federal tax
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federal tax
Having an issue with IRS about deductions...do you believe a tax CPA is best or tax attorney....I don't have either------.any recommendations ??..I am located in Kentucky!..they could be anywhere as far as I care..looking for reommendations....Thanks
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karenkarenn
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I hope your deductions are not from a LLC partnership. I was very surprised to find out with Daniel Moon that I could NOT deduct any expenses until the end of the LLC. Of course, they would expect me to pay taxes on any winnings right away. 
"When I am on my deathbed, I imagine I will say, 'Thank God I did that'" - Arthur Hancock, on buying back Gato del Sol from Europe after Exceller was killed in a slaughterhouse in Sweden.
majxmom wrote:I hope your deductions are not from a LLC partnership. I was very surprised to find out with Daniel Moon that I could NOT deduct any expenses until the end of the LLC. Of course, they would expect me to pay taxes on any winnings right away.
Perhaps not all LLC's are qreated equal? My sister and I set up an LLC for our horse business and we have taken deductions right along. We do use an accountant. I wouldn't want to deal with the IRS on my own, particularly.
No, griff, that is not exactly true. An LLC can elect to be treated EITHER as a partnership OR as a corporation, provided it has more than one member.
http://www.sbrg.irs.gov/sections/sectio ... forllc.htm
Like sub-Chapter C vs. S election for a corporation, once the election has been made it cannot be changed.
A single member LLC files a Schedule C which is basically a Self-Employment schedule that is filed with a 1040.
Oh and an LLC does not "end." majxmom, you should be able to take your expenses as they occur, unless there are other circumstances.
http://www.sbrg.irs.gov/sections/sectio ... forllc.htm
Like sub-Chapter C vs. S election for a corporation, once the election has been made it cannot be changed.
A single member LLC files a Schedule C which is basically a Self-Employment schedule that is filed with a 1040.
Oh and an LLC does not "end." majxmom, you should be able to take your expenses as they occur, unless there are other circumstances.
Last edited by madelyn on Sun Aug 09, 2009 2:04 pm, edited 2 times in total.
So Run for the Roses, as fast as you can.....
Madelyn
I bow to your and your husband's experience and knowledge..
I was sold on LLCs when I was told it would [maybe could] provide the favoriable taxes situation of a partnership and the protection of na corporation.. We use it when we can not use a Chapter S.
griff
I bow to your and your husband's experience and knowledge..
I was sold on LLCs when I was told it would [maybe could] provide the favoriable taxes situation of a partnership and the protection of na corporation.. We use it when we can not use a Chapter S.
griff
"We has met the enemy and he is us" [Pogo]