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Recent Gross Receipt questions

I started a sole proprietorship last year. I actually made

Hi, I started a sole proprietorship last year. I actually made less than 10,000 and actually had a loss in the end. My question is can we just file under my husband's income and not worry about filing my business since I don't owe anything? I read that if you make less than 10k you don't necessarily have to file. I just want to confirm this. Thanks!JA: It's hard to know for sure. The Accountant will figure it out. The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: That's it!

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
If you are self employed and report a loss for the current

If you are self employed and report a loss for the current tax year can that loss be used to offset non earned income sources such as dividends, interest, IRA distributions etc.?

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
On 2015 BIRT Schedule How do I determine the amount in line

On 2015 BIRT Schedule B How do I determine the amount in line 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: How to determine the amount on Question1 of 2015 Philadelphia BIRT Schedule B--(Net Income (Loss) as properly reported to the Federal Government?JA: Is there anything else the Accountant should be aware of?Customer: Are we looking at adjusted gross income or net profit or loss from schedule c?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
Can you confirm Qualifying Small business exception with

Can you confirm Qualifying Small business exception with references to IRC Sections, Rev Ruling Procedures, etc?. Such a detailed answer would help as a support for management decision to continue Cash Basis. Accrual Basis is bound to be unfavorable.

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taxmanrog

Master's Degree

1,022 satisfied customers
We run our C corp on an accrual basis. My accountant says he

We run our C corp on an accrual basis. My accountant says he will be filing our taxes on the cash basis. We are not going to be converting our books to cash basis over the long term. I haven't seen anything online that implies we can carry account basis accounting but file on the cash basis. My accountant is very careful and trustworthy (steering me away from several things that could be red flags but would be easy for a less than ethical accountant to brush off) so I know he's not saying this to get around a large tax bill.Is this an acceptable way to file with the IRS?

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
Thanks for the response. I'm setting up a Tech Support (over

Thanks for the response. I'm setting up a Tech Support (over phone and online) business that would provide the support all over the country including CA . Does that require me to re-register the company and what kind of taxes does the Tech Support operating from Nevada would attract (in terms of Sales Tax / Service Tax ) ?

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ABC Accounting Group

Bachelor's Degree

530 satisfied customers
I'm wondering if a special election needs to be made through

Hello, I'm wondering if a special election needs to be made through an 1120 tax return (or another form) for a taxpayer to use the cash method of accounting for inventory when the taxpayer could be considered a qualifying taxpayer under Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2.The taxpayer's annual gross receipts for each prior tax year ending on or after December 17, 1998, is $1 million or less - and there is no tax shelter.What would you advise?

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Dr. Fiona Chen

President

Ph.D.

816 satisfied customers
Was a question about a problem from 7/14/2011 Stevens tax

Hello there was a question about a problem from 7/14/2011 Dave Stevens tax forms. I need to do this for xtra credit where can I find the answer/forms. I need to figure it out with the 2016 taxes and use 2015 forms. schedule B and SE 2016 forms and A and C 2015 forms. can you helpJA: The accountant will know how to help. Is there anything else the accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
I have a sole prop business. Do unpaid costs of goods sold

I have a sole prop business. Do unpaid costs of goods sold get deducted form income when I file taxes? for example, if I show 50,000 sales income but have 10,000 in outstanding accounts paybale for inventory, does that 10k get deucted from my sales inome of 50,000

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,952 satisfied customers
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