vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Unless/until you make something like $50k-100k a year this probably isn't worth it. 1099 Reporting. Stripe qualifies as a 'payment network' and under a recent law payment networks must annually report to IRS (and copy to you) on form 1099-K if your account exceeds certain thresholds; see https://support.stripe.com/questions/will-i-receive-a-1099-k-and-what-do-i-do-with-it . Note you are still legally required to report and pay tax on your SE income even if you aren't covered by 1099-K (or other) reporting. Self-employment tax. As a self-employed person (if the LLC is disregarded) you have to pay 'SE' tax that is effectively equivalent to the 'FICA' taxes that would be paid by your employer and you as an employee combined. This is 12.4% for Social Security unless/until your total earned income exceeds a cap (for 2017 $127,200, adjusted yearly for inflation), and 2.9% for Medicare with no limit (plus 'Additional Medicare' tax if you exceed a higher threshold and it isn't 'repealed and replaced'). If the LLC elects corporation status it has to pay you reasonable wages for your services, and withhold+pay FICA on those wages like any other employer. Estimated payments. You are required to pay most of your individual income tax, and SE tax if applicable, during the year (generally 90% of your tax or your tax minus $1,000 whichever is less). Most wage-earners don't notice this because it happens automatically through payroll withholding, but as self-employed you are responsible for making sufficient and timely estimated payments, and will owe a penalty if you don't. However, since this is your first year you may have a 'safe harbor'; if you also have income from an employer (reported on W-2, with withholding) and that withholding is sufficent to pay last year's tax, then you are exempt from the 'underpayment' penalty for this year.
Supposedly this also means that I am free from having to pay   California corporate taxes? Not in the slightest. Since you (the corporate employee) reside in CA - the corporation is doing business in CA and is liable for CA taxes. Or, does this mean I am required to pay both CA taxes and Delaware   fees? (In this case, minimal, just a paid agent from incorporate.com) I believe DE actually does have corporate taxes, check it out. But the bottom line is yes, you're liable for both CA and DE costs of doing corporate business (income taxes, registered agents, CA corp fee, etc). Is there any benefit at all for me to be a Delaware C-Corp or should I   dissolve and start over. Or just re-incorporate as California LLC Unless you intend to go public anytime soon or raise money from VCs/investors - there's no benefit whatsoever in incorporating in DE. You should seek a legal advice with an attorney, of course, since benefits are legal issues (usually related to choosing jurisdiction for litigation etc). If you're a one-person freelancer, doing C-Corp was not the best decision as well. Tax-wise you'd be much better off with a S-Corp, or a LLC - both pass-through and have no (Federal) entity-level taxes. Corporate rates are generally higher than individual rates, and less deductions can be taken. In California, check with a CPA/EA licensed in the State, since both S-Corp and LLC would be taxed, and taxed differently.
Despite the ACA offering generous deductions, a lot of small businesses still cannot afford the initial capital involved in offering health insurance plan to their employees... Therefore we cannot take advantage of these deductions...  Putting us at a disadvantage for finding low-to-mid skilled workers, to the larger corporations that are now mandated to offer the benefits..
I am not sure if this is the actual reason or not, but all of the major credit cards (Visa, Mastercard, Amex, Discover) provide damage insurance coverage on car rentals. Debit cards do not usually provide this coverage. So, if you use a credit card, the car company knows it will be able to recover the cost of any damage to the car.  Of course, this doesn't explain some of the odd debit card policies out there. For example, Alamo will not let you use a debit card unless you provide proof of round trip travel (like a plane or cruise ticket). But you can use a credit card without having a travel ticket. I'm not sure how having a travel ticket makes debit card users less of a risk, but apparently it does somehow.
"Worksheets/ Documentation: (From my experience filing my business deductions through several tax preparers.) Keep all your calculations, but only submit the calculations and worksheets requested by the tax form. Most travel deductions are just a category total. If the IRS wants more info, it will ask for it. Information from the book Home Business Tax Deductions (from Nolo) (2012): Traveling with kids: In chapter 9 (""Leaving Town: Business Travel""), in the section ""Taking People With You"", it specifically discusses your situation. Paraphrasing, it says that you can deduct the amount any eligible expenses would have cost you if you were traveling without your kids. So, you can deduct the cost the smaller hotel room that you and your wife would have normally rented if you were alone.  How your side trips affect your business deductions: According to the book, since you spent 50% or more of your time on business activities while traveling in the U.S.: Deducting meals shared with your kids: You can deduct meals as either entertainment or travel expenses.  I would recommend you buy one of Nolo's books on deductions, as it goes into much more detail than I do here."
Learn to use contractions before you insult other people's intelligence.  You won't get audited for use tax only, but you might get your tax filings audited. If the state audits you, they will check for online purchases on your credit card statements.   I know from experience that the state of Florida put state troopers in trucking weigh stations on the interstate to look through freight bills from .com companies, gathered the delivery addresses, and audited at least some of those people.  I also know North Carolina and Louisiana look for use tax dodging during a regular audit.   I would urge you to think about why facts upset you to the point of name calling. It make no sense.
If you're doing a little paid work on the side I would think twice about setting up a limited company due to the expense and administrative overhead. A limited company has a couple of benefits (assets and liabilities of the company are separate from your personal assets and liabilities, which I see as a big bonus) but it's not worth it for a few hundred or even a couple of thousand a year. You can get a lot of the tax benefits simply by working as a sole trader (and you'd have to do a tax return every year) as you're still able to deduct any expenditure incurred in the process of your side business from the income and thus lower your taxes on it. You'd also want to make sure that you have a separate bank account for the side business so you don't mix it with your personal accounts (makes it easier to admin). Just keep in mind that this is for expenses wholly incurred in the process of doing business - try to claim on a PC that also doubles as a gaming rig might be an issue :). You're best off discussing this with an accountant who can talk you through the various alternatives and advise if it's worth the headache.
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The general idea of the PRPP is so that small business who cannot afford to offer a plan alone will be able to pool resources with others along with self-employed to create voluntary, defined-contribution pension plans that would be managed by private sector financial institutions. The PRPP concept would offer more options to individuals as well  as   small and medium-sized businesses - Tax Rules for Pooled Registered Pension Plans  You can also find an overview here THE NEW PRPP – A Pension for the Pension-Less
Disclaimer: I am not an attorney, and I have not 100% researched the law. Take any advise from an online forum with a grain of salt. Please consult an attorney, tax specialist, or the IRS directly for any concrete answers. AFAIK there isn't anything that would prevent you from starting a business. Simply owing back taxes shouldn't make a difference on how you make money, whether that is working for yourself or someone else. All the IRS is concerned about at this point is that you still owe them. When going through the process of forming an LLC a couple of years back, I don't recall any personal tax information being brought up except when we were discussing possible loan options. Regarding loan options, one important issue you may come into is if the IRS has filed a lien against you: A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A lien will exist on your credit report for 7 years after it is released: The IRS releases your lien within 30 days after you have paid your tax debt. With a lien, it will be very difficult to get a loan or other financing for your small business. If this ends up being the case, you can try to get a discharge or subordination on specific property that would allow lenders a claim on your property ahead of the IRS. Otherwise, you may find yourself relying solely on what money you currently have. A big point is the IRS's threshold on filing a lien is $10,000: The Fresh Start Initiative increased the IRS Notice of Federal Tax Lien filing threshold from $5,000 to $10,000; however, Notices of Federal Tax Liens may still be filed on amounts less than $10,000 when circumstances warrant. Since you currently owe ~$8,000 over the past 3 years, it is possible that adding another year in back taxes will cause the IRS to file a lien if they have not yet already done so. So it may be something to keep an eye on if you do plan on taking out a loan for your business.
"I heard it was illegal to begin a new business while still owing the   IRS. No such thing. ""Renovating business"" may require certain State licenses that may in turn require you to show that you've not violated any laws (including tax laws), so you may want to check that. But as a general rule - you can ""start"" a business any time you want."
I would ask around at any local colleges in your area. There are always little mini firms started up by students. The few I have worked with in the past do some pretty creative work. Just be warned though, it isn't going to be super professional and most of them will dissolve after the kids graduate.
They are private businesses, and they open as they want, quite the same as gas stations or supermarkets. You can open a fourth one, if you think there is money to be made. May not be a bad idea, if you know a bit about cyber security.
There should be no problem getting a mortgage from a bank with 3 years in business. They are going to use the average of the last 2 years of taxable profits to determine your income though. I think the key words here are taxable profits and this is where the problem typically comes in for most self employed folks. Many times self employed people will have soft losses and deductions that make their income seem lower than it really is (or unreported income).  It has nothing to do with your business plan, or your relationship with the bank unless it is a small community bank or credit union.
How To Finance Your Small Business Іf уоu hаvе а grеаt busіnеss іdеа оr рlаn, оr іf уоu wаnt tо ехраnd уоur ехіstіng sеrvісеs, dо nоt lеt lасk оf funds stор уоu іn уоur trасks. Тhеrе аrе vаrіоus fіnаnсе аvаіlаblе fоr smаll busіnеssеs. Wе tаkе а lооk аt smаll busіnеss еntrерrеnеurs саn tаkе аdvаntаgе оf fіnаnсіаl орроrtunіtіеs. Whеn thе sоurсе оf fundіng tо іnсludе thе dіffеrеnt оrgаns, suсh аs bаnks, gоvеrnmеnt sоurсеs, vеnturе саріtаlіsts аnd “аngеl” іnvеstоrs whеn іt іs usеful tо sее whаt аll lеndеrs, rеgаrdlеss оf сlаss, уоu wаnt, whеn thеу аrе lеndіng mоnеу, оr аt еntеrрrіsе іnvеstmеnt.
"Sole Proprietor can be registered under the ""Shop & Establishment Act"". Find out where one can register it in your city. One needs to fill a simple form. Its a nominal fee of Rs 100/-. If there is a Chamber of Commerce, they generally help in completing the formalities for free. A CA can also help you get this done for a small fee."
Impossible. There is no such thing as a business loan without proper collateral.  There are a couple of exceptions: Friends, and Family members.  But you want to be absolutely 100% sure your business plan can be executed successfully, and that your business plan is awesome.  You don't have a business plan? Then you're just going to be stealing money from your family and friends.
If your business name is your name, you are automatically considered a sole-proprietorship and any income you generate and expenses you incur can be calculated on your personal tax return. You can use QuickTax Home & Business tax software to lead you through the steps; you don't even need an accountant. One drawback of a sole-proprietorship in your name is liability. You are personally responsible for the business because you are the business. If you get sued, you can lose everything. To limit that liability you can look into opening a corporation. If the corporation gets sued you are insulated from that; the corporation goes bankrupt, not you. A lawyer and an accountant will be required to give you solid advice on this direction.
You need to first visit the website of whatever state you're looking to rent the property in and you're going to want to form the LLC in that particular state. Find the Department of Licensing link and inquire about forming a standard LLC to register as the owner of the property and you should easily see how much it costs. If the LLC has no income history, it would be difficult for the bank to allow this without requiring you to personally guarantee the loan. The obvious benefit of protecting yourself with the LLC is that you protect any other personal assets you have in your name. Your liability would stop at the loan.  The LLC would file its own taxes and be able to record the income against the losses (i.e. interest payments and other operating expenses.). This is can be beneficial depening on your current tax situation. I would definitely recommend the use of a tax accountant at that point.  You need to be sure you can really afford this property in the worst case scenario and think about market leasing assumption, property taxes, maintenance and management (especially if you've moved to another state.)
"What you describe is called a ""partnership"" (""General Partnership"", more precise). Partnership are unincorporated associations of people with a common goal in mind. Every partner shares the same responsibility and obligations, and the duties and authorizations to act on behalf of the partnership should be written down and signed by all the partners in a contract, which is called ""Operating Agreement"". With that in place, you (if you're given the authority by the partners) can open a bank account on behalf of the partnership, and allow other partners access to it (with or without signature authority, per the operating agreement). If you're talking about a group of homeowners - you should set up a ""Homeowners Association"" (HOA). Per applicable state law it would either be a limited partnership or a special kind of incorporated entity. That entity can enter contracts (hire a lawyer, for example) on behalf of all the owners."
&gt; Have enough funds to run the business and pay yourself the first year, plus 30%  This is going to vary wildly depending on the particular business.  So much so that a rule of thumb would be impossible to define.
In today's low interest environment capital is cheap and relatively easy to come by. If a business has an idea for expansion it should be easy enough to get a business loan and have enough ROI that the interest is not a huge cost.   There are many more ways to pay for business growth than cutting taxes
This author is conflating a sole proprietorship and a one-man shop.  Sole proprietorship is a tax designation as to who *owns* the business; an individual rather than a shareholder(s) or partner.  I operate as a sole proprietor, and have always had between four and six employees.
"&gt;It is 500, 1,000, or 1,500 employees depending on the industry. Five-hundred employees is not exactly small.  73.2% of ""small businesses"" are sole proprietors.  &gt; Hahaha. This has nothing to do with the discussion but whatever dude. If we were both to start our own companies, I'd actually value my workers and you would just complain about labor costs of the people that are needed to run your business.  I did start my own company six years ago.  So, you can talk about what you would hypothetically do and I can talk about what I actually did.  &gt; and people like you don't see  I've got 40 employees and none make minimum wage.   I actually have employees to value (which I do).    People like you only see the top of the hill and not the climb to get there."
Opening capital = opening assests-opening liabilities
It is a bit of work and expense to form a LLC. In the long run it is the best approach because it shields your personal assets from business liability. In the short run, you can form as a sole proprietor and operate that way, and later convert to a LLC.
How would I go about this so that I can start using this money? You would open the LLC. The checks were not written out to you, they were written out to the LLC. Only the LLC can endorse them.
a great piece dedicated to all secured business loan applicants out there. it offers information on what entrepreneurs should look for in start up financing deals to ensure that the lines of credit they will take out will surely suit the needs and budget of their respective shops and stores.
except that most companies are small companies and most business owners end up as families at some point.  I'm starting a business abroad and will be taxed at 35% in the USA even if I don't live there.   There's ways to get around it, but I'm not sure exactly how to do it yet nor am I making enough money yet to justify the up front expense of doing this
"Get out of accounting, get to bigger firms.  With around 2 years experience, this will take some pretty serious networking.  Alternatively, look at an MBA.  Small firms can be good but don't look as good on a resume to start.  ""Non-business graduate"" is meaningless. No one cares as long as its a real degree."
If you have self-employment income you can open a Solo 401k.  Your question is unclear as to what your employment status is.  If you are self-employed as an independent contractor, you can open a Solo 401k.  You can still do this even if you also earn non-self-employment income (i.e., you are an employee and receive a W-2).  However, the limits for contributions to a Solo 401k are based on your self-mployment income, not your total income, so if you have only a small amount of self-employment income, you won't be able to contribute much to the Solo 401k.  You may be able to reduce your taxes somewhat, but it's not like you can earn $1000 of self-employment income, open a Solo 401k, and dump $5000 into it; the limits don't work that way.
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From Schwab -  What are the eligibility requirements for a business to establish a SEP-IRA? Almost any type of business is eligible to establish a SEP-IRA, from self-employed individuals to multi-person corporations (including sole proprietors, partnerships, S and C corporations, and limited liability companies [LLCs]), tax-exempt organizations, and government agencies. What are the contribution limits? You may contribute up to 25% of compensation (20% if you’re self-employed3) or $49,000 for 2011 and $50,000 for 2012, whichever is less. If we set the PC aside, you and the son have an LLC renting office space, this addresses the ability of the LLC to offer the retirement account.
An LLC is a very flexible company when it comes to taxation.  You have three basic tax options: There are other good reasons to create an LLC (mainly to protect your personal assets) so even if you decide that you don't want to deal with the complications of an S-Corp LLC, you should still consider creating a sole proprietorship LLC.
Yes, absolutely she can. I come across small businesses from sole props to corps and llc who have their spouses employed. One thing to note is that the business won't need Workers Comp insurance if you're the only employee, if you hire anyone else you will need it.
I'd recommend that you start out small in creating a business where you control the content. You're trying to run a retail store of which you don't own the content, and requires multiple resources to get that content into your store. I'd recommend that you enroll yourself into a business program at a local CC.
That's awesome! You're going to want to learn how to fly a small technical one first. Once you are comfortable spend couple thousand and start with basic maneuvers, as the size of your drone has changed!   Do you understand the legal responsibilities as a small business owner and have you taken any business classes? I'm a vet as well. Private message me man. I know a lot about business.
"While she can certainly get an LLC or EIN, it isn't necessarily required or needed.  She can file as a sole-proprietor on her (or your joint) taxes by filling out a schedule-C addition to the 1040.  Any income or losses will pass through to your existing income situation (from W-2's and such). The general requirement for filing as a business in this regard has nothing to do with any minimum income, revenue, or size.  It is simply the intent to treat it as a business, and unlike a hobby, the overall intent to earn a profit eventually. If you're currently reporting the 1099-MISC income, but not deducting the expenses, this would be a means for you to offset the income with the expenses you mentioned (and possibly other legitimate ones).  There is no ""2% AGI"" restriction for schedule-C."
Those terms apply for businesses operating in the US, yes. The main takeaway should be to think of whether or not you need access to tons of capital, will have substantial risk of liability, or will operate with a partner. If the answer to all of these is no, you should use the structure which is most convenient/best for your taxes. I would look up sole proprietorships and see if that matches the definition of a sole trader.