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Writing off expenses: LLC -vs- C-Corp -vs- Non-Profit edition

I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends. [more inside]
posted by NYC-BB on Apr 5, 2014 - 4 answers

Here's your work and, oh yeah, your bill ...

On Monday, I start my first non self- or under-employed job in five years. It is with a very large (4000+ employees) company that's a big player in their field, and I am very happy and grateful to have the job. But, as I'm sitting here filling out the employee paperwork I'm faced with a "New PC Employee Acceptance Form". It seems I will be issued a company laptop, but I will also be charged $70/month that "covers XXX Company's standard for PC hardware, software and maintenance". This was never discussed in my salary negotiations. Questions: Is this normal? and, Is this an expense I will be able to write off at tax time?
posted by Benny Andajetz on Mar 11, 2014 - 37 answers

Retroactively deducting a business expense?

I've recently started working on a couple of software projects that I hope will generate income in 2014. I'd like to form an LLC, but I'll probably end up doing that closer to completion since it's so expensive. Because my old laptop just wasn't up to snuff for development work anymore, I decided to purchase a new laptop a few weeks ago. Now I'm worried that I may have missed out on a sizable tax deduction. Assuming I can't take the laptop off my taxes in 2013 (no LLC, no revenue), is there any way I'll be able to deduct a purchase made in 2013 as a business expense in 2014?
posted by archagon on Dec 10, 2013 - 13 answers

Need Raleigh/Durham/Chapel Hill Accountant to explain IRS issue...STAT!

Can anyone recommend a good 'affordable' accountant that could reach out to the IRS and get the straight scoop on an IRS mishap (on my part mostly) from 2007-2008? Would like to get this straightened out as soon as possible. [more inside]
posted by littleredwagon on Dec 4, 2013 - 2 answers

How do I find the details of a business's unpaid federal tax bills?

A local politician has an unpaid $500,000 tax bill associated with a business he owns. I'd like to find out more details on this. [more inside]
posted by foggy out there now on Jul 8, 2013 - 5 answers

Running an LLC while travelling the world?

I'm working on a few apps and I'd like to form an LLC. What complicates matters is that I plan to travel the world for the next few years, meaning that all my work will be done from my laptop with no stable office and no employees other than myself. I'm currently based in California. What are some good resources to help me figure out the best way to establish my business, both financially and legally? [more inside]
posted by archagon on Jul 2, 2013 - 14 answers

Travelling the world while running a small business.

I would like to travel the world while writing my own software (for profit). Ideally, I'd like to stay in each place for a couple of months, not just a few days or weeks. Where can I learn about the legal specifics of doing this? [more inside]
posted by anonymous on Jan 30, 2013 - 7 answers

The nuances of writing a new laptop off as a tax expense.

If I quit my job in April and start working on my own projects, can I buy a new laptop in July and write it off as a work expense on my taxes, even though I might not actually make any money from my projects until next year? [more inside]
posted by anonymous on Jan 29, 2013 - 13 answers

Can someone recommend a startup-friendly tax/business attorney in LA?

I'm transferring my consulting business from out of state to west LA and I need to find an attorney to help with: - Forming the company - Helping me put together contracts for my clients - Coming up with a tax strategy Does anyone have a recommendation?
posted by mistermc on Oct 30, 2012 - 2 answers

Do I really need an accountant, or can I handle filing my LLC taxes on my own?

How important is it for me to get an accountant now that I'm earning most of my income as a freelancer? Can I handle taxes on my own? [more inside]
posted by croutonsupafreak on Oct 2, 2012 - 22 answers

Independent Contractor issues

What are the benefits of being an independent contractor? [more inside]
posted by a3matrix on Jun 8, 2012 - 11 answers

Home based business tax write offs when you don't own the home

Can you write off renovations to your home on your taxes for a home based business if you don't own or rent the residence? [more inside]
posted by blubutterfly on Apr 29, 2012 - 1 answer

I can haz deductions?

My Taxes Filter: If I spend $2000 in self-employment income on equipment for said business (this is all the money I made on said business this year) will I be able to deduct roughly that amount and not pay taxes on the $2000? [more inside]
posted by sully75 on Aug 9, 2011 - 9 answers

Death, Taxes, and my LLC

My LLC is going legit January 1st in Michigan. I'm a brand new business owner in an economically depressed state and I'm starting to turn a profit which means dealing with taxes and the IRS. I'm young, I don't know anything about business taxes, and I'm somewhat frustrated at how painful this is for a new business owner who just wants to pay his fair share. I have an accountant who I know is really good, but I need to know kind of the general picture of what is happening so I can stay on top of things. I don't want to throw it all on the accountant and I want to be proactive. [more inside]
posted by banished on Dec 30, 2010 - 16 answers

Everyone avoided taxes. Now what?

My boss at my new job has most likely been mischaracterizing his employees as 1099's rather than W-2's. They paid their federal and state income taxes, but never their social security. Now they owe back taxes and penalties. Who's liable? [more inside]
posted by Geppp on Nov 5, 2010 - 12 answers

Show Me The Money

I work full time in the US. A European company wants to hire me as a consultant on a contract basis. How can I minimize my tax burden? [more inside]
posted by anonymous on Oct 20, 2010 - 4 answers

The business side of freelance photography.

So I'd like to start an art day camp out of my apartment, but I've heard I may need a license or something like that. Does anyone know what kind of steps I need to take legally before I start this project? [more inside]
posted by wild like kudzu on May 28, 2010 - 8 answers

Starting a Non-Profit... Where to start?

Starting a Non-Profit... Where to start? [more inside]
posted by weiler63 on Jan 10, 2010 - 8 answers

LLC Right for Actor/Writer Team?

LLC for a (now) profitable writer/actor team? [more inside]
posted by 2003girl on Jan 6, 2010 - 3 answers

Do I need a business license?

Last year I got most of my income for working from home in the state of Virginia. I did work for a company that is not owned by me and was located in another town in Virginia. I got a 1099 as an individual from the company for the work that I did. This work was all conducted by phone and email, no one came to my home. I recently got a letter in the mail from the City of Winchester, VA saying that I did not register as a business in the city and that I needed to pay back licensing fees. I know you're not my lawyer, but do I have to do this?
posted by jefeweiss on Nov 6, 2009 - 13 answers

Hit the 401k to start a business?

I'm thinking about cashing out my 401k to help start a business. I know I will pay a penalty, and that what I take out will be taxable income, but I expect my business to post a loss the first year that would offset most of (if not all) of this income. Would I still have to pay taxes on all of the 401k money? [more inside]
posted by wezelboy on Oct 1, 2009 - 8 answers

Taxes/licenses required for Nevada company providing consulting services in California?

Taxes/licenses required for Nevada company providing consulting services in California? [more inside]
posted by Jacqueline on Aug 14, 2009 - 2 answers

Do I have to assign percentages?

Mixing business and pleasure as a small businessperson, I need a little advice regarding taxes and business travel. [more inside]
posted by TungstenChef on Jun 8, 2009 - 1 answer

What kind of records do most sole proprietors, freelancers and consultants keep?

What sort of state of organization are the financial records of most sole proprietorships in? [more inside]
posted by anonymous on Feb 17, 2009 - 5 answers

Blogging and Money and Taxes - Oh My!

blogging as a business and taxes - it can't be so difficult! Or can it? The Plan - spouse and I want to start a travel blog (we love to travel and are *good* at it!) as a business. You know, run some google ads, make a little money. Actually, if we make enough to cover our travel, we'll be happy (until the eventual greed kicks in). Soooo... if we're going to make more than $600 here in America, the IRS is going to want it's share. But two can play at that game! We want to take all the deductions we can (home office, website costs and, of course, our travel). It will just be the two of us, no employees. But therein lies the confusion... [more inside]
posted by catcatwomanman on Dec 8, 2008 - 15 answers

Someone wants to pay me to do stuff! Only I'm not really sure how to go about it. Now what?

Someone wants to pay me to do stuff! Only I'm not really sure how to go about it. Now what? [more inside]
posted by anonymous on Oct 11, 2008 - 4 answers

sole proprietor to LLC in California

Experiencing turning a sole proprietorship into an LLC in California? [more inside]
posted by supermedusa on Aug 20, 2008 - 2 answers

Deductions for Bi-Coastal Business

I’m a writer who is spending more and more time in Los Angeles for work. I live in Florida, and am a Florida resident. My question is this: If I rent a place in LA, because I am spending roughly half of my time there, what deductions can I take advantage of? [more inside]
posted by vVCHAZVv on Mar 27, 2008 - 1 answer

Payroll processor or part-time bookkeeper for startup? (US/SF)

StartupFilter: Payroll processing co or part-time bookkeeper for SF Bay Area co? [more inside]
posted by anonymous on Mar 21, 2008 - 6 answers

... Insert witty remark here...

CanadianTaxesFilter: Can I legally claim some of my debt as an "investment expense" if I give up my second job to focus on my business? [more inside]
posted by bitteroldman on Feb 21, 2008 - 5 answers

Need X income, therefore business must by Y profitable?

Simple set of calculations/spreadsheet formulas for thinking about the true cost of starting a business or going freelance? [more inside]
posted by garfy3 on Feb 10, 2008 - 3 answers

What's the perfect app to track expenses?

Is there an expense reporting app that's flexible, handy, and will help me finish next year's taxes quickly and easily? I know about excel, quicken, and various financial transaction apps, but what if I drive 100 miles to a tech conference and want to note my mileage? And what if I'm out entertaining clients and I want to pop onto my iPhone to note the total bill for the evening (before I forget the next day to open excel). Are there any web-based flexible apps for doing all the expense reporting you might need for a small business' bookkeeping needs?
posted by mathowie on Jan 31, 2008 - 7 answers

Tax MetaFilter

I'm planning to do some on-the-side freelance photography in the next year. I'd like some advice on how to play the tax game most effectively. [more inside]
posted by sprocket87 on Sep 28, 2007 - 8 answers

Help? I need software to manage my budget!

I need software to manage my personal & business budget. [more inside]
posted by idlm on Sep 20, 2007 - 7 answers

Kickbacks and Shady Business

I own with my partner a transcription service for film and TV production companies in Ontario. Recently, a company asked us to do something I consider slightly shady, and I'd like some opinions about what to do. [more inside]
posted by anonymous on May 15, 2007 - 21 answers

Tax planning advice for the self employed.

Tax planning advice for the self employed. The web is full of articles, the bookstores are full of guides. But there is so much "get rich quick" and "pay zero taxes" crap out there that I am not sure where to go for good, solid tax planning advice. [more inside]
posted by Nothing on Mar 26, 2007 - 5 answers

Taxing a reinvesting business

Can I start a LLC (or similar) who's only business is to manage investments and reinvest any gains? What are the tax implications? [more inside]
posted by blueplasticfish on Nov 28, 2006 - 13 answers

help me help the man

I'm trying to make my new web project legal in California. After reading through the Nolo press book(s), we thought that perhaps the LLC was the best corporate structure (we are going to issue stock and give the primary developer a portion in lieu of payment). While the Federal government taxes LLCs like sole proprietorships - you aren't taxed unless you make profit, and I don't see our profit outpacing our costs for a year - the State of California charges an LLC "tax" (really a fee) of $800, due almost immediately after your incorporation paperwork goes through, so... [more inside]
posted by luriete on Sep 8, 2006 - 9 answers

Business-starting for idiots

I have several questions about starting a business. [more inside]
posted by medusa on May 17, 2006 - 11 answers

Why should(n't) I officially start a business?

What are the advantages, disadvantages, and Important Things To Know about officially starting a business? [more inside]
posted by cortex on Mar 28, 2006 - 17 answers

How do I write off my defunct business as a tax loss?

How do I write off my defunct business partnership on my taxes? I ended a 2 year self employment partnership (incorporated LLC) August of this year, walking away with around $8k in personally liable loans, as well as racking up another $5K after my car was repossessed. I want to know how best to claim this loss on my taxes. [more inside]
posted by daHIFI on Feb 27, 2006 - 4 answers

SUV tax write-offs

I never understood how the "SUV as a business write-off" thing works. Can any tax-savvy folks explain to me how this saves you taxes or gets you a virtually free car? More >> [more inside]
posted by mathowie on Aug 4, 2004 - 10 answers

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