Small Business
The most frequently asked tax questions related to Small Business
LLC abroad: am I self-employed? Does FEIE cover SE tax?
Asked Wednesday, October 14, 2026 by GonzaloUS citizen, bona fide resident of a country with no US totalization agreement. My single-member Wyoming LLC (disregarded) will sell software subscriptions to US businesses, built and run by me from abroad. 1) The LLC earns the revenue, not me: am I still self-employed for SE tax, or is there a classification where I am not? 2) FEIE excludes income tax but not the 15.3% SE tax, correct? 3) Is an S-corp election worth it at low profit abroad, since distributions are not foreign earned income?
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Skipping a loss-year return: what is lost?
Asked Wednesday, October 14, 2026 by AlonsoUS citizen abroad, no taxable income, new single-member LLC with only startup costs in 2026 and no revenue. We plan to file no 2026 return. What do we give up: the section 195 startup deduction, a net operating loss, the statute of limitations? Can a 2026 return be filed late with no penalty when no tax is due if we want the loss later? If the first sale is in 2027, do the 2026 costs become startup costs deductible in 2027, including against self-employment tax?
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US citizen abroad, no taxable income, new LLC: file 2026?
Asked Wednesday, October 14, 2026 by GonzaloUS citizen abroad, married filing jointly (spouse US citizen), one child, all abroad. Only income: VA disability and GI Bill, both excluded. New single-member Wyoming LLC (disregarded): no revenue in 2026, only startup costs; first sales may land in December. IRS ITA: no 2025 return required on these facts. 1) Same for 2026 if LLC net profit stays under $400? 2) Do the LLC's gross receipts count toward the joint threshold before expenses, so one December payment forces a return in a loss year?
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Could I claim this as a donation?
Asked Tuesday, October 06, 2026 by CA lease just ended. On it, tenant was responsible for replacing the HVAC, which stopped functioning within the time they were renting it. Before they vacated the property, they didn't replace the HVAC. Could I claim the loss as a donation on my tax return (LLC entity) rather than sue them?
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Laptop depreciation and recapture after 2018
Asked Tuesday, July 28, 2026 by LukeFrom what I understand, laptops are not considered "listed property" anymore since 2018. If buying a laptop today (over $2500 outside of the de minimis safe harbor rule) that's used 80% time for business (self-employed consulting), I understand that it can be expensed 100% via bonus depreciation. The question is: if anytime in the next 5 years, personal use goes to 100%, does the laptop need to be recaptured? Must very detailed logs of usage and depreciation be kept for the 5 years?
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Double Taxation - UK & US
Asked Monday, March 16, 2026 by HannahDo we need to file quarterly tax returns in the U.S. if our company is UK-based? The only reason we created a U.S. LLC was to access the Klarna payment method, as they require a U.S. entity. Since our primary company is in the UK, filing taxes in both the UK and the U.S. could potentially result in double taxation for us.
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LLC Disregarded Entity
Asked Monday, December 29, 2025 by RonFiling business income (1099) and personal income(W2) When I contract work as a 1099, the payments will be routed to my business bank account and report tax as business income. However, I work one client as a W-2 employee. Paycheck will go to a personal bank account and file as personal income. Please let me know if this is appropriate for tax filing. Should I use my physical business address or mailing address for Tax filing?
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I have less than 10,000 in revenue annually. How do I file my taxes?
Asked Tuesday, December 16, 2025 by JI have less than $10,000 in business revenue annually. What do I need to consider regarding tax preparation?
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What should I do to complete the registration of my non-USA company
Asked Tuesday, December 09, 2025 by ErmanHi all, I have a small LTD in the UK and would like to buy wholesale products to resell here. I have an EORI/TAX number for UK customs/HMRC, so they can trace my activity. Do I also need an EIN to purchase certain items in the USA? Or can I buy goods w/o it? Also, some websites request an EIN to open a business account, eg, Amazon USA. Can I register my UK-based company with the US system, or is there an alternative solution for obtaining an EIN? PS. I need invoices for my UK-based company.