u/bl4ckdu5t
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13points
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3points
Meaningless Creativity (josephrex.me)
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1points
Financial Architecture (self.personalfinance) [R1: Submission guidelines]
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1points
Repainting a basketball back board (self.Carpentry)
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1points
Should extended installment expense be exempt from previous year expense (self.personalfinance) [Other]
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1points
Figuring out filtration (self.Plumbing)
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0points
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1points
Does the pass through expense from sole proprietorship influence reduced W2 income tax (self.personalfinance) [Taxes]
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1points
Thoughts and recommendations (self.logodesign)
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1points
Are you still considered Sole Proprietor after electing to be taxed as Corp? (self.personalfinance) [Taxes]
bl4ckdu5t
bl4ckdu5t
Thank you!
bl4ckdu5t
This was organization cost. The cost of business formation. I had read here that it can be amortized https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/amp/L7SOyYMzr . But with the total expense made in 2019 being $269 and the overall organizational cost being $404, my initial thought was to enter $404 as expense and only deduct $269. Except I'm not sure that's the appropriate thing to do. Perhaps I can only amortize on the $269 in 2019 tax since it was all that was paid in 2019.
bl4ckdu5t
I noticed I have an option to list the entire expense, deduct some for 2019 and split the rest over the next 15 years? What's this about? And is it a reasonable/valid option if I decide to enter all expense and only deduct the installments that were made in 2019?
bl4ckdu5t
Thank you. Yes I'm cash basis
bl4ckdu5t
3MFF100
Thanks for suggesting that. I just looked that up and learning more about it.
bl4ckdu5t
Great! Thank you! This really gives me a better perspective into the whole thing. I had started the LLC in December and made some earnings but the cost of starting up the LLC was more than the income made.
bl4ckdu5t
Thank you for the detailed insight. So while expense over business income means income - expense = negative value, hence no taxable income. But it does not in anyway reduce the tax on W2 wage?
bl4ckdu5t
That looks really good.
bl4ckdu5t
You should use Debit and Credit - A mac and iOS app. It is really great and not as expensive. Free for just 2 accounts. I have looked a little into YNAB but not enough to have a strong opinion about it but from what I saw, I'd say I prefer Debit and Credit. The only downside is that it's only on Apple platforms.
bl4ckdu5t
In the case of a small business that's not publicly traded, and only doing very little amount of work to earn just about $400 in a year, will this withholdings still have to be paid quarterly? Is it better to elect as S Corp to have yearly filings over quarterly filings in this case?
bl4ckdu5t
I use Debit and Credit app for this and it is really great. I would recommend it for anyone who wants something a little easier than a spreadsheets. It also generates report graphs based on your data.
bl4ckdu5t
Thanks for spotting that @aglanmg
bl4ckdu5t
Here's mine: vimrc . I like the state of it now because there's nothing there that I don't use but I'd like to hear what you think
bl4ckdu5t
Isn't two words too long to test if it works? As a lazy programmer I'll alert("Hi")
Thank you so much. You're a life and money saver!