Would You Like to Win TaxMama’s Course? Give Us Your Questions!
Hello Everyone,
This is Sarah again, offering you the opportunity to win this course in exchange for helping us to make sure we cover your most pressing questions.
It’s a great day! We’ve had sunshine here in the heart of Oregon Wine Country for several days now, after rain for a month. My son Josiah just got a goose-egg over his eye falling from his scooter, but his eye is OK. And I’ve finally figured out how to run this course give-away in a way that allows us to match your contact information with your post, so we can contact you if you win!
All you have to do is to put your first and last name and email address into the box at www.suchasuccess.com/signup , so we have you on a list of names we will draw out of a hat.
Then you post a comment here using your first and last name, so that we can match your comment with the name we pull out of a hat.
That’s right. You get the chance to win TaxMama’s Path to Small Business Success for free, just for telling us your most pressing tax or business questions.
This will help us to tightly focus our webinar sessions and make sure to cover your most urgent issues in them.
The opportunity to win ends at 10 pm PST on Monday, February 13th. We will let the winner know by email and post the winner here on the blog.
Now, again, to win, you must put your full name and email address in the box at www.suchasuccess.com/signup AND post a question using your full name by hitting the comment button under this blog post.
(We've made it easy for you to post without having to join Blogger. So be SURE the you put your name into the post the same way that your name appears in our special contest database at www.suchasuccess.com/signup .)
Thank you for your help in making this course about you!
Sarah
This is Sarah again, offering you the opportunity to win this course in exchange for helping us to make sure we cover your most pressing questions.
It’s a great day! We’ve had sunshine here in the heart of Oregon Wine Country for several days now, after rain for a month. My son Josiah just got a goose-egg over his eye falling from his scooter, but his eye is OK. And I’ve finally figured out how to run this course give-away in a way that allows us to match your contact information with your post, so we can contact you if you win!
All you have to do is to put your first and last name and email address into the box at www.suchasuccess.com/signup , so we have you on a list of names we will draw out of a hat.
Then you post a comment here using your first and last name, so that we can match your comment with the name we pull out of a hat.
That’s right. You get the chance to win TaxMama’s Path to Small Business Success for free, just for telling us your most pressing tax or business questions.
This will help us to tightly focus our webinar sessions and make sure to cover your most urgent issues in them.
The opportunity to win ends at 10 pm PST on Monday, February 13th. We will let the winner know by email and post the winner here on the blog.
Now, again, to win, you must put your full name and email address in the box at www.suchasuccess.com/signup AND post a question using your full name by hitting the comment button under this blog post.
(We've made it easy for you to post without having to join Blogger. So be SURE the you put your name into the post the same way that your name appears in our special contest database at www.suchasuccess.com/signup .)
Thank you for your help in making this course about you!
Sarah
posted by Eva Rosenberg, EA @ 4:47 PM
35 Comments:
At February 12, 2006 5:28 PM,
Anonymous said…
I’d really like to know more about business entities - should I incorporate or remain a sole proprietor? Also, what systems should one have in place to make tax preparation easier at the end of the year?
Many thanks,
Merlyn Sanchez
At February 12, 2006 5:31 PM,
Anonymous said…
Good Morning Tax Mama!
Question: When it comes to incorporating for a home based business, which one is better - a sub S or an LLC? I was a sub S but was advised to change to an LLC (since I was a 1 person home based business). I did that and still have my sub S tax status with the IRS. But I'm still unsure which is the better one for my business. Please help!
Thank You,
Vickie Hall
acreativemind.com
vdelores[at]gmail.com
At February 12, 2006 5:32 PM,
Anonymous said…
Hello,
May I submit a couple? Or more?
1. Is there a preferred location / state for setting up your corporation or LLC?
2. If you, uh, "accidentally" forgot to send in a tax return a couple of years back, what's the best way to do it to ensure you don't draw unwanted attention from the I R S? Just send it -- along with a check for interest, penalties, etc.? (I have a good friend who needs to know...)
3. Who is the best person to prepare your tax return? Your business accountant? An accountant that specializes in taxes? The guys that show up at the mall in January (I think I know about this one!).
I'm sure I'll come up with more as time progresses.
Thanks,
Tom
At February 12, 2006 7:16 PM,
Anonymous said…
I have been participating in several of the autosurf or pay-to-surf businesses on the internet, the ones that pay you a percentage(anywhere from 1% to 12% daily) of your "membership fee" or "upgrade fee" to surf or view a set amount of web sites each day.
My question is, how do I account for my earnings from this, or maybe a better question is, what do I call the earnings?
These sites stress the fact that you are not investing money, you are just buying a membership which allows you to be paid for viewing web sites every day.
I assume that the money you pay for a "membership" would be some type of expense, and the amount they pay you back on the "membership" would be some category of income, and the difference between the two would be your profit.
If they're not an investment, they're not a sale of merchandise or services, they're not interest, etc, then what are they?
Thanks,
Lewis Poteet
http://www.eComAndMore.com
stanley@ecomandmore.com
At February 12, 2006 10:35 PM,
Kim said…
Kim Snyder is madshoper,
I would like to know more about what is something that can be written off when one uses the kitchen table for home business? What better to file with your husband who is in 28% or file as married but filing on my own?
Kim Snyder
http://overallbeauty.com
At February 13, 2006 1:49 AM,
Claire said…
Hi Sarah and Tax Mama!
A. I've heard conflicting info from tax pros on how to deduct home expenses for a Sub S.
1. One said figure it as a % like a sole proprieter does at the end of the year.
2. One said reimburse yourself a % monthly - making it a reimbursement and not personal income.
3.One said to pay yourself rent and declare personal income.
B. My Sub S has aquired small electronic, landscaping, janitorial, and now internet divisions! Can I (should I?) change to a C-corp, and how do I best organize my bookkeeping?
Thanks!
Claire Muzal
At February 13, 2006 10:02 AM,
Anonymous said…
What if you can't seperate your 'living quarters' from your business 'office' required for the home office deduction?
Bob Marconi
At February 13, 2006 10:45 AM,
Anonymous said…
Hi - I need to know what to do if I didn't get some 1099's. How do I report that income without them.
Thank you,
Cathy Perkins
At February 13, 2006 11:34 AM,
Keith said…
Hi! If you have a business that has several streams of income, what would be the best business structure for soemthing like that?
At February 13, 2006 11:35 AM,
Keith said…
The above post and question was made by Keith Thompson
At February 13, 2006 12:03 PM,
Anonymous said…
What's the best way to keep track of everything that needs to be done on an on-going basis once incorporated? What makes sense to outsource, and what do I definitely want to be doing myself?
Thanks!
Jessica
At February 13, 2006 12:16 PM,
Anonymous said…
How can a one-person business become a corporation? And when should incorporation be started to minimize future increasing taxes?
Thanks in advance!
J. J. Smith
At February 13, 2006 2:16 PM,
Unknown said…
I'd really like to know how to set up my company from soup to nuts. Not sure if I should go for a sole proprietorship or LLC? Not sure what I can and cannot write off... including my new computer, my home office... etc.
I quit my cushy job in October and have been blown away by independent consulting opportunities - but I'm totally unprepared for the taxes and managing the writeoffs.
Ironically, I'm a fabulous strategic business consultant and ecommerce expert who is LOUSY at managing taxes. I just don't know where to begin!
At February 13, 2006 3:01 PM,
MSW said…
I just realized there are a couple of my vendors I should have sent 1099s to. It's past the deadline, I know ... so what should I do?
At February 13, 2006 3:02 PM,
MSW said…
I just realized there are a couple of my vendors I should have sent 1099s to. It's past the deadline, I know ... so what should I do?
At February 13, 2006 3:04 PM,
Tom said…
Hi,
Tom Brownsword again -- thanks to all involved for getting my questions posted.
It just took some detective work to find the right place! Are you trying to stay one step ahead of the IRS? :-)
At February 13, 2006 3:47 PM,
Anonymous said…
What is the role of a CPA as opposed to that of a Tax Attorney?
At February 13, 2006 3:52 PM,
Brad Pollina said…
I'd like to know as a sole proprietor in a network marketing company what exactly I can deduct product wise and how to keep records accurate if I have both deductable and nondeductable stuff on one invoice?
At February 13, 2006 3:52 PM,
Brad Pollina said…
I'd like to know as a sole proprietor in a network marketing company what exactly I can deduct product wise and how to keep records accurate if I have both deductable and nondeductable stuff on one invoice?
At February 13, 2006 4:04 PM,
Anonymous said…
is a VA disablity pension taxable income?
At February 13, 2006 4:14 PM,
Anonymous said…
I am an independent contractor (Surgical Technologist)and have been working for the same small town hospital since 2001. I receive a 1099. However, my hospital has not reviewed/renewed my contract annually, just letting the original contract stand. I am worried that the IRS will consider me an employee, rather than an independent contractor. I file as a sole proprietorship. Your thoughts?
At February 13, 2006 4:26 PM,
Anonymous said…
I recently remodeled my home office space. Can I use the expeditures as a deduction?
At February 13, 2006 4:50 PM,
Anonymous said…
My new husband (we ran away to Las Vegas January 28th) wants to include me in his new (Oct 2005) C Corp. Would it be better for him to give me enough stock to gain controlling interest or to add me as an employee and pay me a salary? We intend to apply for an SBA loan and understand that it's easier for women owned businesses to obtain loans and grants. Are their tax advantages to employing family members?
Thank You,
Mrs. Leah Griffin Kolb
Straight Up Enterprises, Inc.
At February 13, 2006 5:08 PM,
Anonymous said…
What is the best setup for Forex Traders? How do I get the most "bang for the buck" with mixed income streams, IM, Forex, and Capital Gains?
At February 13, 2006 5:39 PM,
Anonymous said…
Last year, I quit my job to try my hand at internet marketing. I work out of a bedroom that is truly set up as an office and used only for my business. I live with my fiance who owns the home and we have a joint account where we both deposit an equal amount of money to pay household bills and utilities. Although the home is in my fiance's name is there anyway for me to legally deduct for a home office?
Thanks for the help.
Marcia Parks
At February 13, 2006 5:58 PM,
Anonymous said…
Recently I was asked by a client for my SSN so they could give me a 1099. I explained that I'm self employed and pay my own quarterly taxes, and since I just provide a service and am not employed by my client there would be no need for them to fill out a 1099. My client called her accountant and he was insistant that I provide my SSN. For the past 18 years I have been self employed as a farrier (I shoe horses)In all that time I have never been asked to give my SSN to fill out a 1099. Is this something new or have I been doing it wrong?
At February 13, 2006 6:07 PM,
Anonymous said…
I'm self employed and have a child with a serious medical condition. Medical bills, treatments and prescriptions are very expensive. I need to know how I can find all the medical deductions possible, but have heard being too agressive can trigger an audit. I feel like I'm between a rock and the IRS.
At February 13, 2006 6:49 PM,
Anonymous said…
If I bought inventory for my business in 2005 but have not placed it in service yet would I show the inventory in 2005 or 2006 when I start to sell it.
At February 13, 2006 7:35 PM,
Anonymous said…
I need help understanding the benefits of creating an SubS Corp that owns my LLC. Seems there is some FICA benefits to doing this through salary distribution in addition to lower franchise taxes to be paid to the State. I hope you can help me understand this business formation and how it works...;-)
Thanks in advance...
Paul Schmidt
At February 13, 2006 7:56 PM,
Anonymous said…
How do you set yourself up at the beginning of the year to take advantage of tax breaks if you have a part time internet business? Do you have to be incorporated or have an LLC to have business tax breaks?
chris morris
At February 13, 2006 8:51 PM,
Anonymous said…
We are a non-profit church the has a business we use to generate income. We have members that work it for free right now, and we would like to start paying them. Would we be better to pay expenses, with a very small salary, or not?
Thanks,
John
At February 13, 2006 9:09 PM,
Anonymous said…
Can internet marketers take the home office deduction?
Thanks
Kurt Chrisler
At February 14, 2006 12:22 AM,
Anonymous said…
Hello TaxMama,
I need help on this!
I joined a network marketing company in 2004 which sells advertising credits. These credits were to double in value every 90 days and then be payed to members.
I'm still ...... waiting! But not holding my breath.
The company has doubled these credits in virtual cash but I have not received any form of payment. I have received a 1099 stating $8200 in non-employee compensation was earned. Since, I have not been payed this amount of money how is it they can provide a 1099 to members?
It appears they have paid out this money but in reality have not.
Maybe, Uncle Sam will take cyber cash from me this year.
Thanks for your advise,
Guy Horton
At February 14, 2006 4:14 AM,
Anonymous said…
My business bank account pays interest, for which I receive a 1099-INT in the name of the business. This apparently has to be included as interest received on my personal 1040. (Or else it may give the appearance that I am not reporting it.
Is there a way to report interest on a business account on Sch C?
Thanks,
Steve Warriner
Increase Your Website's Speed, Reliability and Profitability
At February 14, 2006 4:35 AM,
Anonymous said…
With an LLC do I still need an entire room dedicated to an office to take any deductions? I have a guest bed in my office.
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