Ronald J Cappuccio's Answers

Federal income tax benefits of marriage for high income couple

Unfortunately, you and your girlfriend are at the perfect income level to be subject to the "marriage penalty".How the start it was when people in community property states such as California, Washington, Texas argued that since income was imputed to each spouse, they would each be able to file a tax return for half the income. To counteract that, Congress then made a classification called "married filing jointly" which was geared towards an assumption that the income made in a common-law state...

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As an on-line business only, what constitutes "conducting business" and where do I need to register my LLC?

You have entered into the hottest area of State tax law! Each State is attempting to claim "nexus" ( a connection ) with the business and therefore try to collect registration fees, business taxes and sales taxes. The New York State Tax Department (January, 2009) claimed that any affilate program that offered commissions (such as through Commission Junction) subjected the parent company to NY State Tax jurisdiction. That is why many companies will not accept affiliates in New York. Other...

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Feel Cheated By My Franchise

Did you have your business and tax lawyer review the franchise agreement and help you with the lease and contracts? If so, your attorney probably has a good paper trail. Setting-up a business, even franchises, requires the services of a good tax and business attorney right from the beginning! Now that you have the problems, you will need to get a good attorney to help you sort out the mess! I hope this helps! Ron Cappuccio http://www.BusinessEsq.com

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How do I change company name, address, and add a partner to a LLC?

To change the name of the LLC, you have 2 choices: 1. File an amendment to the Certificate of Formation; or 2. File an Alternate Name registration (this has the advantage of permitting you to use both names.) You do not need to do anything to change the address. When you file your next annual report online, just put in the new address information. I hope this helps! Ron Cappuccio http://www.BusinessEsq.com

Taxes on overseas independent contractors

The real question is are they independent contractors or employees. I have some clients that treat software developers as employees, but most classify them as subcontractors. To be a subcontractor the must not: 1. Be under your direction and control (it is not enough to say they are in a foreigh country and therefore you are not controlling them;) 2. Not work at your place of business or in the direct work of your business; 3. Have their own independent business separate from the work you...

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House buying & income taxes

If the house is solely in your name, the IRS would have great difficulty in assessing a transferree liability against you for your husband's taxes. You should make sure that he is not on the note and mortgage, does not pay the mortgage and real estate taxes. If you have any questions, you should consult with a tax attorney. Ron Cappuccio http://www.taxesq.com/

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Being resposible for my spouses back income taxes

If you filed joint 1040's, you will be liable for the tax. There is a possibilty to claim "Innocent Spouse" relief from the IRS, but this is difficult especially if you were living together and using his business profits to support the family. You should contact your tax lawyer to discuss this further. I hope this helps! Ron Cappuccio http://www.taxesq.com

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Can a LLC be operated legally if they are operating under a corporation not in good standing with the state comptroller.

The LLC can enter into a contract if it is presently authorized to do business. Nevertheless, the liability protection for the corporation may be eliminated if the corporated charter is revoked by the State. You should see a tax and business attorney right away! Ron Cappuccio http://www.TaxEsq.com

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Can a LLC be operated legally if they are operating under a corporation not in good standing with the state comptroller.

The LLC can enter into a contract if it is presently authorized to do business. Nevertheless, the liability protection for the corporation may be eliminated if the corporated charter is revoked by the State. You should see a tax and business attorney right away! Ron Cappuccio http://www.TaxEsq.com

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Changing my business from an L.L.C. to a C-Corp

Why would you want to change from a Limited Liability Company to a C Corporation? C corporations are subject to double taxation whereas a LLC is a pass-through entity. You need to review this with a tax attorney because you may be making a significant tax blunder! I hope this helps! Ron Cappuccio http://www.TaxEsq.com

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