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Recent Self Employment Tax questions

I am going to start working as an Uber Driver. It is

I am going to start working as an Uber Driver. It is considered an independent contractor and I understand that I will be subject to double taxation from the Self Employment tax. Are there options for me to avoid/minimize that additional tax (i.e. form a business entity...), and is there an income threshold I would need to meet in order to see any savings?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
If I do some work for a foreign country (Sweden) and get an

Hi thereJA: Hello. What seems to be the problem?Customer: If I do some work for a foreign country (Sweden) and get an income from them, how do I declare it to the IRS?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I do not have my own business, or anything like that.JA: Is there anything else important you think the Accountant should know?Customer: not that i can think of

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
An individual is forming a Limited Liability Company. How

an individual is forming a Limited Liability Company. How will the LLC report the company earning to the IRS?

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I have a client who received a 1099 misc for income received

I have a client who received a 1099 misc for income received from her church. She lived in California and moved to Florida. The income was basically for fundraising for church services similar to raising funds to pay tuition at school. As each school month was started my client would receive a commission check for the month. The Church/School was in LA. The work was generally done over the phone. Now, when my client lived in Calif, that money would be CA source income. When she was in Florida, does that make it Florida source income?? Or does the fact church/school was in CA make it CA source anyway. I actually do not know if the people who donated to Church were in CA or not.

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I am going to accept a freelance job and i want to use my

I am going to accept a freelance job and i want to use my LLC and pay myself through that.What do i need to do before i accept?How can i ensure that i do my taxes correctly?Will things be much different if i have another employee with me (my friend)?

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I'm an insurance agent with sub-agents contracted with me. I

I'm an insurance agent with sub-agents contracted with me. I was recently required to reform my sole proprietorship into an LLC by one of the carriers I represent. How do I pay myself and how will my taxes be different?

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I need to get a copy of my form 4361to confirm that I filed

I need to get a copy of my form 4361to confirm that I filed it.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: How can I get confirmation that I filled this form 4361. My tax accountant is new to me and I need to have a confirmed formJA: Is there anything else the Accountant should be aware of?Customer: Not that I know of.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
I am in the process of writing a book and I am about to

I am in the process of writing a book and I am about to enter into a contract with a ghostwriter. I have an investor that will be investing money into the project. The money given will only go towards fees associated with writing the book. How do the taxes work on that money? Should I set up a separate checking account for that money? Should I set up some sort of LLC, or something?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,998 satisfied customers
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