What are the tax deductions available for a sole proprietor in various business-related scenarios, including travel expenses, office supplies, equipment purchases, and state tax implications?

September 18th, 2023

How do I record the following two scenarios/transactions in QuickBooks for a sole proprietorship (Company A) and a sole member LLC (Company B) where the same owner and customers are involved, and different bank accounts are used for each entity? Scenario 1: I invoiced John Doe for $1,500 on December 31, 2018 with the QuickBooks of Company A. In January 25, 2019, he pays me back the full amount $1,500 but I deposit this money in the Bank Account of Company B. Scenario 2: I invoiced Paul Will for $2,500 on December 31, 2018 with the QuickBooks of Company A. Paul makes a down payment of $1500 of that amount in December 31st, 2018. In December 31, 2018 I deposit the $1,500 in the Bank Account of Company A. In January 31, 2019, he pays off the $1,000 but I deposit this money in Company B.

October 14th, 2023

I have a corporation that owns a convenience store with property. I am selling it, and the title company needs a corporate resolution. I'm unsure about whether the proceeds should be distributed to the stockholders (me and my wife) or left to the corporation, as I'm concerned about potential tax implications. What should be included in the corporate resolution to sell the business?

May 1st, 2023

We have a husband and wife with 50/50 ownership in an LLC. The LLC received a K-1 which reported self-employment income. Should this self-employment income flow through to the individual partners, and would their active participation in the LLC affect this?

July 1st, 2024

I filed for an extension in April and agreed with my accountant to pay the remaining balance in July. However, I received paperwork regarding a June 15th deadline to file. Do I need to send the forms or does this mean the payment as well?

December 5th, 2024