Monthly Archives: February 2009

Depreciation of Vehicle Depends on Gross Vehicle Weight (GVW)

Curb Weight is the actual weight of the truck without any passengers or cargo in it. It’s the base weight that is used in subtraction to calculate the total weight of the vehicle with passengers and cargo. Gross Vehicle Weight … Continue reading

Posted in Income Tax | 4,578 Comments

LLC Operating Income is taxed how?

How is the LLC operating income taxed? The tax side is way different… BAD.  A single member LLC is a “disregarded” entity.  Thus, the LLC would not do a separate tax return as would a corporation.  The owner (now you know … Continue reading

Posted in LLC's | 4,477 Comments

LLC Income is Reported How?

How is the LLC income reported?  The IRS considers the single member LLC to be a “disregarded” entity.  That means, it is reported for tax purposes exactly the same as a sole proprietor with no additional reporting requirements.  That’s still … Continue reading

Posted in LLC's | 1,280 Comments

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

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).

Posted in LLC's | 4 Comments

Office in Home Deduction

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 … Continue reading

Posted in Income Tax | 2,778 Comments

LLC’s – What is an LLC?

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 … Continue reading

Posted in LLC's | 2,938 Comments

Hello World!

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 | 2,505 Comments