All Questions
Tagged with small-business irs
12
questions
1
vote
0
answers
105
views
How to clarify to the irs that I hired contractors on upwork so I don't need to file 1099s?
I definitely spent more than $600 hiring contractors for my small business, but they were all hired on Upwork and Fiverr, freelancing platforms. Because I never paid my freelancers directly, I do not ...
- 331
0
votes
1
answer
73
views
Outsourcing projects: is there a threshold on how much I can deduct from taxes (IRS)?
Suppose that:
I have a $10000 project. I subcontract the entire project to a subcontractor and pays that person $9999. This means my net gain (or profit) is $1.
If I submit that info to the IRS when ...
- 331
1
vote
0
answers
99
views
How can I check progress on an EIN application?
How can I resolve my case when the IRS doesn't provide a mechanism for me to obtain updates?
I registered an LLC and would like an EIN to open bank accounts.
I filed an SS-4 in May.
The SS-4 was ...
- 173
0
votes
2
answers
394
views
Would like to keep paying our parents after retiring from our small business
Several years ago me and my brothers bought the company that our dad and mom started. We agreed to pay them a monthly amount until we had bought out the company. At that time they both continued ...
- 117
-2
votes
2
answers
202
views
What options are available if the IRS denies appeals for waiving missing form fee?
This question is a follow-up to
What happens if IRS does not receive 1120-S for an S-Corp?
In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
- 105
5
votes
1
answer
287
views
I don't understand the Qualified Business Income Deduction?
In the USA, the new tax laws include a:
Qualified Business Income Deduction
I cannot find one place that explains this and whether it is good or bad.
Example situation:
Married person, with an ...
- 13.8k
5
votes
1
answer
1k
views
During an IRS tax audit, are credit card charges without a receipt a valid proof of expense, or do you need a physical copy?
I'm contemplating if I should save my paper receipts or not. I charge everything to my business credit card.
During an IRS audit, can you claim a credit card charge as a legal operating expense or ...
- 2,025
0
votes
1
answer
164
views
What kind of receipts are acceptable for a small drop-shipping business filing taxes?
I ran a very small business, doing drop shipments online.
Since I do drop-shipping, I have one receipt for every sale, which turns out to be a quite a lot of pages of invoices.
I have a credit card ...
- 555
0
votes
0
answers
92
views
Home Office Rent Expense Payment via C-Corp
I am a 1 person incorporated C-Corp software development company. (Although, I currently usually do not use the C-corp for most checks and contracts which just go straight to me as an individual.)
...
- 360
1
vote
0
answers
49
views
Can a business operate in one state ie. NY and have an office in another?
My prospective business is going to operate in NYC but due to unforeseen consequences my "office" or base of operation will be in another state. What sort of consequences or altercations can I ...
- 75
18
votes
4
answers
25k
views
Will depositing $10k+ checks each month raise red flags with the IRS?
I am a freelancer that runs a small design business (LLC) and I have one client in particular that I regularly do more than $10k per month worth of business with. Sometimes I'll deposit a check for $...
- 189
1
vote
1
answer
321
views
Deducting SEP-IRA contributions as a sole proprietor with no employees
Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
- 113