Archived
For a person who is starting a film production company in Chicago, Illinois, is it better to elect an LLC or an S-Corp?
Louis's answer
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Answered on April 21, 2013
There are a variety of risk mitigating and taxation concerns to consider in both the long and short-term when forming your business. Your best bet...
Archived
How can i file for taxes i worked off the books and got paid cash
Louis's answer
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Answered on April 21, 2013
Report income and expenses on Schedule C of the 1040.
Archived
Does buying and selling cars effect taxes?
Louis's answer
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Answered on April 18, 2013
This is capital gain that needs to be reported. However, what you would owe in taxes is based on more than what you provided.
Archived
If I inherit property jointly with other beneficiaries, must I pay income taxes on my share if they "buy me out?"
Louis's answer
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Answered on April 18, 2013
Tax implications are based on the margin between basis and sale price.
Archived
2012 tax refund being held due to 2007 missing 1099-B
Louis's answer
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Answered on April 18, 2013
Do you have the 1099? You need to find out what the capital gain/loss is and then report it as either long or short term.
Archived
Can I give away my commission to a customer without being taxed on it first?
Louis's answer
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Answered on April 18, 2013
This would most likely be an expense on Schedule C of your 1040.
Archived
Must I pay federal income or Calif. state taxes on an inheritance of property, or cash, worth $75,000?
Louis's answer
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Answered on April 18, 2013
Have you sold the property?
Archived
Previous employer claims they inadvertently overpaid me.
Louis's answer
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Answered on February 20, 2013
You could end up owing if you were overpaid, but I would get a detailed breakdown of how and when you were overpaid first.
Do I have to pay an invoice that exceeds the estimate by double?
Louis's answer
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Answered on February 12, 2013
Did the painter paint for 55 hours?
Do I have to pay an invoice that exceeds the estimate by double?
Louis's answer
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Answered on February 12, 2013
Did the painter paint for 55 hours?