Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I operate a sole proprietorship that i established as an llc…

Customer Question
I operate a sole...

I operate a sole proprietorship that i established as an llc 2 years ago. I have paid taxes on all the cash in the business savings and checking account. Can I just move the money into an investment account in my spouse’s name and mine?

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/19/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,573
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

--------------------------

Note that telephone call and other solicitations are automatically generated by the site, not the experts. If you are not interested in an offer, simply decline.

Still typing...

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Let me first clarify that a sole proprietorship and an LLC are two different business entity types. They are not one of the same, even though as a single member LLC, you still file the Schedule C. Regarding investing the funds, yes, you can invest the funds.

-----------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

As long as you pay the applicable taxes on income earned, the IRS really doesn't care what you do with the money.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Great. Thanks. The state has asked for us to file an annual report for our massage practice ( now llc). We don’t have one. I just go house to house in my car. And file schedule c. Do i have to generate one and if so how or who does this? I live in Nj
Customer reply replied 1 month ago
Did you get my second request re: annual report requirement nj ?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

I did. I am checking into that matter now. I will get back to you shortly.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must submit annual reports and associated processing fees each year following their dates of incorporation/registration. Online filing is now mandatory for all annual report filings. The annual report due date for all businesses will be the last day of the anniversary month of the entity's formation in New Jersey.

The annual fees are:

$50.00 for profit corporations, LPs, LLPs, and LLCs
$25.00 for non-profits

Annual report filing is a prerequisite for maintaining an active business status. In accordance with State law, businesses that fail to file annual reports for two consecutive years will be revoked.

Electronic Filing Mandate

All business entities are subject to the annual report electronic filing mandate. If the business, its officers, directors or registered agent do not have access to the internet that would enable compliance with the electronic filing requirements, an e-file exemption request may be submitted. Notarized statements by both an authorized business representative and the registered agent indicating the lack of internet access are required. Approved exemptions are valid for the current filing year only.
For additional information regarding the annual report, please contact DORES’s Business Tax Hotline at(###) ###-####

Still writing...

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

You can file the online report at the following link.

https://www.njportal.com/dor/annualreports

Ask Your Own Tax Question
Was this answer helpful?
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,573
4,573 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
LLC loss profit distribution. It's a 4-member LLC, profits
It's a 4-member LLC, profits are shared, not losses. How the distribution should be reported?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
In an LLC with a Foreign partner (22,000 income) must
In an LLC with a Foreign partner (22,000 income) must withholding be sent (over 8000) as the actual pass through tax bill is much,much lower! … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have a LLC in the US. It is a partnership of two
Hi, I have a LLC in the US. It is a partnership of two non-resident aliens. A potential customer is asking us for a W9 which AFAIK we can't sign W9 as NRA. What can we provide as a partnership to the … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
Can an LLC taxed as a partnership with only husband and wife
can an LLC taxed as a partnership with only husband and wife owners elect to be a joint venture and put everything on schedule C's? If so, do they need to do an 8832?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Tax Experts - Foreign partner US LLC partnership had one
Tax Experts - Foreign partnerUS LLC partnership had one foreign partner (42.50%) from Italy. In order to get k-1 and pay taxes, foreign partner applied for federal ID which was used by US LLC to repor… read more
taxmanrog
taxmanrog
Master\u0027s Degree
905 satisfied customers
I have an existing LLC which filed as a partnership and then
I have an existing LLC which filed as a partnership and then as a schedule when it became a one member LLC. I now want to be treated as an s-corp in 2018. Do I need to file both 8832 and 2553 or just … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Can a married LLC Partnership file schedule C on their 1040
Can a married LLC Partnership file schedule C on their 1040 with their W2 income? And if so if they fie separate sch C how do they go about it? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
Single member LLC filed schedule C for the last two years
Single member LLC filed schedule C for the last two years and now wants to be an S Corporation for tax year 2017.Is 1120S simply filed with form 2553 with "INCLUDES LATE ELECTION(S) FILED PURSUANT TO … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
I have a LLC treated as a partnership. What is the due date
I have a LLC treated as a partnership. What is the due date for the 2017 tax year?Was the due date for 2016 different then 2017?… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Single member LLC has filed Schedule C for prior years. As
Single member LLC has filed Schedule C for prior years. As of 01/01/2017 single member LLC is an S Corporation. My question is: a client list purchased in 2008 has been amortized on the schedule C - s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Does a US domestic partnership that has foreign partners and
does a US domestic partnership that has foreign partners and sustained a loss in 2017 have to file any IRS forms on behalf of the foreign partners. I know the partnership has to file Form 1065 but are… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
I'm confused when income should be on a schedule C and/or
I'm confused when income should be on a schedule C and/or reported on Schedule SE. I'm a musician that gets 1099 for gigs and teaching in addition to W-2s. I was told that expenses used on Schedule C … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
I will be filing using a 1040 and schedule c. Can I pay
I will be filing using a 1040 and schedule c. Can I pay myself W-2 wages, pay the taxes? Or do I have to create an entity to employ me? Corp or LLC … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,573 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
A law firm (which is a Schedule C filer) has gross income of
A law firm (which is a Schedule C filer) has gross income of 1,000,000 & Net Income 0f 280,000. In the tax reform just passed, there is a 20% deduction for law firms that have income less than 315,000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x