Ask The Taxgirl: Tax Forms For Single Proprietorship
It’s “Ask the Taxgirl.” Today’s question focuses on how to file taxes for an LLC.
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LLCs, S Corps & PCs: Choosing A Business Entity
(This post is part of my Small Business Startup & Survival Guide. You can catch up on the whole series here.) When you’re getting started in business, it can be tempting to rush through to get to the good stuff. After all, you have your cool idea and your even cooler sounding name… Can’t you just tack…
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IRS Lacks Statutory Authority To Extend Time To Assess Tax
Charles J. Sigerseth just won an A… or at least a nice note to his professor. Charles’ entry on the statute of limitations issue is one of two winning entries in my legal writing contest. Charles received his paralegal cert of graduation this year from Blackstone Career Institute and is now studying to take the…
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Ask The Taxgirl: Filing Tax Returns For An LLC
Taxpayer asks: Hi Kelly, I read your article about incorporating to limit taxes. How about forming Limited Liability Corporations (LLC’s)? When you form an LLC for real esate holdings to limit liability, do you file as an individual or do you have to file for the LLC? Thanks. Taxgirl says: This is one of those…
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Ask The Taxgirl: SMLLC & Estimated Payments
Taxpayer asks: I started a single member LLC this year, and need to make estimated tax payments. When I went onto the IRS site to make payments, it asked for either my EIN or my SSN for the payments. Am I making payments on both? Taxgirl says: You’re only making payments for the LLC once….
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Ask The Taxgirl: Reporting For Single-Member LLCs & S Corporations
Taxpayer asks: Hi Tax Girl, I had income from multiple sources in 2008 – albeit, not much…it was a bad year 🙁 I briely worked as an independent contractor for a real estate company and received a 1099-MISC for $5,467 of non-employeee compensation.It was reported under the single member LLC I formed (to my EIN)….
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Ask The Taxgirl: Charitable Deductions for LLCs
Taxpayer asks: Hi, I run an ice cream (IC) shop and give away lots of IC to local charities (churches, schools, scout’s, 4H, …). The business is an LLC and I have 2 partners (we all get K-1’s). Can I deduct the retail value of these donations? Obviously, the my cost of the food supplies…