This question makes no sense. Just let me say this: everyone in America is supposed to file a federal tax return if they have income over $600. This includes people on Social Security. Having a student loan is irrelevant.
What is your question? If it is whether you have a filing obligation, that depends on how much Social security you are receiving.
What about sales tax reporting? When and how do I do that? Read about reporting something quarterly. Is that if I make more than $400 yearly. I'm purchasing baby equipment to rent to traveling families. I use the company BabyQuip as platform and use their insurance. They only give a 1099 form to... Read more »
The empty feeling you are experiencing is caused by fear of making big mistakes that will adversely affect your new business.
Why not contract with an experienced Florida lawyer to be general counsel to your small business NOW-before the state taxing authorities come calling?... Read more »
Florida: Sunset LLC has one member; a corporation Danube Inc. Danube Inc. has 2 members: a husband and wife. There is an operating agreement between Sunset LLC and Danube Inc.
All taxable income are earned by Sunset LLC only. All fixed assets are owned by Sunset LLC. All expenses... Read more »
Hire a professional.
State is Florida. The Corporation has 2 members...husband and wife
I think the LLC would be a pass through entity....so do I still have to do a federal tax filing for the LLC?
You forgot to mention the most important fact: which entity is earning taxable income? (Note: Once that fact is known other important questions arise. That is why you desperately need professional advice and assistance.)
Hello, I have an E2 visa and live in FL. My business is an S-Corp and I wish to close or transition it into an LLC, as the taxation featured of LLC suite my needs more than S-corp. Am I legally allowed to make this move without compromising my visa status? I own 100% of the business and just want... Read more »
Hi there! Changing your company's tax status from s corp to LLC will not affect your immigration status. Just make sure that your ownership in the company does not change.
Are coins (Gld & Sil) subject to capital gains?
It won't reduce the SS but it will make more of it taxable.
Coins and other collectibles are taxed at 28%.
Yes
I am a sole priprietor in FL. I import sharpening stones and supplies from China. I do some processing (grinding and polishing) and sell them as sharpening sets on Amazon via their FBA (fulfillment by Amazon) membership program. I pay customes duties on all import. Am I required to pay use tax on... Read more »
This is a very important tax question best answered by your CPA--rather than asking lawyers/strangers here on Justia.
Basically this guy is claiming that you can write off a car lease 100% as a business expense assuming the lease is made under the business name and as long as you create an agreement between you and your company stating that if I cover the cost of maintenance, insurance & upkeep, then the company... Read more »
No.
First of all it doesn't matter what sort of agreement you have the IRS will look at what actually happened This is called form over function.
Second, your personal use of the vehicle is taxable as a wage or a guaranteed payment depending on the entity.
The correct method... Read more »
Would I have to hire an appraiser who does retroactive appraisals? Could I just guess based on comparable sales?
Historical appraisals and comps from the date of death.
I was sent an income under reporting notice by the IRS for my 2017 1040. The 1099K was reported to IRS from a credit card processing company I never did business with. I called the company and they admitted I had no account with them. The EIN on the 1099K belongs to a former payor. How do I fix... Read more »
They should issue a corrected 1099. If they won't you'll have to appeal and then file in US tax court and subponea them.
Due to health problems they are having financial difficulty. They have a bank issued credit card with $24,000 in debt. I've read that the bank can't touch their SS but my question is can they come after other assets like their house which they have a mortgage on or their car which is the only car... Read more »
Yes. They can come after their assets such as their house and car, although they would be secondary to the mortgage holder on the house and the note holder on the car.
No labor involved. I'm a middle man delivery service.
Generally if you're not paying for the item and re-selling it you don't collect the sales tax.
You'd have to check your state, county, and city to be sure.
Congress defined a Public Office in Section 7701(26) as one that doesn't include the words of a "private enterprise." The 78 Congressional Record's recorded testimony of F. Morris Hubbard's (senior legislative draftsman of the Treasury Department) explanation in front of Congress in 1943 Volume... Read more »
Rather than trying to "prove you wrong" I would rather invite you to attend the next meeting of the Sovereign Citizens of America, Inc., to be held in the City Hall in Lubbock, Texas, on all hallows eve (called Halloween in some places). I will be standing in the back, watching and listening.
It depends.
For federal taxes, I would start with the Internal Revenue Code and the regulations enacted pursuant to that. You might go to IRS.Gov to see what is available there. The IRC is also a part of the United States Code (Title 26), available at various sites online. And then case... Read more »
Your question is really one of Michigan Law, not Florida. So you should ask it in Justia › Ask a Lawyer › Michigan › Tax Law ›.
I am now receiving a bill from IRS as they added it as income. It was 16k and with penalties and such total 6100.00 I appealed it and they want me to sign a form stating they will add to my income and tax appropriate. I think this is wrong. What do I do?
You may not be responsible for tax or the penalty.
You should hire a professional yesterday and file an appeal.
Our nonprofit rents space to 12 step groups. One board member wants to raise funds by selling key chains, shirts, etc at AA and NA meetings. He is claiming the exchange of merchandise for cash would be a donation. I disagree. I think he is selling and we have to pay sales tax.
You are correct. If it were really a donation, the buyers would also be able to get the items "sold" for nothing (i.e.: free).
I am selling a property in a foreign country, Peru. I am a citizen of peru but have been living in the US since 2000, became legal resident alien on 2019. Property has never been rented. How much tax will i have to pay on a 95k capital gain, approximate percentage?
20%
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