New NJ LLC, many questions
First of all, thank you for having such a fantastic resource. Like many, I found this through google by having a list of questions.I recently formed a NJ LLC. My company both sells and services...
View ArticleHave an LLC... now what?
I have set up a LLC for a software consulting job. When getting paid should I ask for Corp-to-Corp or 1099?What are the pros/cons of each?Thanks in advance!
View Article2 member LLC - UPE, Expenses and Mileage
Hello Linda,First of all, I searched the website for the answers and didn't get the exact right answer so I ended up posting as seperate question. Scenario: 2 member (husband and wife) LLC. Husband...
View ArticleLLC and reporting income
Hi Linda,I am the only member of my LLC, and just starting to bring in some income. My husband does some of the work, but he has a regular full-time job and I don't give him any kind of paycheck--and...
View ArticleI have an LLC and I opened 2nd location with DBA but theres 2 EINs what do I do?
I have a business that is an LLC and opened a separate location with a DBA thinking that we can use that main locations EIN and LLC. I did this to bill medical clams for 2nd location as a DBA under...
View ArticleLLC Distribution of Profits Delayed
Our small LLC (four members) which is just over a year old, made a lot of mistakes as we stumbled through our first year. We managed to get our 2008 taxes filed on time. In our filing, the small amount...
View ArticleCombined W-2 & Contract earnings tax question
Hi Linda, I have been W-2 thus far in 2009. I might get a corp-to-corp contracting opportunity soon. 2009 w-2 earnings: approx 90K. 2009 (expected) contract earnings: approx 100K. In 2010, I expect to...
View ArticleHow should I organize? Single Owner
Hi Linda,I am buying a business through an asset sale. I will be the sole owner. I am buying the business using 70% equity from my money and about 30% in loans. I still can't decide on whether to do...
View ArticleHusband wife owned LLC, best teated as partnership, s-corp or corporation for...
Hey Linda,My wife and I started an LLC in NC. We provide automotive diagnostic and repair services. we are trying to determine the best way to handle our tax situation. I know the IRS will allow us to...
View ArticleMileage deduction on personal tax return of member in multi-member LLC
As a member in a multi-member LLC, I receive guaranteed payments (salary) for daily operations of the LLC. I am the only member who receives guaranteed payments. Can I deduct mileage for the use of my...
View ArticleHow should I pay partners in an LLc that does not have any net income
Hi Linda,We have an LLC partnership. It does not have any net income yet. It is still a loss for the year. We have paid ourselves and I need to know if I should do a 1099 for each of the partners as a...
View ArticleAdvice transitioning from single member LLC to multi-member husband wife LLC
I am operating a single member LLC (independent consultant) with my own EIN and filing taxes under schedule C. In order to do business with another company, I need to reorganize either as a S-corp or a...
View ArticleAs an LLC can I do Corp to Corp status with consultant company?
Hi,As an LLC can I do Corp to Corp status with consultant company? You only mention S-Corp and C-Corp in your article, so I am just confirming? If so, what are the nuances with an LLC as Corp to...
View ArticleHired as Employee, and now Owner wants me to become LLC instead
3 weeks ago I was hired as a Marketing Director for a Surgery Center. I am not receiving benefits, I am paid salary, but it is part time. I have a gas card for the use of my vehicle, but depreciation...
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