Question – I recently changed some paperwork like owner’s name, I went from sole proprietor to single member LLC, changed my sales tax id and got an EIN. My question is now that my business is a single member LLC do I have to get a different EIN in order to submit that number on …
Question – When I buy inventory using Paypal credit, when/how does this get recorded? Does it belong in the month I make the purchase and receive the inventory, or six months later when I pay the bill? Our response – The record takes place when you make the purchase or receive the inventory.
Question – How long do I need to keep eBay sales records for tax purposes? I’m a long-time seller on eBay and I’m getting ready to move. I have boxes of sales records from the last 5 years. Will I need these if I’m audited? I do have a legal business and collect sales tax …
How long do I need to keep eBay sales records for tax purposes? Read More »
Question – A corporation with a single owner pays for personal expenses out of his business account. In the past, they have been recorded under expenses using a category “personal expense” just to track it. I am in the process of transitioning them to payroll for these expenses, but what is the best way to …
What is the best way to remove the past expenses from the P&L? Read More »
Question – I’m getting conflicting info from TX and CA tax attorneys. Can I have a Texas LLC or s Corp owned by me in California where the physical work is being done in Texas and I am managing the website in California, only have to pay Texas taxes on it? How do I accomplish …
Can I have a Texas LLC or s Corp owned by me in California? Read More »