February 19th, 2011 — finance
I started a sole proprietorship in September.
My business records are stored in 2 different programs and I have a file with a handful of receipts. Plus I have 3 W-2s from previous employers.
I need to have someone do my taxes and set up Quickbooks for me. Is there one type of business that can do that or do I need to talk to a tax person and a accounting person?
Of course I’m looking for the most cost effective way to accomplish this.
February 19th, 2011 — finance
I’m selling a business and obviously want to minimize taxes.
It is an S corporation, in WA state.
I’m fimiliar with the 1031 exchange but was wondering if there are other options.
Regardless of the 1031 I need to reinvest the majority of the money into 2 businesses.
Thanks.
February 19th, 2011 — finance
I am just going to mow a few lawns for some of my neighbors. What are the rules for paying taxes on this?
Does the $3000 a year refer only to the specific business, or to all the money that I make from any source?
February 19th, 2011 — finance
I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?