en Sales Tax Return on Sales to Non-Profits Hello! New LLC/business here...I'm wondering if I have to pay sales tax on my quarterly return on sales that I made to non-profit organizations. Since, I didn't collect sales tax from them, I'm assuming the answer is No, but I wanted to make sure before I filed anything. Thanks! Filing and Paying Taxes Mon, 20 Jul 2015 18:28:05 +0000 njsacco 1114360 at Noncash Charitable Contributions In trying to decrease our inventory, last year we donated over $5000. worth (in wholesale costs) of old and outdated inventory to local donation centers. We have form 8283, but will this amount wave a red flag, especially since this form is a personal form and not a business form? Also, the IRS says we need large donations appraised, but I am planning on using the wholesale cost we paid. Any advice for this terrified owner?? Filing and Paying Taxes Mon, 06 Jul 2015 23:50:35 +0000 plantationhouse 1114170 at sales tax Hello ours is New Jersey based LLC, Importing garments from India, selling to , 1 resellers in New Jersey and other states, 2 selling to consumers online both in New Jersey and other states amounting to 10, 000 USD per annum , do we have any sales tax liability to state , awaiting your guidance , with warm regards and thanks Filing and Paying Taxes Mon, 04 Aug 2014 02:07:39 +0000 K_PRESIDENT 1101991 at Family members volunteering in family business I am going to be opening up a small family owned bakery and want to know if I can have my sisters volunteer there? They won't be making income except for tips that will be documented but not sure what taxes I'd have to pay or if its even allowed. Or if I'd have to pay myself as owner or whether it could be voluntary until the store got up and running? Any ideas would be greatly appreciated, need all the help I can get to get the business up and running. Filing and Paying Taxes Fri, 10 Apr 2015 06:56:03 +0000 glorygal 1113702 at What Forms? Hello, we're wanting to know as a husband and wife (Partnership) what forms do we file for Year end taxes? Thank you! Filing and Paying Taxes Wed, 29 Apr 2015 22:06:28 +0000 TNN Cleaning Services 1113775 at Question about paying independent contractors. Hello, I had a question in which I was unable to find an answer online. I currently have a business in which I contract people to advertise companies on their vehicles. Generally in 6-12 month contracts. I pay monthly and had a few questions in terms of payroll. 1. Do I pay these people as independent contractors? 2. I am assuming I still have to keep books on them for tax reasons (1099). 3. Is there anything else I need to know for legal reasons? Thank you for your help, I have little business experience so this place is a great resource. Thank you! Filing and Paying Taxes Mon, 16 Feb 2015 19:50:33 +0000 DrivenAdvertising 1113462 at eBay, Income taxes Hello, my name is Matthew. I'm seeking to start a micro-business and I have a question in concern to taxes. Background: I would like to start an eBay computer repair business in which I buy electronics, fix them, and re-sell them. I'm legally still considered a minor. I can register the business with my state (NJ) under my name, and receive a tax id, etc. eBay requires that you're 18 years of age to operate an account. But they do allow minors to use an eBay account through their parents. The eBay, and Paypal account would be under my parents name, but the business registration, and joint checking account would be under my name. So.... Question:I can use a parents account to sell on eBay. When taxes need to be filed though will they (the parent) be required to claim and file the taxes (seeing as the eBay account is in their name), or can I (the minor) file the income on my own tax return? 2. if I can pay the taxes myself, how will they show/disclaim on their return that the sales/income on the eBay account (with their name attached) is not actually theirs? Filing and Paying Taxes Sun, 08 Feb 2015 22:40:08 +0000 Matthew.D 1113376 at Question about payroll taxes Hello, My name is Jose Rodriguez. I'm president of San Isidro Water Farm, Inc. a company registered under the state law of the Commonwealth of Puerto Rico and dedicated agricultural industry. This is our second year as a company but we have 8 years experience in harvesting vegetable from hydroponic systems. The company has no employees yet. However, I would like to know if I as president need to receive income from payroll as an employee. The company has not suffice income to pay wages or salaries. Just a few expenses are account as personal and that is all my salary. The last natural year was about $600. My question is: I have to file in Puerto Rico 941pr or 943pr or 940pr for this salary? Filing and Paying Taxes Mon, 31 Mar 2014 22:37:13 +0000 SIWFI 812331 at Do I need to file a personal property return for an LLC I dissolve? I'm planning to dissolve an LLC I made but I've already received my personal property return documents. Do I still need to file this if I'm dissolving the LLC? I'm a bit confused since it says it's for 2015, not 2014, which makes me think I don't need to file it. Filing and Paying Taxes Tue, 17 Mar 2015 02:57:01 +0000 homer_3 1113603 at Value of Personal Assets Put Into Business for Use or Sale I have been doing small amounts of sales on eBay for a few years. This has been almost always my stuff directly, and occasionally I might buy a large lot of something to get some of it for my own use, then sell some to recoup the expense, or I may sell something for a friend or family member. I am now considering just doing this as a business, as I realize I have a lot of sources that I can flip things from. I, of course, want to be able to take full advantage of any deductions I can get. I have found pretty much all the info on what to keep track of, and how, as the business is ongoing, but I have been unable to find information about stuff used for the start-up. I have a lot of stuff to get rid of (all mine - I decided to really simplify my life), and I'm wondering if there is a way to value that for tax purposes. I would estimate that I could sell what I have conservatively for around $3K. It realistically has a lower value. Also, I have a lot of supplies, that while not purchased recently for the business, they would be used for the business (cases of mailers, tape, labels, etc. that are probably worth around $400-$500). I have computers that I would use (not including my personal ones) solely for the business. All of these thing have value of some sort, but I don't have receipts or records of the original purchases as I didn't buy them thinking that they would eventually be used for this. I need some explanation as to whether I can use the value of this stuff or not, and how to go about doing so. Even a link to information would be great. I can usually find the answers online, but I think I must be missing the right terminology to search for. Filing and Paying Taxes Wed, 25 Feb 2015 17:41:58 +0000 RedBanner 1113511 at If my LLC made no money, can I deduct wages paid to myself from my income tax return? I started an LLC at the end of 2013. I have no employees, and I effectively made no money in 2014. However, I have put a lot of hours into the company, and I'm wondering if I might get a tax break for this. For instance, can I claim a loss ($0 profits - implicit wage paid to myself) that I deduct from my personal income tax return? Filing and Paying Taxes Thu, 26 Feb 2015 01:36:32 +0000 cbrickman79 1113514 at Quarterly and Year End Tax Filing for new business We are an s-corp that just started up in September and have not written any paychecks. what forms do I need to file as zero and which do I not need to file at all? Filing and Paying Taxes Thu, 29 Jan 2015 04:21:54 +0000 cindimm 1112831 at job & job <p>Advertisement Moved from Public View</p> Filing and Paying Taxes Fri, 02 Jul 2010 16:36:39 +0000 JimD 95051 at Do I need to pay quarterly self employment taxes Hi! I am currently freelancing (under an LLC I created 2 years ago) on the side of my full-time job, and this year I made around $7,000 which is the first year that I will be showing a profit. I am unsure if I should have been paying the self employment taxes quarterly, or if the once a year is ok? My friend who has the same type of company pays once a year and makes a lot more than me, so I don't think I am doing anything wrong, but I'm not sure. I just want to make sure I am doing everything accurately so I do not get fined or have to pay a penalty. Any help on this topic would be greatly appreciated. I understand that with this profit I should start paying them this year I think, but with my company the earnings from month to month is not consistent. Thanks! Filing and Paying Taxes Mon, 26 Jan 2015 16:41:31 +0000 k_chaps 1112651 at Sole Proprietor now w/full-time job & couple of clients left I worked as a sole proprietor (freelance writer, communications pro) for 14 years but started working as an employee in September 2013. For 2013 taxes, I filed a Schedule C as usual. For 2014, my freelance income is less than $5,000. Do I ID my business as having closed in 2014? How do I actually 'close it out'? I will continue to work with one client in 2015 and will probably keep my web site up. The only physical asset was a laptop, which I donated when I upgraded. I consider the new laptop a family computer and won't be itemizing it. HELP! And thank you. Filing and Paying Taxes Tue, 20 Jan 2015 22:57:40 +0000 cjwassoc 1112371 at Nicholas Fialdini -- 1099 or W-2 I've worked for a small business for 3 months this year -they did not take out any taxes, etc. Should I expect a 1099? Filing and Paying Taxes Fri, 09 Jan 2015 17:23:49 +0000 NicholasFialdini 1111831 at Report tips for a single member llc I am an LMT and have a FT job where my w2 employer withholds taxes and reports tips. This year, I have started a single member LLC to work on private clients. I am trying to determine how to report tips for the LLC so they are calculated for fica taxes so I can report them on my 1040. Thanks! Filing and Paying Taxes Sat, 10 Jan 2015 20:00:21 +0000 BaldmanFL 1111891 at Tax on Export <p>hello all!</p> <p> </p> <p>i'm looking to start an export company and i have few querries related to TAX structure. my confusion is related to tax adjustment/rebate.</p> <p> </p> <p>my company (based in Texas) will be purchasing used cars and trucks through direct purchase and auctions both in and outside of Texas. i assume, any purchase made as such is subjected to State Sales Tax and MTA Sales Tax. all the purchase will then be exported outside of the United States. my question is - will i get any tax benifit on exporting such purchase? can i claim back the money i paid as STATE and MTA sales tax by producing authentic export documents?</p> <p> </p> <p> </p> <p>thanks..</p> Filing and Paying Taxes Sun, 30 Aug 2009 09:09:29 +0000 cracksum 94251 at Tax Help I am thinking about getting my LLC taxes done by a CPA but their prices are just so crazy $250 for a consultation and then up to $800 for taxes..... really?!?!?!? Do you guys think it is necessary for a sole proprietor to pay this much to have my taxes done. I have not even completed my first year of business so this is not an expense I can quite afford. Does anyone have any recommendations or resources for taxes? Filing and Paying Taxes Mon, 27 Aug 2012 22:13:24 +0000 JohnnyWW 272471 at S corps and health coverage I am trying to determine the validity of a statement made by our accountant. I am still waiting for the accountant to call me back (statement was made to an owner of the company) so that I can ask my own questions. Therefore, I am just searching for someone who may have knowledge of this situation: SITUATION: The owner of my company owns another company. They are both S-corps. They are legally and financially different entities. We were both searching for new health care options due to ACA. The accountant stated that we have to offer the same health benefits package to employees of both companies even though they are separate entities because their is "like ownership". Company A is dropping health care coverage for it's employees while Company B wants to proceed with a group plan. This is the best situation for each individual company. However, given the accountant's statement, we would have to all do one or the other. I am wondering (1) if this is true and (2) why? (if nothing else we do is together and we are operating wihtin the parameters of ACA). Any help is appreciated! Filing and Paying Taxes Mon, 15 Dec 2014 21:16:24 +0000 AdventureCenter 1110541 at Charge sales tax based on shipping or billing address? I have a home-based business, sole proprietorship (soon to be LLC), in Las Vegas, Nevada. I've been looking for days and cannot get a straight answer on how exactly to apply sales tax. Do I do it based on the SHIPPING address of my customer, or the BILLING address? This matters because if a person in Las Vegas orders something for someone out of state, the billing address is Vegas but the shipping address is obviously not. Which do I use to determine the sales tax??? THANK YOU! Filing and Paying Taxes Sun, 02 Nov 2014 03:52:56 +0000 Woof Dog Bakery 1109571 at Small business - Can't understand the IRS form I was mailed - Help! Hello, Both my sister and I decided to start a small cleaning company together last year. We started an LLC and got the license and everything. We filed our annual report on time many months ago which was the form 1065 believing that we were a partnership. It's only us two. No employees. We signed up for the LLC as co-owners and do the work ourselves. With everything we read, we believed we qualified as a partnership and filed the 1065 accordingly. Now many many months later we get this notice from the IRS and we can't understand it. It says: "Dear Taxpayer, We received your Form 1065 for the tax period shown above. (Jan. 31st, 2014)We are sorry, but we are unable to process your forms as filed. The Tax Reform Act of 1986 requires S corporations, personal service corporations, and partnerships to file on a required tax year ending of December 31st. You will need to file on a December 31st tax year end unless the guidelines of Rev. Proc. 2006-46 have been met, the entity received permission to use the tax year indicated above from the National Office under Rev. Proc. 2002-39, or the provisions of section 444 have been met." And so on...I want to fix this problem, but I don't even understand what direction I need to go in. What forms do I need to send them? They just gave me a cover letter to send with some form that they expect me to give them within 30 days. Any info on what I need to do is greatly appreciated. We obviously did something wrong, but just can't figure out what it was. Filing and Paying Taxes Sat, 08 Nov 2014 06:25:44 +0000 Sparkle N Shine 1109981 at paying sales tax on an out of state purchase I'm a consumer who lives in a state which has no tax on retail sales and although this sounds wonderful we all know there is no such thing as a free lunch, and I am taxed in other ways, so I do pay my fair share of taxes to my state. My question is about when I purchase items from online retailers. I've never had a problem with this until last month when I purchased some items for my grandchildren's birthday from a major us retailer. I've purchased from them many times and never been charged sales tax, but on this order they charged me tax based on the state where the gifts are to be delivered. Actually when I saw the tax in my cart I delayed the order to inquire and was assured the tax would be refunded, but then after the purchase was made they changed their mind and told me tax was due based on the state where my grandchildren live. My State: Delaware Retailers state: Arkansas Delivery address: Indiana I believe they based the change of their decision on the fact that they have a nexus in the state of Indiana, however the purchase wasn't made in that state, it was made in Delaware, the billing address on my credit card was in delaware and my position is that I've already been taxed in other ways to account for all my purchases and the only way it would be legal for another state to charge me sales tax would be if I was actually in that state using it's roads, with access to it's other services, so I strongly object to paying a duplicate tax to a state that I've never been to and I don't feel they have any right to charge me. The retailer in question is I ended up returning the items (on principle) and purchased identical items from and was not charged tax. It's my position that Walmart is assuming the purchase was made in Indiana which is not true and that Amazon is correctly identifying it as a purchase made in Delaware for gifts shipped to Indiana. The amount of money is small here, but the principle of taxation without representation is huge and I have no representation in Indiana, so feel they can only tax me according to Delaware law (unless of course I am actually in the other state as I mentioned before). Can someone explain with some certainty which retailer is acting correctly and if I am correct that they have no right to force me to pay taxes to Indiana, can you provide a link to the relevant code? Also consider that an Indiana resident is required to list purchases (and or gifts) from other states and could be required to pay sales tax on their state income tax returns so in this case it could result in duplicate tax. In summary, I believe the fact that walmart has a nexus (brick and mortar building) in Indiana doesn't give them the right to collect Indiana state sales tax from a Delaware resident making a purchase in Delaware. I'll also add that the items were shipped from Arkansas, not from Indiana. I look forward to hearing some opinions on this subject. Filing and Paying Taxes Fri, 03 Oct 2014 13:09:24 +0000 TuuS 1107951 at Tax Implications on Start-Up Capital <p>I have a fairly large amount of money owed to me by my current employer that will be paid to me next year.  I would like to utilize that money to start my own business.  Is there a way to take that money and directly invest it into my new business without having to pay taxes on the disbursment?  I am not looking to avoid taxes on money for my own consumption, I am just trying to make the most the resources that I have to work with.</p> <p> </p> <p> </p> Filing and Paying Taxes Fri, 28 Aug 2009 14:32:55 +0000 ccurro11 94271 at how to pay sales tax if not a brick or mortar or online sales Paying sales tax has been very confusing. We are a gift box company that sells mostly to other businesses. We meet at their location to discuss gift options and then we deliver. Do we charge sales tax to where the boxes are being delivered. Do we charge based on where the buyer is purchasing from. Do we charge from our PO box location. We get different answers from different people. What is home rule? Do we need more than one sales license. One for each city we sell in? We never get the same answer twice? Can anyone help? Filing and Paying Taxes Mon, 20 Oct 2014 02:47:11 +0000 annmpap 1108921 at Do i have to pay a quarterly estimated tax? <p>Hi All, I just started my business in December so i am as new as they come. I have been reading books non-stop and am currently learning about taxes. My question, is my business required to pay a quarterly estimated tax (1040-ES)? My business is: -A SMLLC -Located in NY -Online Electronics retailer. -Estimated $24,000 annual revenue. Any help is appreciated!</p> Filing and Paying Taxes Tue, 21 Feb 2012 02:15:58 +0000 JerryAAA 109881 at Untaxed purchases and items subject to sales use tax Hi! I have an online business in which I print and sell baby onesies and tees. I work in the basement of my house in Idaho. I am now questioning if I have been doing my quarterly taxes incorrectly. Basically, I purchase the clothing wholesale from a company in New York. I do not pay sales tax through the clothing supplier I use, since I have a wholesale account. I then decorate and print on the clothing and sell my clothing on-line. Rarely, do my sales come from Idaho. I maybe get one or two sales on-line from Idaho, in which I know I need to collect sales tax from. However, what about all my other sales? I am ONLY paying sales tax on purchases made through Idaho, correct? My other question/concern is about untaxed purchases and items subject to sales use tax...would this include the wholesale clothing and supplies I purchase for my company, that I use and then RESELL to out of state? Please advice, because this is confusing for on-line retailers! I appreciate any help! Filing and Paying Taxes Wed, 03 Sep 2014 20:48:02 +0000 mjcrispies 1106071 at LLC - Avoiding commingling assets of tax payments/refund? What is a typical strategy for avoiding the commingling of assets when paying taxes or depositing a refund for an LLC via personal tax returns? For example, if you deposit a refund into a single account, which account would be used (business vs personal) and how should the paper trail work in terms of getting the applicable portion to the other account? Filing and Paying Taxes Thu, 26 Jun 2014 07:02:54 +0000 EmpireJones 1092771 at Do business owners have to file 941? <p>If a small business owner receives a salary, do they file form 941 also--just like for the employees?</p> Filing and Paying Taxes Tue, 10 Feb 2009 23:23:51 +0000 StuartR 94131 at I'm a twit - please help me and my poor small business I run out of my closet. Business Stats: Became official LLC in 2005 - co-owner with my husband Side business makes 1k-3k EACH YEAR (a.k.a. very little money) - I sell educational products as a passion/hobby. This is my story. I am a twit. I say this first to get this out of the way. I started a hobby business my sophomore year in college. I used LegalZoom to incorporate my business, filed for my ein, etc. The mistake - I have been filing my schedule K-1's through h and r block. I thought this was all I had to do for my 1065 form. Incorrect. I just realized in the past few days I was supposed to file the 1065 with the IRS as a part of my llc partnership, along with the schedule k-1's individually. This means I have filed a schedule k-1 every year for both partners but I have NOT filed my form 1065 itself. I didn't realize these both needed to be filed. The question - I haven't received any notices from the IRS about this that I am aware of. What do I do to "fix" this. Considering I only make about 1k a year, paying the possible monthly $195 fee I also just read about would bankrupt my company. We have 5k in the bank. Again - small hobby business just for fun. Ha. The "holy crap oh my god please" request for help/advice - The only reason all of this has come to light is I am buying a second house and they requested my 1065's which is no problem - I've been doing those. Then they requested a transcript request to get the documentation from the IRS. That's when the realization literally dawned on me all at once like a sordid epiphany. I've been filing my schedule-k's with h and r block that isn't the same thing as my 1065. I haven't heard yet back from the mortgage lender about the irs transcripts, but I have a sinking feeling I know how it will go... What do you suggest I do? Filing and Paying Taxes Mon, 05 May 2014 21:23:27 +0000 jkfrahm 836331 at