Join the 9 million people who found a smarter way to get Expert help

Recent Business Credits questions

Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,764 satisfied customers
I own a small business. I purchased tickets travel in 2015

Hello,I own a small business. I purchased tickets for airline travel in 2015 for business purposes and then was unable to attend the trip due to a death in the family. I deducted the cost of the tickets on my 2015 Schedule C for Business Travel Expenses. I am now trying to convince the airline to refund my tickets which will go back onto my business credit card, if they allow it. However, it is now 2016. How would I account for that refund on my 2016 schedule C? Thanks.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

star-full
3,738 satisfied customers
I have a small eBay business, with up to 100k yearly sales,

I have a small eBay business, with up to 100k yearly sales, and since last year run it under an LLC. But for tax reasons that's a disregarded entity. So my question is whether I can use a personal checking account and a personal credit account for this business, even though I have both a business checking and a business credit card under my LLC? The reason I want to use personal accounts is because the later would earn me up to $1000 more year in cash back (from credit card) and interest income (from checking). If I only use those accounts for business expenses, does it really matter if they're not designated by the bank as business accounts? And if ever need to write a check with my LLC on top or deposit a check to my LLC I can use my LLC checking and credit card. But as a disregarded entity by IRS I can also use personal accounts as long as I don't mingle personal purchases there. Although, paying for mortgage and association dues may be OK, since I use part of it to deduct for my home office, is it not? And even if an occasional personal purchase slips in, I still have more leeway as a disregarded entity no, it's just more of an accounting hassle in case of an audit. But even if I get marginal benefit from using my LLC accounts for business in case of an audit, is it enough benefit to forfeit $1000 a year or like 3% of my income for the sake of formality?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
Lane.. my name is***** have a question about a K1 I

hi Lane.. my name is***** have a question about a K1 I received that has a loss in Box 11 but no zero amounts on the 1099B (and there was no sale).. trying to understand what would go on Form 6781, if anything

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,764 satisfied customers
I am in the process of filing my father's final tax return.

I am in the process of filing my father's final tax return. Please answer the following questions:After this tax year my father will still have a carryforward of general business credit, do these carryforward balances flow to his widow to use on her future tax returns?My father passed away on December 18th. In this final tax return there will be a partnership k-1. The distribution (check) he received for the earnings in the partnership was not cashed until the letters were issued for his estate. The personal representatives deposited this check in his estate account. I will be recognizing the partnership income on my father's final return. I am assuming the check will not be an income item for the estate because the income is recognized on my father's final return. It would essentially be cash the estate is recognizing not income. Correct?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I am a partner of an LLC and have Operating Losses from Schedule

I am a partner of an LLC and have Operating Losses from Schedule K-1. The Company has less than $5m gross receipts over the past 3 years (Eligible Loss). I would like to carry-back NOL to 2012 (back three years). I have completed Form 1045. What do I need to send with Form 1045 to proof that its an Eligible Loss?

Read more

PDtax

Owner

Master's Degree

star-full
6,770 satisfied customers
I got on EIN LLC so I can transfer a rental property into

I got on EIN for my LLC so I can transfer a rental property into the LLC. However, I have a marketing business that I am operating as a sole prop and want to start establishing business credit. Can I get another ein for my marketing business?

Read more

PDtax

Owner

Master's Degree

star-full
6,770 satisfied customers
I RECEIVED TWO 1099 FORMS REGARDING 2 BUSINESS CREDIT CARDS

I RECEIVED TWO 1099 FORMS REGARDING 2 BUSINESS CREDIT CARDS THAT I HAD. I LIVE IN CALIFORNIA AND I FILED BANKRUPTCY LAST YEAR AND WAS REWARDED MY DISCHARGE. WILL THE IRS FORM 982 WIPE OUT THE CANCELLATION OF DEBT ON THESE CARDS DUE TO MY INSOLVENCY? I FILED A CHAPTER 7 JOINTLY WITH MY WIFE BUT THE CREDIT CARD ARE IN MY NAME. THE BUSINESS WAS NOT MIN. I DID NOT HAVE ANY OWNERSHIP IN THIS BUSINESS. I SIMPLY RECEIVED BUSINESS CREDIT CARDS. THE TOTAL AMOUNT IS ABOUT $75,000 WHICH IS WAY OVER MY YEARLY INCOME.

Read more

Jason M. Tyra, CPA

Principal

Master's Degree

star-full
362 satisfied customers
View more tax questions
In The News