Unanswered Tax Questions
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4-way LLC profit sharing involving 2 members and 2 "major contributors"
How do I legally handle 4-way profit sharing involving 2 members and 2 "major contributors." The company is a Texas multi-member LLC with 2 managing members (50% ownership each) and 2 individuals who will help out as they are able but don't want the obligations and responsbilities of membership. I'm hoping for revenue to be divided as follows: 20% in a tax account, 30% for operations, and 50% as a distribution split equally between the members and major contributors (25%-25%-25%-25%).
Asked Monday, January 22, 2024 by Frederic W.Sign in to Answer
Europeans LLC Propsal for a 50/50 partnership
Hi wanted to open a company with a friend of mine from overseas. We came to the conclusion WY is propably the best place, wanted to check with people here before consulting an accountant. After some initial brainstorming, we have considered the following structure: - P1 Overseas (foreign) - P2 Overseas (foreign) - P1 Real Estate LLC - P2 Real Estate LLC - USA LLC (50/50 split, agency) - P1 Holdco LLC - P2 Holdco LLC Questions 1. Our intention is to draw a minimum wage via billing on the overseas companies (P1 and P2 Overseas), which seems to be the norm for overseas LLC owners? 2. Our key question revolves around the process of billing the USA LLC and via P1 and P2 Real estate, subsequently acquiring property pre-tax, is this allowed even though the Real estate has not much to do with the USA LLC (which will be a design agency)? 3. Are we allowed to invest (trading account) and buy real estate as EU citizens via the Real estate LLC? 4. Is it only reserved for US citizens / equivalents that they can refinance the properties and pull out cash in this way? 5. Additionally, we are contemplating introducing a holding company, wherein it would hold 50% of the LLC and 100% of the real estate company for each of us + to protect our assets separately. 6. Is this a feasible / legal structure and how much would we need in revenue before this would be beneficial? 7. Additionally, how much would it cost on an annual basis to file the taxes for the whole of the above structure (if feasibl
Asked Monday, January 22, 2024 by Denis S.Sign in to Answer
Where to put cost of item on schedule c
I sell coins and currency on ebay and would like to know what field do I put the item cost in. Is it materials and supplies? e.g. I sell a 1 dollar bill for 2 dollars on ebay. Do I put 1 dollar in materials and supplies?
Asked Thursday, January 18, 2024 by Michael A.Sign in to Answer
form 42-1
Hello, I have an american company based in WY. I did not have any sales last year, but I want to have an accountant so my company to be in good standing. I also need to fill out form 42-1 by the end of the month. Kind Regards! Elitsa Lazarova
Asked Thursday, January 18, 2024 by Elitsa L.Sign in to Answer
One LLC or Two LLCs?
My wife and I work as self-employed dance instructors but work at different studios. We live in Maryland. This is my wife's only source of income, whereas I also have a full-time (salaried) job. We're looking to take advantage of the tax help provided by LLCs, but should we set up one LLC for the two of us, or should we set up one for each of us? I make around $80,000 p.y. at my FT job and around $3,000 self-employed teaching, while my wife tends to Max out at around $20,000.
Asked Wednesday, January 17, 2024 by MARK C.Sign in to Answer
Maximum Write-offs in state of Missouri via small business
What is the maximum one can write-off against their small business as an individual in the state of Missouri? The business revenue is between 5 to 10k annually.
Asked Tuesday, January 16, 2024 by Daniel Y.Sign in to Answer
Need to file tax forms and close my EIN
Hi, We recently dissolved my LLC. We created it in the state of Florida in April 2022. But, we did not have any activity, nor income, with it. Do I need to file taxes? I think I need to file tax form 1065 and close my EIN. Can I get help to do this? Do I need to do anything else to have everything in order with the state? Thanks, Pilar
Asked Tuesday, January 16, 2024 by Pilar S.Sign in to Answer
Question about Tax issues.
I have a question that will be in 2 parts. 1- I will be doing Real Estate Wholesaling and Investing in FL, my llc is registered in New Mexico. Can I do that or do I have to register my llc in FL as well? also I'll be having an office in Jacksonville so we can work from 2- How much tax should I pay for New Mexico for a nonresident who owns a business operating from New mexico in total? including the tax income and the state tax How much tax should I also pay in FL if my business is operating in FL and New mexico? in total. if my monthly revenue is somewhere close to 107,500 USD. Thank you!
Asked Tuesday, January 16, 2024 by Aaron A.Sign in to Answer
2020 Auto Depreciation Sec 179 - Bonus - MQ4 MACRS DDB
Hi - I need help depreciating a 2020 auto purchased in Dec 2020. Let's say it cost $25k. We used the $10,100 Sec 179 max and bonus depreciation $8k in 2020. I have the limits for the following years but unclear on how to calculate years 2 and later using MACRS DDB MQ4 convention. I don't just want the answer, I want to know how to calculate it, as in, in a chart/example or something. Thank you!
Asked Monday, January 15, 2024 by Julie B.Sign in to Answer
Write off
I wanted to know if there is anything that can be written off as an expense as a day trader without an LLC or s corp.
Asked Monday, January 15, 2024 by Michael G.Sign in to Answer