Archive for 3. February 2009

If I’m doing business as an LCC, what am I called?

3. February 2009 by admin.

Owners of LLC’s are called members.  The person in charge is called the manager or managing member (if it is a multiple member LLC).

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Office in Home Deduction

3. February 2009 by admin.

HOME OFFICE DEDUCTION Do you have an area of the home you use exclusively for business?

If so, the following information is needed:

  • Square footage of area used exclusively for business

  •  Total square footage (excluding garage)

  •  Electric, gas (not water)

  • Maid service if it includes the office

  • Home insurance or Renters insurance

  • Portion of DSL used for business

If you rent the home or apartment

            ·     Rent expense for the year (or portion to which the business applies)

            ·     Cost of Home (best to have copy of settlement statement when purchased) 

               ·      Value of Land on date of purchase 

NOTE:  The usage of the area (area, not necessarily a closed off room) must be used EXCLUSIVELY for business. 

Simply multiply the business use percentage (Square footage of area used exclusively for business divided by the Total square footage (not including garage) TIMES the total expenses. 

These requirements are discussed in greater detail in IRS Publication 587, Business Use of Your Home available at www.IRS.gov

Posted in Income Tax | No Comments »

LLC’s - What is an LLC?

3. February 2009 by admin.

Limited Liability Companies started in the United States in Wyoming in 1977. Similar entities existed in Germany in the late 1890’s. The Wyoming farmers wanted the advantages of corporations (specifically, limited personal liability) with the advantages of being unincorporated (no organizational meetings, By-Laws, accounting requirements). Since then, all 50 states have adopted various forms of LLC’s. Not all states have the same advantages. That’s the GOOD.. no organizational meetings, no By-Laws. It is operated the same as a sole proprietor.

If there is more than one owner, it is called a multiple member LLC (similar to a partnership).

Posted in LLC's | 1 Comment »

Hello World!

3. February 2009 by admin.

Welcome to IRSTaxTalk.com, our blogging website.  Please visit our main website www.USATaxHelp.com

Thank you and please feel free to comment. 

Posted in General | 4 Comments »

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