Business Taxes – TaxMama.com: Recent Episodes
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Today TaxMama® says that estimated tax payments are due – and that’s timely information for the “Gig” economy. Dear Friends and Family, Here are 15 tips for Uber, Lyft and AirBnB workers and others out there on your own. Some of the information comes from chapters 7 and 8 of Deduct Everything 1) [...]
The post The Gig Economy first appeared on TaxMama.
Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you. Dear Family, After decades of preparing business returns [...]
The post Business Tax Returns first appeared on TaxMama.
Today TaxMama® hears from Chan in the TaxQuips Forum, with this question “If my business had an unexpected loss of $102k at end of year last year but I made my quarterly payments anyway – will I have a large refund or credit if so? Where did my tax dollars go? Why has my accountant [...]
The post Unexpected Loss first appeared on TaxMama.
Today TaxMama® hears from Straffan in the TaxQuips Forum, with this quick question. “Do you have to keep a separate log with start and stop odometer readings for each business trip? Or can you just add mileage notes to a daily planning diary? Would you still have to include odometer readings in the diary to [...]
The post Tracking Mileage first appeared on TaxMama.
Today TaxMama® hears from Amaq in the TaxQuips Forum, with this question. “We sell a B2B software all over the world. We are based in Pakistan. Many of our clients are from USA so we want to register an LLC in either Wyoming or Delaware. We do not have any physical presence in US, nor [...]
The post Registering a Foreign Business first appeared on TaxMama.
Today TaxMama® hears from Susan in the TaxQuips Forum, with an interesting twist. “I am an analyst with a high-tech firm and I teach one course a year at the University Extension in our area. While the course topic is related to my field, I don’t consider myself to be “in the business” of teaching. [...]
The post Hobby v Business first appeared on TaxMama.
Today TaxMama® hears from Sue, who overcame a big problem. To make a long story short, Sue suddenly discovered, purely by accident, that she’d only been paying one of the two taxes required by her city for her business. They hit her with about $12,000 worth of back taxes, penalties and interest. Uh oh. What [...]
The post It Never Hurts to Ask first appeared on TaxMama.
Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor. “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim [...]
The post Claiming My Investments first appeared on TaxMama.
Today TaxMama hears from RW in the TaxQuips Forum who is concerned about the new 1099-K reporting. “I am faced with either closing my e-commerce accounts or getting a tax ID number. I have no problem getting the number and making my business legitimate. But will this send up a red flag to the IRS [...]
The post Red Flag on Business first appeared on TaxMama.
Today TaxMama hears from Geoff in the TaxQuips Forum who is frustrated. To make a long story short (you can read the long story here), Geoff didn’t file his tax return on time because he couldn’t afford to pay for the preparation fees. When he filed, more than three years later, IRS denied [...]
The post Cannot Get Refund first appeared on TaxMama.