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Thomas Walton Dallas

Thomas Dallas’s Answers

6 total

  • What do I need to do to start an online business that provides services to many different states, possibly different countries?

    I am looking to start an online business providing services such as, but not limited to, web development, web design, professional photography, audio technology services, graphic design, and web hosting. We would be based out of Virginia, but do ...

    Thomas’s Answer

    An S corporation for income tax purposes will be a good place to start as you can receive a salary and the rest is paid out to you in dividends and about payroll taxes. You may want a service company to operate in a state with no income tax and have fees paid to that corproation to reduce income tax.

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  • Where do i turn for help, when sibling are trying to control / bully you ?

    i am a full time care giver for my mom who had a stroke. i have 2 older sibling who visit once a week trying to tell me what to do and threatening to take her away. years ago my mother add my name to her checking savings account, she told compani...

    Thomas’s Answer

    You need a durable poer of attorney to take care of your mther's finances and a heath care directive to make the medical decisons. You also need a written agreement for you to get the house. Also be wary in case an action is started to open a guardianship for your mother and take her away. A Revocable Trust would be a good idea to avoid probate. You did not mention Medicad\id planning but that may facor in also.

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  • My father is dying of cancer and he has a will, but my step mother is planning to change all titles over to her name b4 he dies.

    is this legal for to do this?

    Thomas’s Answer

    The first question is why the change over. If the change is just to avoid probate and not change the flow of assets contrary to your father's intent that may be fine. Watch out if the assets are highly appreciated as that change over may eliminate the step up in tax basis. Second marriage situations are difficult and good commication is required to avoid issues.

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  • Tax Question! We have not filed our 2009, 2010, or 2011 returns and we owe $142,000 for 2008. Should we get a tax lawyer?

    Nothing to say!

    Thomas’s Answer

    yes as you are flirting with criminal sanctions.

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  • Is there a self employment tax in NJ?

    if someone is self employed in NJ, does he have to pay a self employment tax, and does he have to pay disability and unemployment tax on his income?

    Thomas’s Answer

    Self employment tax is a federal tax and applies to all states including Jersey.

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  • How are LLCs taxed?

    I know that LLC's don't pay taxes to IRS but that the income or loss is passed on to owners. So for the sake of this question, let's consider this: I start a NJ LLC and I am the only owner with 100% ownership and in the first year I make ...

    Thomas’s Answer

    If you do not take any further action, the entire amount of income will be taxed on Schedule C of your 1040; you will also incur payroll taxes. You could elect to be taxed as a corporation: either as an S or a C.

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