Recent content by blueman

What is the name of your state? MN Hi, If I have a share-room-mate in my principal residence (which I own), are the room-mate payments considered taxable income?? I assume so but just want to double check. Thanks .... Blueman

What is the name of your state? MN My wife is a full time student and recently relocated across the country to attend a new school. Are any of her relocation expenses tax deduct-able??

What is the name of your state? NY Hi There, Our S-Corp was registered in NY this year and has a physical office base there. However all of the employees (company officers only) are MN residents and did not actually perform any work in NY state in 2007 - everything was done remotely by phone...

What is the name of your state? MN Hi, I have a question about the timing of withholding tax payments: My business has a payroll on 12/31/07 so that my books show withholding tax payments on 12/31; But: the withholding tax payments are not actually deposited to IRS and state until some time...

What is the name of your state? NY Hi, Recently we incorporated a new business and are currently going through the process of having organizational meetings, setting up bank accounts, etc. One thing I am a bit confused about is what actually are the "Articles of Incorporation"?? Is that the...

What is the name of your state? NY Just a general question: If (say) I own 100 shares of an S-Corp and my stock basis is $10,000. If I sell additional shares (say 100) to a new investor, does that automatically mean that those shares will cost him $10,000 in cash or equipment investment? or can...

What is the name of your state? NY Hi There, My wife and I just started a corporation in NY. During the setup it was automatically issued with 200 shares of no par value stock. My wife and I have a 50/50 ownership of the business. Does that mean that we each own 100 shares? So now that I have...

What is the name of your state? NY I am a shareholder and officer of an S-Corp. We are registering a fictitious name for the S-Corp so that we will be doing business using 2 different names (the S-Corp name and the fictitious name) From a tax reporting/return perspective, do we need to...

What is the name of your state? MN & NY My wife and I are currently domiciled in different states. I am in MN due to employment. This is considered our home. Spouse is in NY for college study for 3 years. I spend most of my time in MN and she spends most of her time in NY. It is also...

What is the name of your state? MN & NY I have a couple of questions and would appreciate any help: 1. If I am a Minnesota resident for tax purposes and am also a shareholder in a New York registered S-Corp, how is my share of S-Corp income or loss treated for state tax purposes? In the first...

What is the name of your state? MN HI There, I have read than a professional services practice cannot operate as an LLC in california. But what if I am an LLC registered in MN or NV and doing business in California. Does that mean I cannot do business in California?? Thanks .... Blueman

What is the name of your state? MN Hi there, I am based in MN and planning to setup either an S-Corp or an LLC. One of the benefits of NV incorporation is no corporate taxes. But as a resident of MN I assume that this is of no benefit to me as the income of the S-Corp or LLC would be taxed as...

What is the name of your state? MN I had a federal Ch7 discharge 12 months ago and now find a small collection account ($70) on my credit reports which was active prior to the BK. That account was not specifically named in the BK filing but I am hoping that it is automatically included? Any...

What is the name of your state? MN I received a Federal Chapter 7 discharge in April of 2005. I have a number of secured loans (car, trailer, mortgage), which I continued to pay but did not reaffirm on the advice of my attorney. I now have steady income and want to re-affirm some of these...

What is the name of your state? Minnesota and possibly New York I have a number of small businesses (all sole proprietor) in related but different areas of business. I want to create an LLC or S Corporation which would own all the businesses for tax purposes. So, for instance: Blowfly LLC DBA...