The Small Business Tax Help Blog

Posts Tagged ‘llc’

Question: Business financing and initial costs–shoestring personal budget!?

OK. This is driving me crazy. I have an idea for a business, have my EIN but now need to apply to the state. I need to pay the state fees and advertising costs (state requires legal notices).

My question is, HOW to get this money, which is ver much under $1,000…….in fact, if I were to find seed money of $1K, I would be in good shape to start off.

WHERE TO FIND THIS MONEY WHEN I DON’T HAVE IT?

Answer: Hi, as far as your legal notice in the paper find one of the very small papers in town. I did mine in a little town paper and only paid 50 dollars and I am sure had I gone to the town paper it would have been alot more. Good luck to you.

My Prizes

A review, and links to other information about and reviews of My Prizes by Thomas Bernhard.

88 Color Palette: Cherry Blossoms

Question: Do you pay payroll taxes to partners in a California LLC?

There are four partners who work and all own a share of our California LLC. Do we pay taxes to the EDD for Payroll, or do we pay Self-Employment taxes at the end of the year, or do we do both?
Note: The four partners are the only employees of the LLC.

Answer: Members (what you refer to as “Partners”) of LLC’s are not considered employees, and thus do not pay payroll tax. Each member will be issued a K-1 at the end of the year w/ their share of the LLC’s income/loss which each member will report on their own individual income tax return.

The one thing to beware of is that LLC’s in CA have a tax that is calculated on gross receipts and not net income. If your gross receipts are greater than $5M, you will be taxed $11,700, regardless of whether you actually have any net income. So if you are in that situation, there may be other entity structures that would provide more tax efficiency.

Going into business with a foreign partner

To avoid adverse tax consequences, the owners of the LLC interest should be corporations.

Lawline.com Legal Tip of the Day: Advantages of an S Corporation

Question: Tax Question for an LLC?

I have a company that sells software online to fx traders in 2008?

Revenues: $ 74,952.00
Expenses: $ 13,123.66
Net Income: $ 61,828.34

What would the total tax be for a “single member LLC” in Illinois
Which includes federal, state, and self-employment taxes?
And any other taxes that I might be forgetting.

Thanks

Answer: You’ll need to file a separate return using your EIN. The LLC return should produce a K-1 form. You would pay your income tax showing the net proceeds from the K-1.
The rough estimate on the Fed portion of the LLC will be between 25-30% of your net income.

U.S. Economy: Manufacturing, Jobless Claims Point to Slowdown

Reports on U.S. manufacturing, employment and home sales pointed to slower growth in the second half of the year, just as government spending to stimulate the economy begins to wane.

Ch. 4 LLC & Self Employment Tax

Question: How to open US bank account and get Individual Taxpayer Identification Number (ITIN) for Non US Citizens?

Can I obtain an EIN ?? if I am not an US resident or citizen?
Im planing to join a network business via online which requires tax id and US bank account..

What are the details/document do i need?
What is the cost?
Can it be done via online???

Please give me an advise on this..Thanks

Answer: No, stop, don't do this.

1. If the entity you want to pay you only accepts US persons as members, do NOT pretend that you are. The entity would pay you, then issue you a 1099-Misc and a copy to the IRS. The IRS would, rightly, assume you are subject to US taxes and demand a tax return. (US taxes start at income of $400 for self-employment purposes.)

2. If the entity that is to pay you knows you are *not* a US person, they should also know they don't issue a 1099-Misc.

3. While there are US banks that will open accounts for you (and you DO NOT need an ITIN for a bank account, even if it pays interest), most won't do it unless you open the account in person, in the US.

Horizon Council: Consider these factors when doing business

The Fort Myers Regional Partnership, Lee County's Economic Development Office offers a wide range of business assistance and can also help businesses...

Curse ft. Jenny Lane - Nur Ein Ganz Kleines Bisschen

Question: In Mass: Do we apply for an EIN before or after we form our 2 member LLC?

Pretty much, which comes first? The EIN or LLC? We just want to make sure we form our small business the right way!

Answer: In order to apply for an EIN, regardless of the state in which you are applying, you will need to have information that your state treasurer or secretary of state will issue you, such as your state identification number. This will be used as a part of completing the form on your EIN Application with the IRS. By the way, you can apply online for your EIN - takes only a few minutes, and you have a printable copy of your EIN to take with you to the bank for account purposes! Just go to http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Good luck with your new business!

TSX Venture Exchange Daily Bulletins for February 22, 2010

VANCOUVER, BRITISH COLUMBIA-- -

Genzyme Pharmaceuticals LLC, Liestal; Der Gesundheit ...