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Most Recent Questions in Money

How can I learn the basics of financial management?

It's great to hear about your entrepreneurial spirit in starting a construction company. I would just caution you to really make sure that you have the work experience and the team in place to... (more)

How can I transfer assets from one of my corporations to another?

This is a tough question to answer without having much context. Additional information that I would still need to know is: 1. The purpose of the transfer 2. The specific type of entities... (more)

For bookkeeping, are discounts considered income or expenses?

Firstly, nice job on offering discount incentives to encourage more customers to use your service. Often times, companies lose sight of the long-term benefits of offering discounted goods or... (more)

What are some creative ways to gain financing for my business?

Having a strong business plan is important but it is only one step in the process of starting a business. I'm sure the lenders that you have reached out to have shown interest because there is a... (more)

Can I keep my two businesses separate for tax purposes?

I am so glad you asked this question. Too many business owners forget about the tax implications of their businesses until filing season arrives. So, I applaud your forward thinking. Your... (more)

How do I separate my business and personal taxes?

Congratulations on starting your own business. It is an exciting and incredibly rewarding experience. But it can be trying--so before I say anything else, I will caution you to consult not just a... (more)

What are the tax benefits of buying a car through my business?

Generally speaking, if you intend to use a vehicle only for business purposes, then it would make a lot of sense to purchase or lease the vehicle with the company's funds. If you intend to use... (more)

How can I get the IRS to reduce the penalties I'm paying on my back taxes?

I applaud your proactive efforts to resolve your IRS tax debt. If you are trying to get your penalties and interest abated, here is what you need to know. First, you should know that it is possible... (more)

Am I required to give out my tax ID number if I strictly teach classes?

This is an interesting situation since you are not a traditional vendor selling a product or service but teaching a class. I'll analyze in further detail below but I would strongly advise you to... (more)

Do the profits from a corporation that files a 1120 form transfer to the shareholders with a K-1?

Congratulations on making a profit, especially in today’s shaky economy. Now for some not so good news: Corporation profits are subject to double taxation. The corporation pays taxes on its... (more)

How do I calculate taxes incurred on my business plan?

Any business, from a sole proprietorship to a large corporation, can benefit from a well thought out business plan. And smart thinking to consider taxes as you plan your business. How much you... (more)

Should the tax on repair parts be paid once by me and again by my customers?

Sales tax rules are determined by each individual state, but generally sales tax is only collected from the final end user of the product. In most states retailers are not required to pay sales... (more)

Will my tax debt affect my chances of getting a business loan?

Congratulations on being proactive on your quest to start your business and my deepest sympathies for your IRS tax debt. I completely understand how fulfilling it can be to be your own boss. After... (more)

Since my vehicle is personally owned personally, do I have to show costs paid as employee income and is it taxable?

Congratulations on the new family venture! You treated the start-up costs correctly in that you created a due to shareholders (i.e. loan) for the investment of the vehicle. Before I tackle the tax... (more)

I started an LLC with my own cash. Can my company now reimburse me without it being a taxable event?

Being able to return your invested capital is quite an accomplishment in only eight months of business. Nice job! Before I answer your question, keep in mind that as a single member LLC you can... (more)

Can I transfer the assets of my closing business to another company I own?

Generally, you should be able to transfer assets from one company to another without triggering a taxable event. That being said, there are some additional things to consider. If the assets were... (more)

Are there any tax credits available for installing energy-efficient windows at my business?

Nice job on being proactive and replacing your windows to save on those energy costs. Unfortunately, the government does not have a specific energy tax credit for businesses that replace their... (more)

Does a loss on my corporate tax return also show up on my personal return?

No, you will not have to report the loss on your personal income taxes. Corporations are viewed as independent taxable entities. Therefore the loss would be reported on the business’s Form 1120... (more)

If I own the property in which I run my business can its rent value be considered a running cost?

This is an interesting question and one that small business owners frequently ask. Unfortunately, you cannot claim a tax deduction for the potential lost rental income or what can best be... (more)

Will there be a taxable event if I quit claiming the deed on my LLC?

Congratulations on your new home! While I commend you for thinking about the tax consequences of home ownership before you sign on the dotted line, I would advise you to move cautiously. This is... (more)
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