All Questions
Tagged with small-business taxes
150
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95
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Can I claim the equipment cost as expenditure of my (small) business?
I am using freetaxUSA, but I am not seeing the result that I want, or maybe I am misunderstanding something.
I want to claim the cost of my GoPro as my business expense for my YouTube channel. I also ...
- 111
1
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0
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105
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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
1
vote
1
answer
346
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Forming an LLC to reduce personal income
I'm working as a contractor for a couple people though I haven't formally formed my own business yet.
Is it possible to reduce my personal income tax while having the money go to the business?
Ex: I ...
- 111
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24
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Filing a UK Company Tax return for 22/23- is it possible to bring back a trading loss from 23/24?
Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following:
You can only bring ...
- 101
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40
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Why is the UK Corporation tax payment deadline before the company tax return filing deadline?
I've returned to contracting (as a software engineer) after 8 years of full time employment and am now working through my own LTD company.
I mistakenly thought - as is the case with self assessment - ...
- 101
0
votes
1
answer
99
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Minimizing tax liability in business purchase w/ personal loan from other partner
I'm purchasing an existing business with a business partner. They're in a better position than I am regarding liquid assets. I've got most of my assets in positions where I'd be paying high short term ...
user12007
0
votes
1
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98
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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
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1
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80
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Introduction to UK Limited Company Taxes
Goal:
To determine the types of taxes (and how they're calculated) that a UK-incorporated limited company is liable to pay.
Details:
This post is based around an example of a limited company based in ...
- 103
0
votes
1
answer
107
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How do I create, structure, and file taxes for a small business?
My friend and I (we’re high schoolers) want to create a tutoring business for elementary/middle schoolers. I figured it would be structure as a partnership but I have been hearing about LLPs. Will it ...
2
votes
3
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93
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Personal contracting versus LLC
I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
- 221
0
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1
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316
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Can I use a friend's bank account while living abroad?
I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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1
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87
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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
0
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2
answers
394
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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
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2
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202
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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
1
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1
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86
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Why on PPP application lenders distinguish between sole proprietor, partnership, independent contractor or self-employed?
Lenders on PPP applications call these "Entity types" without further defining this term. However, best to my knowledge:
Sole proprietor is someone who owns 100% of business and files ...
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