Tax questions? I can help...

I'm a tax attorney. If you have any questions, let me know. I'll try to help.

Regards,

Art

Does an LLC, S, or C corp offer the best tax benefits?

Depends on what you want. For a small operation, you may prefer the one level of tax that is offerred by the LLC or S corporation. The LLC would provide more flexibility as to who and how many could be members than an S corporation. However, the S corporation could save a little on the self-employment tax.

A C corporation would be if you have bigger aspirations (e.g., going public). Two levels of tax would be imposed. The corporation would pay tax on its income. If it made a dividend to you, you would pay tax again on it.

Let me know if that answers your questions.

Regards,

Art

Hi,

I was wondering about the tax procedure for ecommerce?

I have seen websites charging sales tax for only addresses, which are in their state. Is it right? Is it supposed to be the state's sales tax (like 8.25%)

Also what if an individual wants to sell the products? How will he/she file the sales tax return?

Can agiacosa or someone else post a link or info about the questions?

Thanks

I run an S Corp and we've kinda been flying by the seat of our pants. I've read a few nolo books, checked around the web etc but it's all soo jumbled.

When should I file to pay self employment taxes on earning I have pulled from the business bank account? Bi-annually? Annually? Quarterly?

If it helps, the total earnings have been under 3,000 for this business and we formed as a C corp in April of this year, and then got S status about 2 months ago (The IRS takes their sweet time)

Thanks in advance. It's refreshing to see people in the "know" helping out the little guys from time to time.

Cheers,
Isaac

Need help in determining why if at all is it good/bad for a german citizen living and doing business in the US to have an S corporation in the US.
Or is a LP better if a C corp is the general partner and I am a limited partner to not pay any social security taxes at all in the US. I am not paying any german social security.

Please Help!

I need some tax advice relating to my wife's petition for divorce. I have tried everything to avoid the divorce, but my efforts have been unsuccessful. With that, I work and make appoximately $60000 per year. My wife is disabled and draws $584 monthly (SSA or SSI, not sure). To my knowledge, the $584 per month is the maximum she can draw. We also have three children together, ages 7, 4, and 3. We recently settled a Child Support agreement where she will receive $1184 from me monthly. In that agreement, the court figured minimum wage for her in the calculation (Kentucky). She was previously supplementing her income by performing childcare in the home and her total monthly income was approximately $1100. I chose to use the minimum wage calculation with hopes that her and her attorney would agree to allow me to claim our three children as tax exemptions. They agreed, but only for this calendar year. Her attorney argues that beginning in 2005, she will qualify for the Earned Income credit and won't allow me to claim all three children. To my knowledge, she doesn't qualify for the EIC unless she aquires taxable earned income. If this is correct, I feel that the Child Support figures need to be revisited to reach a fair settlement. I don't think the disability she draws qualifies as Earned Income. It is my impression that she intends to get a job which will allow her to continue to receive disability and earn taxable income under the limitiations of her disability guidelines. Can you give advice on my situation? If not, is there a financial planning group that could help me make the appropriate decisions relating to this issue? I can provide more details if needed.

Thank you

I would be very interested in finding out what should have sales tax. Is it only if they live in your state? Only on goods? Is website design a good or service? Hosting?