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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I lookup the business associated with a FEIN? ### Answer: If the organization is a non-profit. You can search by EIN on Charity Navigator's website FOR FREE. https://www.charitynavigator.org/ ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I lookup the business associated with a FEIN? ### Answer: If it is Texas company, you can try doing a taxable entity search on the Texas Comptroller website. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax Allocation - Business Asset Transfer ### Answer: And my CPA is saying no way, it will cost me many thousands in taxes and doesn't make any sense. I'd think so too. It looks like it converts from...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can Health-Releated Services be a Business Expense? ### Answer: Chris, since you own your own company, nobody can stop you from charging your personal expenses to your business account. IRS is not a h...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to Deduct Family Health Care Premiums Under Side Business ### Answer: No, not on schedule C, better. Its an "above the line" deduction (line 29 on your 1040). Here's the turbo tax article on it. T...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Claiming car as a business expense in the UK ### Answer: I'm going to look just at purchase price. Essentially, you can't always claim the whole of the purchase price (or 95% your case) in the year (t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I need to keep paper records for my business? ### Answer: Scanned or electronic copies of invoices should be sufficient as long as they are accurate and you can deliver them during an audit. Also, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 1040 Schedule A Un-Reimbursed Business Expense Reporting ### Answer: It would be unusual but it is possible that the expenses could be very high compared to your income. The IRS in pub 529 explains th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do banks require small businesses to open a business bank account instead of a cheaper personal one? ### Answer: The bank won't let you because: Differences in required account features — Business...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do banks require small businesses to open a business bank account instead of a cheaper personal one? ### Answer: You could, but the bank won't let you... If you're a sole proprietor - then you cou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to treat miles driven to the mechanic, gas station, etc when calculating business use of car? ### Answer: I contacted Stephen Fishman, J.D., the author of Home Business Tax Deductions, to let him ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to treat miles driven to the mechanic, gas station, etc when calculating business use of car? ### Answer: Alright, IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses Business and p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to treat miles driven to the mechanic, gas station, etc when calculating business use of car? ### Answer: Since you are using the percentage method to determine the home/business use split, I woul...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: value of guaranteeing a business loan ### Answer: The guarantee's value to you is whatever you have to pay to get the guarantee, assuming that you don't decide it's too expensive and look for another ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: value of guaranteeing a business loan ### Answer: The standard goal of valuing anything is to seek the fair price for that thing in the open market. Depending on what is being valued, that may or may ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: value of guaranteeing a business loan ### Answer: You are confining the way you and the other co-founders are paid for guaranteeing the loan to capital shares. Trying to determine payments by equity d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: value of guaranteeing a business loan ### Answer: You should ask the bank supplying the SBA loan about the % of ownership that is required to personally guarantee the loan. Different banks give differ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Intentions of Deductible Amount for Small Business ### Answer: If your sole proprietorship losses exceed all other sources of taxable income, then you have what's called a Net Operating Loss (NOL). Yo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deducting business expenses paid for by gift card ### Answer: To quote the answer you linked to: Perhaps the simplest way to think about this is you can only deduct an expense that you actually incur....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Car as business expense, but not because of driving ### Answer: To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a business refuse to take credit cards? ### Answer: Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculate Estimated Tax on Hobby Business LLC ### Answer: You are on the right track, for tax purposes its all ordinary income at the end of 2016. If the free lance "employer" will withhold fed,state ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculate Estimated Tax on Hobby Business LLC ### Answer: I assume your employer does standard withholding? Then what you need to do is figure what bracket that puts you in after you've done all your...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying car from rental business without title ### Answer: I would steer well clear of this. The risk is that they take your money but don't pay the bank. This wouldn't require dishonesty - what if the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why should I choose a business checking account instead of a personal account? ### Answer: Some benefits of having a business checking account (versus a personal checking account) are: The first 3 sho...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to report house used for 100% business? ### Answer: As DJClayworth said, be very careful with this one! The property is a residence, not a business location. Given that, it is almost a certaint...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can the IRS freeze a business Bank account? ### Answer: If the business is legally separated and not commingled - they probably cannot. What they can do is put a lien on it (so that you cannot sell th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to record business income tax paid, in QuickBooks? ### Answer: Federal income taxes are indeed expenses, they're just not DEDUCTIBLE expenses on your 1120. Federal Income Tax Expense is usually a ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Get a loan with low interest rate on small business ### Answer: I am going to assume your location is the US. From what I am seeing it is unlikely you will get a loan other than some government backed...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does revenue equal gross profit for info product business? ### Answer: What about web-hosting fees? Cost of Internet service? Cost of computer equipment to do the work? Amortized cost of development? ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will unpaid taxes prevent me from getting a business license? ### Answer: Generally these things are unrelated. Your tax debt is to agency X, your license is (mostly) from agency Y. If your business i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using cash back rewards from business credit card ### Answer: A C-Corp is not a pass-through entity, any applicable taxes would be paid by the Corporation, which is a separate legal entity from yourse...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Moving my online only business to the USA? ### Answer: You don't need a Visa to create or own US property. Your registered agent will be able to take care of most of this, and your new entity will use...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Moving a personal business to a LLC accounting in California ### Answer: You can move money in and out of the business at will, just keep track of every transaction. Ideally you'd use an accounting so...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should one look for when opening a business bank account? ### Answer: From my experience, I opened a business account to handle my LLC which owns a rental property. The account process and featur...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should one look for when opening a business bank account? ### Answer: Yes, it's a good idea to have a separate business account for your business because it makes accounting and bookkeeping that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Which r in perpetuity formula to pricing a business? ### Answer: In the equity markets, the P/E is usually somewhere around 15. The P/E can be viewed as the inverse of the rate of a perpetuity. Since...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: You should have a separate business account. Mixing business and personal funds is a bad practice. Shop around, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: When a business asks me to make out a cheque to a person rather than the business name, I take that as a red fla...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: If you sign the check "For Deposit Only", the bank will put it in your account. You may need to set up a "payabl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: Depending on where you are, you may be able to get away with filing a "Doing Business As" document with your loc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: I have checked with Bank of America, and they say the ONLY way to cash (or deposit, or otherwise get access to t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I deposit a check made out to my business into my personal account? ### Answer: If you're a sole proprietor there's no reason to have a separate business account, as long as you keep adequate ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Filing personal with 1099s versus business s-corp? ### Answer: Depends whom the 1099 was issued to. If it was issued to your corporation - then its your corporation's income, not yours. Why would it g...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US Double Taxation - Business Trips and the Foreign Tax Credit ### Answer: If you're a US citizen, money earned while in the US is sourced to the US. So you can't apply FTC/FEIE to the amounts attribu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I use my Roth IRA to start a business? ### Answer: Read the Forbes article titled IRA Adventures. While it's not the detailed regulations you certainly need, the article gives some great detail an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Really have to use business credit card for personal expenses ### Answer: I really have to use the business card for personal expenses, please assume that in your answer. This is very hard to believe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using credit card points to pay for tax deductible business expenses ### Answer: For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Affordable Care Act business requirements apply to “control groups?” ### Answer: Yes, it applies to control groups. If I remember correctly common ownership rules are used to determine "Applicable...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: As a contractor, TurboTax Business-and-Home or Basic? ### Answer: Assuming you file state tax returns, you shouldn't buy Basic. Ever. Your choice is probably between the "Premier" version and the "Bus...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Peer to peer lending business model (i.e. Lending Club) ### Answer: This is all answered in the prospectus. The money not yet invested (available/committed to a note but not yet funded) is held in poo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Peer to peer lending business model (i.e. Lending Club) ### Answer: The best description of P2P lending process I saw comes from the SEC proceedings. They are very careful about naming things that are...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I make $250,000.00 from trading/investing/business within 5 years? ### Answer: Deposit $3,500 each month in a brokerage account and invest that money across a handful of diversified index fun...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I make $250,000.00 from trading/investing/business within 5 years? ### Answer: The answer to your question is Forex trading. You can get to 250K quicker than any other "investment" scheme. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can a business refuse to take cash? ### Answer: The Federal Reserve website notes that creditors must accept cash for debts on services already rendered, but that businesses may refuse c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can a business refuse to take cash? ### Answer: You have to take legal tender to settle a debt. If your business model doesn't involve the customer incurring a debt that is then settled,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can a business refuse to take cash? ### Answer: They don't have to take cash if they reasonably told you in advance they don't take cash, because they made fair effort to prevent you fro...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can a business refuse to take cash? ### Answer: Apartment complexes have had a long history of not accepting cash for payment of rent. This eliminates the problem of robbery and strongly...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can a business refuse to take cash? ### Answer: A business can refuse cash (paper currency) payment pretty much in all cases provided it's a reasonable policy and/or notified during/in a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Maintaining “Woman Owned Business” while taking on investor ### Answer: To qualify as a woman owned business, a woman or group of women must own shares worth 51% of the business. If your investor was ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Maintaining “Woman Owned Business” while taking on investor ### Answer: In addition to finding another woman investor, you have an equitable option that is not unreasonable: ask your partner to buy ou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investing/business with other people's money: How does it work? ### Answer: Basically, you either borrow money, or get other people to invest in your business by buying stock or something analogous. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investing/business with other people's money: How does it work? ### Answer: You can either borrow money... credit card, line of credit, re-finance your home, home equity line of credit, loan, mortgage...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to safely earn interest on business profits (UK) ### Answer: Deposit it in a business savings account. The following below show you some options you can choose from. Next you can invest it in the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to safely earn interest on business profits (UK) ### Answer: I found some UK personal accounts offer up to 3% interest (no names here, but it is well known bank with red logo). You can take out d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What approaches are there for pricing a small business? ### Answer: I don't have any experience in this, but this is my academic understanding of business pricing. The LOWEST amount a seller would ac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income tax on my online drop-shipping business (India) ### Answer: Please consult a tax advisor. You may be voilating the FEMA [Foreign Exchange Management Act] and can land into trouble. Further w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income tax on my online drop-shipping business (India) ### Answer: I find that there are two violation of law , prima facie , if someone earns money by depositing in the online account and then not re...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to find a business consultant that would ensure that all your business activities are legal and compliant with all regulations? ### Answer: Getting a specific service recommendation is off-topic, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to account for money earned and spent prior to establishing business bank accounts? ### Answer: Funds earned and spent before opening a dedicated business account should be classified according to...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: Your best approach is to assess rent levels in your local area for offices of a similar size. You need to take i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: If you are talking about a home office, you don't "charge" the business anything. If the area is used exclusivel...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: In Canada I think you'd do it as a % of square footage. For example: Then you can count 20% of the cost of the o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: In the UK it all comes down to what HMRC will allow you to charge without taxing you on the "rent profit" and no...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: It depends on the structure of your business. Are you a sole proprietor filing Schedule C on your 1040, or an S-...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine how much to charge your business for rent (in your house)? ### Answer: To be confident in your solution, and get the best solution for you, consult a local accountant, preferably one ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Dual Citizen British/US and online business taxes ### Answer: I see no reason why a US ID would be mandatory anywhere in the UK. I'm sure they have their own tax IDs in the UK. However, if the gallery...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will my wife's business losses offset my income on a joint tax return? ### Answer: First, filing status. If you and your wife are legally married, you should be filing your tax returns as married, eit...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I need a Like-Kind Exchange when selling a personal vehicle for a company car ### Answer: You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What forms do I need to fill out for a super basic LLC closing? ### Answer: If it is a sole proprietorship and you didn't make another mistake by explicitly asking the IRS to treat it as a corporatio...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are earning credit card rewards often tied to groceries and gas? ### Answer: Every reward program has to have a funding source. If the card gives you x percent back on all purchases. That means th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are earning credit card rewards often tied to groceries and gas? ### Answer: There absolutely is a specific model that makes this so popular with so many credit card companies, and that model is "...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 1099 versus corporation to corporation for payments? ### Answer: Do not mix personal accounts and corporate accounts. If you're paid as your self person - this money belongs to you, not the corporatio...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do most banks in Canada charge monthly fee? ### Answer: Arguably, "because they can". Canada's banking industry is dominated by five chartered banks who by virtue of their size, pretty much deter...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do most banks in Canada charge monthly fee? ### Answer: Lending isn't profitable when interest rates are this low. Consider what's involved to offer a savings or checking account. The bank must ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do most banks in Canada charge monthly fee? ### Answer: The other answers in this thread do a fine job of explaining the economic situation that banks are in. In addition to that information, I wo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do most banks in Canada charge monthly fee? ### Answer: You have to check your contract to be sure what is it you're paying for. Typically, you get some of the following features which can be unav...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I need to register as self employed in Ontario, Canada? ### Answer: If your business name is your name, you are automatically considered a sole-proprietorship and any income you generate and expens...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do credit card transactions take up to 3 days to appear, yet debit transactions are instant? ### Answer: When you swipe your credit card, the terminal at the store makes a request of your bank, an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do credit card transactions take up to 3 days to appear, yet debit transactions are instant? ### Answer: Take a look at http://en.wikipedia.org/wiki/Payment_gateway There is essentially a lead tim...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do VAT-registered businesses in the EU charge VAT to each other? ### Answer: Not doing this would defeat the entire purpose of a VAT. The reason for a VAT rather than a simple sales tax is that it...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do VAT-registered businesses in the EU charge VAT to each other? ### Answer: But why can't two companies exchange goods directly without paying VAT? This would make the famous carousel fraud scam ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How To Report Cryptocurrency Earnings? ### Answer: While this does fall under the "All-inclusive income" segment of GI (gross income), there are two questions that come up. I invested in a decentrali...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How To Report Cryptocurrency Earnings? ### Answer: As cryptocurrencies are rather new compared to most assets, there hasn't been a lot of specific guidance for a lot of situation, but in 2014 the IRS ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Allocation between 401K/retirement accounts and taxable investments, as a young adult? ### Answer: I'm afraid you're mistaking 401k as an investment vehicle. It's not. It is a vehicle for retirement. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Allocation between 401K/retirement accounts and taxable investments, as a young adult? ### Answer: I would say yes, it makes sense to keep some money in taxable accounts. Retirement accounts are for ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Allocation between 401K/retirement accounts and taxable investments, as a young adult? ### Answer: First off, great job on your finances so far. You are off on the right foot and have some sense of pl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income Tax form in India for freelancing ### Answer: ITR1 or ITR2 needs to be filed. Declare the income through freelancing in the section "income from other sources" ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income Tax form in India for freelancing ### Answer: Since you are living in India and earning income not from salary, you must file your tax return under ITR4(Profits or Gains of Business or Professi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is bespoke insurance? ### Answer: The word bespoke means made to order. Bespoke insurance means non-cookie cutter. That mean the thing your are trying to protect, or the risk to that item is not ...