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New Business Start Up Began In 2017; We Will Not Open For Business Until April Or May 2018. Do We File A Return In 2017?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Start up and organizational costs are deducted or amortized over a 180 month period, starting the the month that the business began operations. You may deduct up to $5,000 of each (with restrictions) and amortize...   Read More
I Opened My Single Member Sport Consulting LLC One Week Ago. Based On The New Tax Reform And Knowing That I Will Make Around $120,000/$...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

As an S Corp, you must pay yourself a reasonable salary but you don't pay Social Security or Medicare on the profits above and beyond the salary. If you file as an LLC (sole proprietorship) you will pay income tax...   Read More
I Am A Partner In A Business And I Would Like To Know My Best Options For Funding The Buy Sell Agreement And Deducting The Premiums As A...
User Photo Kenneth May, EA
Tax Professional Level: Tax Enthusiast

There is only one way to fund the buy sell agreement and deduct the premiums as a business expense. Please call me at (989) 846-9581 or e-mail me at baservicesinc@yahoo.com. for more details.   Read More
If Don't Have A Way Of Determining Value Of An Asset At The Time Of Conversion From Personal To Business Use, Eg A Year Or More Ago, Can...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can't use current FMV. You need to make a reasonable estimate of the value as of the time of conversion, and be able to support your valuation with external invormation such as listed prices of similar assets...   Read More
For A Low Value Asset (less Than $100) Being Expensed Rather Than Depreciated, Can The Expense Be Taken In A Subsequent Year Of Use If Not...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Any expense must be deducted in the year in which it is placed in service unless you are a cash basis taxpayer. In that case, it would be deducted in the year in which it was paid for. If the purchase is placed on...   Read More
I Know I Miss Out On Major Tax Deductions Throughout The Year, Is There An Easy Way To Find Out All The Things I Can Qualify For?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The best way to find out what you are missing, and what you still might be eligible for, is to sit down with a good tax advisor.  Most advisors are happy to do planning with you for the future and look over...   Read More
How Do I Value The Loss Of My Business As A Result Of A Hurricane?
User Photo David Neidhart
Tax Professional Level: Tax Enthusiast

This can be a very complicated matter. However, the basic principle is that you can claim as a casualty loss the change in the fair market value of your company from the date before the loss to the date of the...   Read More
Sold Law Business And Expanded New Law Practice To A County 300 Miles Away. Began Commu It Ing, But Then Rent A House To Avoid The...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

It is all determined by intent. If your intent in having the new practice is for it to be temporary (less then one year) then you have temporary living expenses. If your intent is for it to last more then one...   Read More


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User Photo John Stancil

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User Photo Peter J. Scalise

New York, New York, USA

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