Author Topic: any accountants out there that i can ask a question?  (Read 487125 times)

Offline Marko Rubio

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Re: any accountants out there that i can ask a question?
« Reply #1340 on: April 27, 2017, 02:39:22 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
Do u have any different idea for a signature?

Offline Bh101

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Re: any accountants out there that i can ask a question?
« Reply #1341 on: April 27, 2017, 02:40:51 PM »
general speaking whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA

With the limited info you provided i would advise LLC

Offline Marko Rubio

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Re: any accountants out there that i can ask a question?
« Reply #1342 on: April 27, 2017, 02:46:47 PM »
With the limited info you provided i would advise LLC
thanks for your reply,
what info do u need to give me a more specific answer if u dont mind?
Do u have any different idea for a signature?

Offline Bh101

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Re: any accountants out there that i can ask a question?
« Reply #1343 on: April 27, 2017, 02:53:23 PM »
thanks for your reply,
what info do u need to give me a more specific answer if u dont mind?
well, nothing that i would ask over here . to properly structure yourseld you should call you accountant

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1344 on: April 27, 2017, 04:28:04 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
There are considerations beyond tax considerations on what type of business structure to set up.

I once spoke to someone who was selling on Amazon and was afraid of product liability. His FIL was an attorney, and told him that in many cases the "corporate veil" can be pierced. I gave him some suggestions on how to structure his business, and no less importantly on how to set up his accounting, which if followed correctly would enhance his corporate veil, as the first thing attorneys will look for (and judges might agree) if trying to pierce a corporate veil, is the owner not properly honoring the business structure.

There are certain pre-tax expenses that one might only be able to take in a C-Corp and not in any other structure.

An S-corp might be another structure to consider, possibly getting some profits free of FICA.

There are also local tax considerations.
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Offline Bukboy

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Re: any accountants out there that i can ask a question?
« Reply #1345 on: April 27, 2017, 04:39:05 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
My accountant advised me to go with a C corp and that's what i did (Yes i'm selling on amazon) 

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1346 on: April 27, 2017, 07:08:23 PM »
My accountant advised me to go with a C corp and that's what i did (Yes i'm selling on amazon)
But why?

Offline ADG

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Re: any accountants out there that i can ask a question?
« Reply #1347 on: June 14, 2017, 12:11:31 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks

Offline ywoosh

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Re: any accountants out there that i can ask a question?
« Reply #1348 on: June 14, 2017, 12:57:22 PM »
But why?

Because it will make his accountant the most money...

Offline ywoosh

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Re: any accountants out there that i can ask a question?
« Reply #1349 on: June 14, 2017, 12:59:05 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks

Is the bank the custodian?

Offline aygart

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Re: any accountants out there that i can ask a question?
« Reply #1350 on: June 14, 2017, 01:04:33 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks
Do they need to verify? The difference IINM is not whether tax was actually paid rather whether you can claim a deduction for the contribution.
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Offline ADG

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Re: any accountants out there that i can ask a question?
« Reply #1351 on: June 14, 2017, 01:27:43 PM »
Is the bank the custodian?

no
Do they need to verify? The difference IINM is not whether tax was actually paid rather whether you can claim a deduction for the contribution.

I would imagine they would need to because that is the whole definition of a Roth.

If you can claim it as a deduction that would be an unrealistic double dip.

Can you please elaborate how it would work?

Offline aygart

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Re: any accountants out there that i can ask a question?
« Reply #1352 on: June 14, 2017, 01:32:20 PM »
no
I would imagine they would need to because that is the whole definition of a Roth.

If you can claim it as a deduction that would be an unrealistic double dip.

Can you please elaborate how it would work?


THey report to the IRS what you contributed. If they report a roth and you claim the deduction for a standard IRA then you are likely to get audited. The bank doesn't verify anything. The deduction would be claimed only after the contribution is made.
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Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #1353 on: June 14, 2017, 02:10:34 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks

What are you funding the Roth with? If the money is coming from any ordinary non-qualified account you have nothing to worry about. If for example the money wasn't taxed because your tax bracket is 0%, that's irrelevant, and that money can still be used to fund a Roth. Money that is pre-tax can't be used to fund a Roth, but pre-tax means that it was excluded from your taxable income on your 1040; it does not mean money that was included in your taxable income but then taxed at 0%.

The only pre-tax dollars you have are those trapped inside a qualified retirement account (IRA, 401k, etc). You wouldn't be able to move that money into a Roth without completing a roll over form and reporting the transaction on your 1040.

It's ultimately on you to make sure that you don't exceed the annual funding limits for the Roth. The limit depends on how much you earn (you can't contribute more than your reported income, and if you earn too much you can't contribute) and is reduced if you contribute to another IRA.
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Offline ben89

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Re: any accountants out there that i can ask a question?
« Reply #1354 on: July 19, 2017, 10:35:48 PM »
If a relative is paying for me a down payment for a house and they call it a gift, is that taxable? What's the best way to do it?

Offline precise

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Re: any accountants out there that i can ask a question?
« Reply #1355 on: July 19, 2017, 10:38:57 PM »
If a relative is paying for me a down payment for a house and they call it a gift, is that taxable?
Gift tax is on the payor of the gift. The recipient pays zilch

Offline ben89

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Re: any accountants out there that i can ask a question?
« Reply #1356 on: July 19, 2017, 10:41:16 PM »
Gift tax is on the payor of the gift. The recipient pays zilch
so what's the tax for the payer? Why can't they just pay it directly and not give it as a gift?

Offline precise

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Re: any accountants out there that i can ask a question?
« Reply #1357 on: July 19, 2017, 10:45:32 PM »
so what's the tax for the payer?
Though I'm not positive on this I believe rate depends on the income.

Why can't they just pay it directly and not give it as a gift?
Pay what directly? If you give a gift above an x amount the IRS will tax you on it

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1358 on: July 19, 2017, 11:01:34 PM »
You only get gift tax after gifting like 5 mm.
By that time you will hire a team of tax accountants to help you get around it

Offline 12HRS

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