Author Topic: any accountants out there that i can ask a question?  (Read 490455 times)

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #620 on: December 24, 2015, 03:21:02 PM »
Technically,  you need to pay taxes either way.  Perhaps you can save on the llc fee/return,  depending on the state...
Don't need to pay taxes yet, the business has not started yet. It's will be a NJ LLC.
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Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #621 on: December 24, 2015, 03:42:14 PM »
Don't need to pay taxes yet, the business has not started yet. It's will be a NJ LLC.
Some states make you pay an llc fee every year regardless of activity

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #622 on: December 24, 2015, 03:52:16 PM »
Some states make you pay an llc fee every year regardless of activity
including NJ
150 per partner unless there is only two
in which case it would make very little difference if you file now (you;d file a zero return for State and Fed)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #623 on: December 24, 2015, 03:57:50 PM »
including NJ
150 per partner unless there is only two
in which case it would make very little difference if you file now (you;d file a zero return for State and Fed)
But not calendar year. LLC anniversary

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #624 on: December 24, 2015, 03:59:47 PM »
But not calendar year. LLC anniversary
-1
you;re thinking of annual report

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #625 on: December 24, 2015, 04:00:49 PM »
-1
you;re thinking of annual report
So the 150 is on the tr?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #626 on: December 24, 2015, 04:13:20 PM »

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #627 on: December 24, 2015, 08:31:52 PM »
If this is my first year getting paid on a 1099 and i will owe money bh, can i make the payment now and avoid paying quarterly next year?

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #628 on: December 24, 2015, 08:46:14 PM »
If this is my first year getting paid on a 1099 and i will owe money bh, can i make the payment now and avoid paying quarterly next year?
Make payment now for what time period? To avoid paying quarterly when?

As a first time rain maker you have it easy. To comply with the IRS Regulations you need to pay quarterly to make sure you don't go the whole year owing money and only pay up at the end. Thing is  -how does one know how much their annual amount will be???   The halacha is that you can be yotzei making payments by paying at least 100% of what you owed last year (or 100% of what you owe this year - whichever is smaller) For a business that owed $20K last year they need to make quarterly payments of at least  5K. Even if they end up owing 100K this year and at year end quickly kick in the rest, they won't have a penalty since they covered at least 100% of last year.

Therefore in your case, even if you made minimal quarterly (or possibly even none?) the first year you may not have a penalty since you fulfilled 100% of last year.


Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #629 on: December 24, 2015, 08:53:09 PM »
Make payment now for what time period? To avoid paying quarterly when?

As a first time rain maker you have it easy. To comply with the IRS Regulations you need to pay quarterly to make sure you don't go the whole year owing money and only pay up at the end. Thing is  -how does one know how much their annual amount will be???   The halacha is that you can be yotzei making payments by paying at least 100% of what you owed last year (or 100% of what you owe this year - whichever is smaller) For a business that owed $20K last year they need to make quarterly payments of at least  5K. Even if they end up owing 100K this year and at year end quickly kick in the rest, they won't have a penalty since they covered at least 100% of last year.

Therefore in your case, even if you made minimal quarterly (or possibly even none?) the first year you may not have a penalty since you fulfilled 100% of last year.


Correct- i am asking if i want to avoid paying quarterly next year (2016) can i make the full payment now of what i owe for 2015 and avoid paying until end of 2016 when i know how much i made.

Offline Ephcc90

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Re: any accountants out there that i can ask a question?
« Reply #630 on: December 24, 2015, 09:16:51 PM »

Make payment now for what time period? To avoid paying quarterly when?

As a first time rain maker you have it easy. To comply with the IRS Regulations you need to pay quarterly to make sure you don't go the whole year owing money and only pay up at the end. Thing is  -how does one know how much their annual amount will be???   The halacha is that you can be yotzei making payments by paying at least 100% of what you owed last year (or 100% of what you owe this year - whichever is smaller) For a business that owed $20K last year they need to make quarterly payments of at least  5K. Even if they end up owing 100K this year and at year end quickly kick in the rest, they won't have a penalty since they covered at least 100% of last year.

Therefore in your case, even if you made minimal quarterly (or possibly even none?) the first year you may not have a penalty since you fulfilled 100% of last year.
Cmiiw but doesn't safe harbor only apply if you filed last year?
Also, only need 90% of current year...

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #631 on: December 24, 2015, 09:19:20 PM »
Correct, I meant to say 90% of current year and yes I do believe you need to have filed at least something in the year before.

All this being said, I'm not really sure I understand the question. Are you saying exactly this, that you want to file and pay whatever minimal taxes you owe for 2015, and therefore not have to pay much if anything during the quarters of 2016?

Offline Josef.koney

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Re: any accountants out there that i can ask a question?
« Reply #632 on: December 24, 2015, 09:31:47 PM »
I'm a bucher in America (my father works in Canada) and would like to know when I have to start worrying and about what.
A. Do I have to file if I'm making minimal amounts of money?
What is called minimal?
B. If I don't, What about if the bank sends a 1099 (no clue what that is but it's all over threads with opening banks) does that affect me at all? Does that make me have to file now?
C. Does it make a dif what Info I give to cc companies (if I say I make 30k could that give me probs with the irs or since I don't really make that I have to problem...)
Thank you so much in advance!

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #633 on: December 24, 2015, 10:58:54 PM »
I'm a bucher in America (my father works in Canada) and would like to know when I have to start worrying and about what.
A. Do I have to file if I'm making minimal amounts of money?
What is called minimal?
B. If I don't, What about if the bank sends a 1099 (no clue what that is but it's all over threads with opening banks) does that affect me at all? Does that make me have to file now?
C. Does it make a dif what Info I give to cc companies (if I say I make 30k could that give me probs with the irs or since I don't really make that I have to problem...)
Thank you so much in advance!
If you earn money running your own jobs (as opposed to being a salaried employee) you need to file if you earn above $400.
If its a salary then up to ~10k.


Are you a claimed on your father's us tax return?

Offline Josef.koney

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Re: any accountants out there that i can ask a question?
« Reply #634 on: December 24, 2015, 11:03:21 PM »
If you earn money running your own jobs (as opposed to being a salaried employee) you need to file if you earn above $400.
If its a salary then up to ~10k.


Are you a claimed on your father's us tax return?
O my! So they expect every kid to file? You mean does he file for me? Ill have to ask...

Offline thaber

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Re: any accountants out there that i can ask a question?
« Reply #635 on: December 24, 2015, 11:07:18 PM »
I need to open a new LLC, any reason to wait for 1/1 so I don't have to file taxes for 2015 on this LLC? Or is now close enough to '16 that I don't have to file for '15 anyhow?


TIA
I know that in my state after 12/15 you don't need to pay the current year Llc fee.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #636 on: December 24, 2015, 11:08:19 PM »
O my! So they expect every kid to file? You mean does he file for me? Ill have to ask...
I mean that you are listed as a dependant.


Ask someone to else to confirm.  I haven't looked at this stuff in a while

Offline Josef.koney

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Re: any accountants out there that i can ask a question?
« Reply #637 on: December 24, 2015, 11:36:34 PM »
I mean that you are listed as a dependant.


Ask someone to else to confirm.  I haven't looked at this stuff in a while
If im a dependant what does that change?  (From what you remember...)

Offline terrificreport

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Re: any accountants out there that i can ask a question?
« Reply #638 on: December 24, 2015, 11:58:06 PM »
UTMA question.

If the custodian who is also the donor dies, UTMA assets will then be included in the decedent's estate for tax purposes. Nothing accomplished, if the intent - of the UTMA - was to take advantage of the annual gift amounts.

Please let me know if this is true as it seems this is pretty clear - I am wondering if I a missing something.

Thanks

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #639 on: December 25, 2015, 12:12:59 AM »
I know that in my state after 12/15 you don't need to pay the current year Llc fee.
which state is that? NJ?
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