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3 weeks ago
Hello, I had to pay taxes for my 2024 Tax year. I processed it and a voucher for payments went to the Ohio office. I am from Washington and i have received a certified letter from the San Francisc...
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Hello, I had to pay taxes for my 2024 Tax year. I processed it and a voucher for payments went to the Ohio office. I am from Washington and i have received a certified letter from the San Francisco office that i need to make a payment. I have been paying my taxes using the Vouchers provided. I have tried contacting the San Francisco office, but to no avail. How can i inform San Francisco office that i have been paying my taxes.
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3 weeks ago
1 Cheer
It is indeed possible for a single-member Limited Liability Company (LLC) in Florida to operate two or more distinct business activities under the protection of the same existing legal entity. To do ...
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It is indeed possible for a single-member Limited Liability Company (LLC) in Florida to operate two or more distinct business activities under the protection of the same existing legal entity. To do this legally, the LLC must register any new business name that differs from the LLC's official name as a Fictitious Name (known as a "Doing Business As" or DBA) with the Florida Division of Corporations. There is also an he administrative fees for running both businesses under your existing Florida LLC are quite predictable for 2025. However, you should be aware that there is an additional, state-mandated cost you will incur for each new business of $50 as a registration fee for the Fictitious Name (DBA) filing, as well as, the required newspaper publication fee for the Fictitious Name, which is a separate cost paid to a local newspaper and typically ranges from $25-$100, depending on your county.
Also the plan to maintain separate business bank accounts, income and expenses for each business is not just extremely helpful at tax time, as each will be reported on its own Schedule C, it is absolutely necessary for the LLC's ability to maintain its liability protection as an entity.
Important Tax and Legal considerations:
Legal Entity Status: The LLC remains a single legal entity under state law, irrespective of the number of Fictitious Names used.
Florida State Filing: Each separate business name must be registered as a Fictitious Name with the Florida Division of Corporations, a process that requires renewal every five years (Florida Statutes Section 865.09).
Federal Tax Reporting: For income tax purposes, the single-member LLC is, by default, a disregarded entity by the Internal Revenue Service (IRS). All combined income and expenses are reported on the owner's personal Form 1040, typically utilizing a separate Schedule C for each distinct business activity (IRS guidance).
Exposure to Liability: The protection offered by the LLC is shared across all ventures. If one business faces a lawsuit or a significant debt, the assets and income of the other business, which are held by the same LLC, and are equally exposed to that claim.
Pros and Cons
Pros: The primary advantage is administrative cost reduction, as you avoid the expense of duplicate state formation fees, annual reports, and registered agent costs associated with forming multiple separate LLCs. Management is also simpler, requiring only one Operating Agreement and one federal tax identifier (EIN) for the entire operation. Launching a new activity involves the simpler process of filing a Fictitious Name, rather than full entity formation.
Cons: The most significant drawback is the shared liability risk. If one business suffers a financial or legal catastrophe, the entire combined pool of assets is vulnerable. Furthermore, while filing fees are reduced, the internal bookkeeping becomes more complex; documentation must be meticulous to support the strict separation of income and expenses for each venture. Failure to maintain these financial distinctions puts the LLC at risk of having its limited liability protection, which is often referred to as, piercing the corporate veil, removed. veil, or shield that was put in place to protect your personal assets, making the owner personally liable for all business debts.
**Please note that it is important to consult a local attorney for advice pertaining to the legal considerations of the exposure to liability for businesses operating under the same LLC structure. An attorney can provide guidance specific to your situation and offer strategies to mitigate risks, ensuring full compliance and protection under Florida law and federal regulations.
Helpful Links for more information:
Limited Liability Company (LLC) Tax Classification
Florida Fictitious Name Registration
Florida Statutes Section 865.09
Filing Taxes for Multiple Businesses
Please feel free to reach out with any additional questions or concerns you may have and
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3 weeks ago
To expand on the exemptions, please note that New Mexico, South Dakota, and West Virginia are the four states that generally tax all services unless specifically exempted by state law. These states ...
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To expand on the exemptions, please note that New Mexico, South Dakota, and West Virginia are the four states that generally tax all services unless specifically exempted by state law. These states have a broad tax structure where services are typically assumed to be taxable. Since sales tax is not a topic we specialize in, I would also recommend consulting your state and local sales tax professionals to become familiar with anything specific to your state and local government requirements.
3 weeks ago
Are you asking about yourself getting a W2 or 1099NEC? Or if you are paying someone? Here is an IRS website to help you determine if you should be paying someone as an employee or independent c...
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Are you asking about yourself getting a W2 or 1099NEC? Or if you are paying someone? Here is an IRS website to help you determine if you should be paying someone as an employee or independent contractor… https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee
3 weeks ago
As an independent contractor you are expected to provide your own tools and equipment. Hence, you cannot ask for phone, computer or business email. There are other things you can negotiate, such as t...
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As an independent contractor you are expected to provide your own tools and equipment. Hence, you cannot ask for phone, computer or business email. There are other things you can negotiate, such as the amount of compensation they will provide for your services, number of hours expected to work to perform the services, timeline for delivering the services. You can also negotiate whether you will be paid by the hour or by the project. You can ask them if they would be providing you with travel reimbursements for traveling to specific sites. You can negotiate who will own the work you perform, project you complete.
3 weeks ago
Please keep in mind that if you are doing contract work you will likely be receiving a 1099-NEC, rather than a W-2. If this is the case you will be subject to Self-Employment tax, in addition to inc...
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Please keep in mind that if you are doing contract work you will likely be receiving a 1099-NEC, rather than a W-2. If this is the case you will be subject to Self-Employment tax, in addition to income tax, on any net earnings. Net earnings will be your income minus any allowable deductions related to generating the income. The Self-Employment tax is calculated as: Taxable SE Income = Net Earnings x 0.9235. The result of this will be multiplied by the 15.3% SE tax rate for social security and Medicare. As a W-2 employee your employer would cover half of that and withhold the other half from your pay along with federal withholding for income tax. Being Self-Employed, you are required to make estimated quarterly payments instead. Please see the below resources for reference:
How to File Taxes as an Independent Contractor: Tax Forms, Deductions, and Credits for Freelancers
A Guide to Self-Employment Taxes for Contractors, Freelancers, and Beyond [Infographic]
Hope this helps!
Cindy
3 weeks ago
Negotiating with an architecture firm to do contract work. What should I ask for? For instance, could they provide me with a phone, computer, email address with company name?
3 weeks ago
1 Cheer
Trying to decide what to ask for in negotiations for contract work for an architecture firm.
3 weeks ago
How do I determine who gets a 1099 or a W-2?
3 weeks ago
Taxpayers who receive a W-2 paycheck use IRS Form W-4 (Employee’s Withholding Certificate) to control how much federal income tax is withheld from their pay throughout the year.
Why Accurate W...
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Taxpayers who receive a W-2 paycheck use IRS Form W-4 (Employee’s Withholding Certificate) to control how much federal income tax is withheld from their pay throughout the year.
Why Accurate Withholding Matters for Your Finances
The goal of updating your W-4 Form is to ensure that the federal income tax paid matches your eventual tax liability, helping you avoid major surprises.
Avoid Penalties: If you under-withhold, meaning you have too little federal income tax taken out, then you risk owing an unexpected tax bill when you file your return and potentially facing a penalty for underpayment.
Stop Giving an Interest-Free Loan: If you over-withhold, you will receive a large tax refund. However, a large refund essentially means you provided the government with an interest-free loan throughout the year, losing the opportunity to use that money to pay off debt or earn interest in a savings account.
When to Update Your W-4 (The Key Triggers)
While many people only complete a Form W-4 when they are initially hired, taxpayers should submit a new form to their employer any time they experience a major tax situation change in their financial or personal life. Since your employer relies on this form to adjust withholding, failing to update it means your tax payments will not reflect your current situation.
Key major life events that necessitate updating your withholding include:
Changes in marital status, such as marriage or divorce.
The birth or adoption of a child or changes in dependent status.
Starting or stopping a second job, or if your spouse starts or stops working.
Receiving significant income not subject to withholding, such as interest, dividends, capital gains, or rental income.
Adjustments related to new tax laws, especially for the 2025 tax year.
Adjusting your withholding is a straightforward process; you simply fill out a new Form W-4 and submit it to your employer’s payroll or human resources department.
Accounting for 2025 Tax Year Updates
The One Big Beautiful Bill Act (OBBBA) includes several provisions beginning in 2025 that affect your required withholding, meaning you should submit a new Form W-4. These changes include an increase in the Standard Deduction and an enhanced Child Tax Credit (up to $2,200 per eligible child). The new law also provides income tax deductions for seniors, qualified tips, qualified overtime, and qualified vehicle loan interest starting in 2025. To incorporate these deductions into your paychecks for the remainder of 2025, you must use the deductions worksheet manually and input the result into Step 4(b) of the 2025 Form W-4.
Need to update your W-4? Our video "How do I update my W-4" guides you through the process using TurboTax.
Additional Resources
Form W-4 and Your Take-Home Pay
Make Withholding Changes Work for You
Top 5 Reasons to Adjust Your W-4 Withholding
How do I update and print a new W-4?
Stay on Track: W-4s, Quarterly Estimates, & more!
Need more help? Our TurboTax Community is here for you! Post your question in one of our dedicated tax forums.
3 weeks ago
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax giv...
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Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
3 weeks ago
3 weeks ago
How do i amend my return and get my refund back that was withheld by north carolina? I claim Michigan state and will file MI state tax returns.
3 weeks ago
HIi there, @vearisthebest A couple of questions: -You noted you were on TurboTax Online, is that correct? -Are you downloading a pdf file? -Do you see any error codes or pop ups? If you h...
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HIi there, @vearisthebest A couple of questions: -You noted you were on TurboTax Online, is that correct? -Are you downloading a pdf file? -Do you see any error codes or pop ups? If you haven't tried it already, clear cache and cookies and restart your device. Let me know if you were able to get this resolved or if you're continuing to get stuck. You can Contact us for personalized assistance as well.
3 weeks ago
Hi @rachel-jordanB99 Fill out this form from the Intuit Academy FAQ & Support site. Let me know if you were able to get this resolved.
3 weeks ago
@millsporter No one in this user forum can help with that. The online software will not be available until sometime in early December. Perhaps customer support can help you identify the expert yo...
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@millsporter No one in this user forum can help with that. The online software will not be available until sometime in early December. Perhaps customer support can help you identify the expert you used last year. Be mindful that many of the "experts" are seasonal employees and some do not return every year.
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
3 weeks ago
1 Cheer
Online TurboTax software will become available in early December. The desktop download software has just recently been released, although it will still need many updates.
3 weeks ago
Can you identify the expert who assisted on my 2024 Taxes, I'd like to get on his schedule for my 2025 return?
3 weeks ago
Use this link and select the blue hyperlink that says "access it here" in the intro: https://turbotax.intuit.com/personal-taxes/past-years-products/2022/
3 weeks ago
I do not see a "start new return" button on the home page.
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