact your personal tax...
  5. Replies
    3
    Views
    3,787

    If you are a partnership, your partnership...

    If you are a partnership, your partnership agreement governs. If you don't have an agreement or your agreement does not govern hiring of employees than you state likely has a statute that will...
  6. Replies
    12
    Views
    3,072

    Just get the EIN from the IRS and update all the...

    Just get the EIN from the IRS and update all the places you mentioned. As a sole proprietor you are filing a "Schedule C" as part of your tax return. There is a line at the top for the business EIN...
  7. Replies
    65
    Views
    30,333

    There is a big difference between a business and...

    There is a big difference between a business and a hobby in the view of the IRS. All businesses are definitely not started as a hobby. Sometimes a hobby can grow into a business, but most...
  8. Replies
    18
    Views
    8,440

    It all depends on where you are. Every country /...

    It all depends on where you are. Every country / state has different rules.
  9. Replies
    24
    Views
    6,235

    I have a client to created a business lending to...

    I have a client to created a business lending to high risk businesses. Because it is business to business lending, state usury laws generally don't apply so he charges very high rates, up to 72%. He...
  10. Replies
    21
    Views
    8,202

    Being a real estate agent or real estate broker...

    Being a real estate agent or real estate broker require a license in all states that I am aware of. That being said, one can certainly be paid to market for realtors. As Amit Sen said, if you can...
  11. Yes and No. Self-produced content is cheap to...

    Yes and No.

    Self-produced content is cheap to create in terms of money, but not time. I have clients who are authors and they spend lots of time writing. If you find a market for your content,...
  12. Replies
    65
    Views
    30,333

    Beware schemes or people trying to sell you their...

    Beware schemes or people trying to sell you their method of make quick, easy money. Hard work is required for all businesses.
  13. anewday is correct. Your focus must be on your...

    anewday is correct.

    Your focus must be on your customers. If you also like what you are doing, that is great. Beware, I have seen clients try to turn a hobby into a business. The two are not...
  14. I would suggest a business address. You can use...

    I would suggest a business address. You can use a post office box. As for a phone number, there are plenty of cheap phone number solutions out there for small businesses, like grasshopper, vonage,...
  15. Replies
    16
    Views
    17,001

    I have a few clients who own fitness centers. ...

    I have a few clients who own fitness centers. One client has 8 locations. They are large and well equipped. Each cost about $600,000 to build out and buy the equipment. Also, the equipment needs...
  16. Thread: hiring family?

    by taxcpa
    Replies
    58
    Views
    11,325

    I have done it. It can work out fine so long as...

    I have done it. It can work out fine so long as you have two separate relationships, the family relationship and the employment relationship. Don't mix the two. Don't try to be boss at a holiday...
  17. Replies
    7
    Views
    11,153

    Hiring employees kicks off a bunch of...

    Hiring employees kicks off a bunch of obligations for monthly, quarterly and annual filings for federal and state. You can do it yourself but beware there are lots of penalties for making payments...
  18. Replies
    10
    Views
    2,476

    If you earn income you have to file taxes. If...

    If you earn income you have to file taxes. If you have not created an entity such as an LLC, you are a sole proprietor. As such, you attach a "schedule C" to your normal federal tax return to...
  19. Replies
    9
    Views
    10,025

    Each state will let you know if a name you desire...

    Each state will let you know if a name you desire for an LLC is available. It varies by state but generally you cant use a name that is already in use or misleading. Even if a state allows you to...
  20. Replies
    9
    Views
    11,357

    I am a firm believer in separating risks. ...

    I am a firm believer in separating risks. Different businesses should be operated by separate entities. This way a problem with one will have less impact on the others. Of course, nothing is a...
  21. Replies
    4
    Views
    5,143

    Only those who are active and provide services to...

    Only those who are active and provide services to the s-corporation must be paid a salary.

    As for "dividends," s-corporations must split distributions to shareholders based upon ownership...
  22. Replies
    18
    Views
    22,355

    It is something that can be done, but there are a...

    It is something that can be done, but there are a lot of rules and a long list of "prohibited transactions" that will invalidate it. Make sure you follow all the rules. Very important to have an...
  23. Replies
    54
    Views
    13,565

    I have opened several business and personal bank...

    I have opened several business and personal bank accounts over the years. For either type, my experience is I go the branch and all is done in less than 30 minutes. Business accounts require a...
  24. Replies
    5
    Views
    5,629

    There are some exceptions for small companies,...

    There are some exceptions for small companies, but if you are required to report inventory and cost of goods sold, you must include all costs.

    The failure to include all costs in your inventory /...
  25. Replies
    9
    Views
    1,859

    Separate businesses have separate risks. They...

    Separate businesses have separate risks. They should always be kept separate. Creating and LLC or corporation is not that expensive and well worth the money. Entities are creatures of state law...
Results 1 to 25 of 32
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