Questions tagged [sole-proprietorship]
For questions related to sole proprietorship.
80
questions
0
votes
0
answers
66
views
Sole proprietorship business name and personal info privacy
I'm going to start selling things online (mostly just uploading designs to POD places), and in order to avoid putting my SSN into half a dozen sites, I want to get an EIN. I know that I can get one ...
- 1
0
votes
1
answer
101
views
Content creator tax obligations
I create music and upload to YouTube. I bought equipment, editing software, etc for my band last year (2023) but I just started releasing the videos on Youtube this year (2024).
Can I still claim the ...
- 105
1
vote
2
answers
189
views
Sole proprietor paying expenses from personal account
A couple of business invoices have been debited off my personal bank account instead of the business account recently and I am wondering about how to account for this.
In essence, I don't really need ...
- 111
4
votes
1
answer
68
views
Sales tax on inventory consumed during R&D
I'm considering setting up a sole proprietorship to sell kits (electronics and crafting) that I design. It's my understanding that, in most cases, I would be able to get a exemption certificate that ...
- 363
0
votes
0
answers
127
views
What are the tax implications of owning an Airbnb rental?
My partner and I (unmarried) recently bought a house in Seattle, and are planning to rent out the finished basement for extra income using Airbnb. The city requires us to register for a business ...
1
vote
0
answers
48
views
Starting a second business as a Sole Proprietorship, S-Corp, or LLC with a DBA?
I'm planning on launching a business to provide voiceover professional services. In professional voiceover, your name is your calling card, so my first inclination would be to simply do everything as ...
- 11
2
votes
0
answers
101
views
Can my wife use my income/credit card to buy products for her self-employed business (UK)
I am in full time employment in the UK (and have no other sources of income).
My wife does not currently work (since having children). She will shortly be registering as self-employed/sole-trader and ...
- 121
0
votes
1
answer
85
views
Schedule C 1040: How to list expenses related to payments to foreign companies/remote workers?
Where should I enter foreign independent contractors' payments/expenses (remote work so no 1099) in my schedule C form? Should I list it under "Legal/Professional Fees" or should I put it ...
- 301
0
votes
1
answer
1k
views
If my business organized a competition and gave winners money as prize, can I deduct this?
I'm a sole proprietor and gave out around 1000$ in prizes for my business' event, either through paypal or e-transfer. How can I deduct this as a business expense? There's not really a receipt.
1
vote
1
answer
114
views
Self-Employed near retirement needing to start a retirement account
My father is 58, with no retirement accounts. He's run a sole-proprietorship for most of his life with 0-1 employees and doesn't have too much in savings. We're exploring the options of a ...
- 313
1
vote
2
answers
117
views
How to record converting privately used appliances to business use for tax purpose?
I have an investment property in California that needs a new washer and dryer. I file the revenue on my personal tax return (for better or worse).
I would like to get a new set for me, personally, and ...
- 3,150
3
votes
1
answer
442
views
Schedule C: where to report revenue split and professional supervision fees for a therapist?
My wife is building a business as a therapist. She has signed an agreement with an established private practice whereby they provide certain services/benefits to her -- things like office space, ...
- 413
2
votes
2
answers
86
views
PPP 2.0: Can businesses that were not operational in 2019 use 01/01/2020-02/29/2020 period for average payroll cost calculations?
Official SBA PPP 1.0 FAQ had this answer:
Question: What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan
amounts?
Answer: In ...
- 709
1
vote
1
answer
181
views
my work permit expired, I have a Florida profit corporation (Inc), can I receive income via 1099-SEC? and declare taxes?
I was working in the US as a resident and had a valid work permit.
I had to travel in December 2019, then the pandemic hit, I was stuck abroad and my work permit expired.
I have a Sole Proprietor ...
- 11
2
votes
2
answers
69
views
Need access to funds that were earned & taxed prior to establishing LLC
In 2020, I worked as a sole proprietor and kept a 'business' account for my earnings. These were taxed twice - both as personal income and business income. Beginning 2021, I created an LLC (with me ...
