I have asked this question before and received a very good response from a CPA on justanswer.com. However, I now have a few more questions and also want to get a second opinion just to make sure I am filing taxes
1. I live (rent) in Wyncote, PA.
2. I work in Horsham, PA.
3. I own a Wyoming based LLC (100% ownership). The LLC is used to sell stuff on Amazon.com. There is no physical office since I drop-ship and use fulfilllment centers.
4. I have a rental property in St Louis, MO.
1. I understand I will need to have a 1040, schedule C, Schedule SE, and schedule E. Is this correct?
2. My friend who is based in Asia helped me buy a bunch of stuff in Asia in 2012. And I sold this stuff on Amazon.com. She gave me all the receipts. All of the receipts are dated 2012. Most of the receipts are in foreign currency. Some receipts show her name, some show her companies' names, some are just store receipts. I totaled up all the receipts, used the appropriate exchange rate, and reimbursed her by her money from my US LLC bank account to her Hong Kong based personal bank account in Feb 2013. For accounting purposes, I asked her to issue me an invoice stating the total amount and dated 2012. My question: even though I wired her the money in 2013, is it true that this is still considered a 2012 expense? Also, do I enter the total amount on the invoice that she issued me in my spreadsheet (which I will give to an accountant) rather than the amount in the individual receipts? Additionally, since some of the receipts are hand-written, will IRS accept them?
3. Can I scan in all my receipts and discard the original copies? Will IRS accept scanned receipts for audit?
4. Throughout the year, I used my own personal credit card and my LLC credit card to buy stuff to sell on Amazon.com. Should I issue an invoice to my LLC when I purchased items using my own credit card?
5. I lost some of the receipts, but the transactions
are on the LLC credit cards. Can credit card transactions be used as proof of expense?
6. I didn't think I would make money with my LLC this year; therefore, I didn't set up the quarterly tax payments
. What should I do now?
7. When interviewing for a CPA to do my taxes this year, what questions should I ask (e.g. do you do multi-state taxes?)?