Question: Our attorney requested a copy of a tax return related to a lawsuit. It has been three months now with no response from the IRS. The trial is around the corner and the attorney seems confused as to why the IRS has not responded. I did know if this was normal for the IRS, if there was special procedures to obtain such paperwork which the attorney is not aware of, or something else you might know of that we haven’t even thought of yet. Continue reading…
Payroll Tax Help Question
Question: What is required to do payroll for my corporation? Continue reading…
Business Tax Question – Business Deductions?
Question: I do not know all the business write-offs. Also, I do not know what is and what is not a business write-off. Can you provide some guidance? Continue reading…
Tax Question – Business and Personal Deductions
Question: Is there a quick checklist to help me determine what is deductible personally, for rentals, and for business? I do not need all the details right now. Continue reading…
Tax Help Question – IRS Notice
Question: I owe taxes and received an IRS notice. It says Intent to Levy. I am freaked out that the IRS will take my paycheck and empty my bank account. What does the letter mean? Continue reading…
“For-Profit” Business or Hobby, Analysis of Factors 5 – 9
If the business does make a profit three out of five consecutive years (two out of seven for training, showing, breeding, or racing horses), then the facts and circumstances will be evaluated to determine if the business is “For-Profit” or hobby. There are 9 factors that are evaluated. In the previous blog we evaluated Factors 1 – 4 of the 9 factors. This blog reviews Factors 5 – 9.
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“For-Profit” Business or Hobby, Analysis of Factors 1 – 4
If the business does make a profit three out of five consecutive years (two out of seven for training, showing, breeding, or racing horses), then the facts and circumstances will be evaluated to determine if the business is “For-Profit” or hobby. There are 9 factors to evaluate. This blog analyzes Factors 1 – 4.
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Tax Return Forms
What are the primary tax return forms and when are these forms due? If you are looking for an answer to these two questions then read further. We will provide you a high level overview on the main tax return forms.
How is a Limited Liability Corporation (LLC) Taxed?
You filed Limited Liability Corporation (LLC) paperwork to the state for your business. It was easy to do and now you have a business. Now what? The tax obligations for your new business LLC will depend on a few factors.
For-Profit Business or Hobby, Facts and Circumstances
Generally, a business is considered “For Profit” if the business generates a profit in at least three out of five consecutive years. For training, showing, breeding, or racing horses, then the business needs to generate a profit for two out of seven years. What if the business does not meet this test?
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