asked
I'm trying to decide if I should create an LLC, Corporation, or nothing. I currently live in California and plan to create a business that will house other small ventures using DBAs, with a focus on an app for iOS and Android. I expect to generate $100-200K in revenue the first year, with about $50K in distributed income and $20K in other fees. I'm also considering creating a Corp in Delaware or Nevada. What business structure would optimize my taxes given my current situation and potential revenue growth?
November 3rd, 2023
I cashed an investment of $50,000 and gave each of my 4 children a cash gift of $12,500. I received a 1099-R for the investment to include on my 2011 taxes. Where do I deduct the 4 cash gifts of $12,500?
October 8th, 2023
I am retired, over 65, with income from Social Security and a small amount in interest and dividends. I determined that I do not owe any taxes for calendar year 2009. Because the interest and dividends have been reported to the IRS, do I need to submit Form 1040 showing no tax owed?
February 9th, 2023
I am married and have worked and lived in 2 states last year. I have a permanent residence in Maine where my wife works and lives in our home, and I also have an apartment in Virginia where I work full-time. How should I be filing both federal and state taxes?
August 21st, 2024
Does Section 199A apply to income from renting boat slips, reported on Schedule E, where losses are unallowed by rules, but some slips made a profit this year? Additionally, as a Real Estate Investor who rents boat slips and sells homes, does he qualify for QBI considering the safe-harbor rule?
June 25th, 2023
As a freelance graphic designer in California, do I need to get a business license?
May 8th, 2024