Archived
I have recently entered into a 50/50 partnership with someone and I need to know what makes this officially legal in Florida?
Austen's answer
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Answered on September 20, 2012
Creating a business entity such as a LLC, or subchapter S corporation under state law along with executing (signing) the required written documents...
Archived
My 75 YO mother has claimed my 50 YO uninsured brother as a dependent on her tax returns. Is she liable for his medical bills?
Austen's answer
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Answered on September 20, 2012
Federal tax dependency exemptions allowing your mother to claim your brother as a dependent does not create liability by your mother for your...
Archived
College Entrepreneur-For better tax rates should I become a Sole Proprietor or LLC? I need to pay myself, but want lower taxes.
Austen's answer
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Answered on September 20, 2012
For federal tax purposes, you must report all your gross income unless an exception applies. Your question poses too many tax issues to fully...
Archived
How do we ensure tax deduction due to business losses can be maximally distributed to business partners?
Austen's answer
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Answered on September 20, 2012
For federal tax purposes, if your LLC is taxed as a partnership then you may allocate a partner's distributive share of income and losses as...
Archived
Does an LLC company formed by 4 members have to close down because one of it's members decides not to continue belonging to it?
Austen's answer
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Answered on September 19, 2012
Under Georgia Statute, the relevant rules governing the dissolution of a LLC formed under Georgia law may be specified within the Articles of...
Archived
IRS is demanding 2,656.00 for income that was not on my w-2 from my former employer and therefore not included when my 2010 taxe
Austen's answer
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Answered on September 18, 2012
I just wanted to add to the comment above. After you achieve currently not collectible (CNC) status with the IRS then you can reach an installment...
Archived
Will I have to par taxes on the sale of a rare coin found?
Austen's answer
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Answered on September 18, 2012
Yes, you must pay taxes on the income realized from the sale of your coin. If you held the coin for one year or longer then the tax rate would be...
Archived
Is there any reason why we should form separate S corps?
Austen's answer
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Answered on September 18, 2012
Another option is to create two separate single member LLC then use the "check the box" regulations and file form 2553 with the IRS to be treated...
Archived
I work on a 1099 bases. Should I form a LLC or S corp to pay the least taxes? Or should I just claim my taxes as just my income?
Austen's answer
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Answered on September 18, 2012
For federal tax purposes, a single member LLC is considered as a pass through entity similar to a sole proprietorship. However, you can form a LLC...
Archived
I just received notice of Levy from BOE. It says i need to comply or respond within 10 days. What do I respond about? my rights?
Austen's answer
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Answered on September 18, 2012
Bankruptcy cannot discharge certain types of taxes. Nondischargeable taxes in bankruptcy include excise tax such as sales tax. ...
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