All Questions
Tagged with small-business income-tax
67
questions
0
votes
0
answers
250
views
Setting up a limited company and appointing spouse as director for tax purposes
I am a programmer registered as a sole trader in UK, and I have around 40k GBP of annual income from my self employment. Apart from that, I also have a permanent job working for a UK employer, where ...
- 131
0
votes
1
answer
98
views
Taxes: What is the correct way to file freelance income?
I've been living and working remotely as a freelance software developer in America, but for European clients. Each month I write them an invoice for my contract hours and they pay me (in EUR, if that ...
- 178
5
votes
0
answers
143
views
What counts as different sources of income?
I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
- 331
1
vote
0
answers
45
views
How is remaining inventory items in home business calculated in COGS on schedule C
My wife recently stopped doing her home business which is an MLM clothing sales. Though she cut ties with the company and ended her business in December 2022, she's still left over with a large ...
- 173
0
votes
1
answer
1k
views
Can I count personal 1099 income as LLC revenue?
I have about 78k in 1099 income that was made out to me personally. I also recently formed an LLC with the election to be taxed as an S-corp - can I report this 1099 income as revenue to the LLC, ...
- 153
-4
votes
1
answer
87
views
Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you? [closed]
Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you like Merch By Amazon, or is it more tax efficient to create your own store with Shopify, do your ...
- 211
7
votes
1
answer
767
views
Can I deduct driving expenses when I am driving for Uber?
A person is driving for Uber. He gets in his car and turns on the Uber app. After some time, he gets a rider. He then drives to pick up the rider. After that, he gets another rider. He repeats this ...
- 1,521
0
votes
0
answers
54
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Term For Business Entity Founded With The Sole Purpose Of Holding Non-traditional investment?
I've done some searching but have been unable to find info on what I'm specifically looking for. My guess is there's a specific term for this type of business that I don't know.
Suppose I want to ...
- 101
11
votes
8
answers
13k
views
UK - Can I buy things for myself through my company?
this is a UK-based question.
I understand that there are certain purchases that you can make using the revenue of your limited liability company, and this is beneficial as you are using money that has ...
- 349
-2
votes
1
answer
340
views
Is it possible to make my home and household a business?
I know it's possible to run a business from home. What I mean is rather to create a business whose sole purpose is to maintain a family & associated household, that would have expenses such as ...
- 115
4
votes
5
answers
2k
views
How to separate interest paid on a credit card between personal and business expenses?
My wife has a home business selling clothes. She purchases all her inventory with a credit card but she also uses the card for personal expenses.
I understand that on the IRS Schedule C, we can write ...
- 173
1
vote
1
answer
100
views
Income-Tax and Side-Hustle Providing Internet Related Services
I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc.
In the near future, I'm not looking for any sizable profit (or any for ...
- 153
1
vote
1
answer
60
views
Trying to understand S corp
Say an S Corp has one owner and earns 300k in a year. It pays wages of 100k. Can the 200k be invested by the S Corp so that the the 200k does not have to be distributed?
- 117
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
3
votes
2
answers
1k
views
Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?
I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay.
I'd like to start a small ...
- 667