asked
I am a new LLC with revenues close to $60k this year and increasing by about 20-30% every year. I am debating between filing as a Single Member LLC or electing S-Corp status. Is the only reason to elect S-Corp to save on SE taxes? Are write-offs and deductions the same between the two? If it is a pass-through entity and I take the standard deduction on my personal tax return, can I still do itemized deductions? When would a new LLC elect to be an S-Corp, and what are the top things to consider?
August 17th, 2024
When is capital gains tax charged on a real estate property sale, and under what conditions can it be deferred or waived?
February 4th, 2024
My husband has sent me a valuable package from Ireland, and USA Revenue Authorities are telling my broker that $18,830.00 is due before they can release the parcel. Is this a scam or legitimate?
January 17th, 2023
I have an Etsy online shop in NYC, operating as self-employed and paying estimated tax quarterly. I did not register anything. Can I get a resale certificate in New York as self-employed, and do I need to register as a sales tax vendor for this? Additionally, can I get a credit or refund if I paid sales tax for some supplies earlier this year?
January 12th, 2024
I have set up an LLC in Washington State and I am trying to figure out the tax class I have set up, whether it is Class S, C, or partnership. I have an EIN and UBI number, but I am not sure where to find the information about the tax class. Can you help me determine this?
June 25th, 2024
I just replied to you, are you with the IRS? Where are you currently located? How old are you? Do you have any dependents? Do you know roughly what you made this year? Is there anything else the Accountant should know before I connect you? Is the accountant with the IRS or someone is just wanting my credit card number?
June 14th, 2023