I have a question about the following tax situation.
I run three home based businesses with my wife that were started in 2005. I also work full time. Through all of these businesses we have made about $1500.00.
We have expenses such as printing materials, Internet, Phone, Mileage, ebay fee's, advertising costs, website setup and maintanence. Thus far we have not gotten any kind of biz license, filed a ficticious name or anything else
My main questions are:
1. What are the pro's and con's of doing an LLC that operates them all versus simply filing a Schedule C with my Tax ID? If i do this now before the end of the year will it apply to this whole year. or do I start fresh with next year as an LLC.
2. I would like to buy a computer before years end and be able to amortize (?) it all this tax year using the "hummer clause" (section 117 ?) ?
3. What is the best accounting software for setting things up...
4. Are there small biz tax softwares that really work well.
Thanks
2006-12-17
03:20:48
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4 answers
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asked by
mallicoatdd
4
in
United States