All Forum Posts by: Cameron Skinner

@Seth Teel good thinking, I forgot you can record a contract, this would be an inexpensive way to put ball back in there court, assuming it would act like a lien on the property, but not sure how long it would stay valid?

as long as your payroll tax liability is less than 2,500 you can file a 944 which is an annual 941.  If not you can file zero 941s for first 3 quarters, but you still have to send in the zero returns timely.  Also don't forget to file your for form 940, which is an annual return 

Hope this helps good luck!

@Jai Kumar careful setting up LLCs if your in Callifornia they have a minimum franchise tax on LLCs you need to first talk to a good licensed tax professional in your area to structure to limit your tax exposure. 

You can sue for "specific performance" which could force them to execute the contract, but almost no judge will force a sale. More likely he would only give you money damages, maybe you had to store furniture, paid for appraisals inspections ect.  Get your wallet ready 10-15k in legal fees and your contact probably has a clause each party pays their own fees, so most likely not worth it. 

Hope this helps, Good Luck

@Account Closed 

The only problem with your LLC 1 & 2 you would still owe self employment tax on both up too certain limitations. The rule of thumb once you get over about 100k in profit in a small business is usually about the breaking point when the tax advantage becomes greater than the extra compliance cost of paying to run payroll and paying for extra the s-Corp return. Further most states do not require unemployment insurance if your more than a 50% owner and an officer of the s-Corp, lastly as long as you pay yourself a reasonable salary "what you would pay someone to do your job," even if that is only 45-50k your fine.

Hope this helps,  Good luck!

@Arianne L.  hey I'm in Panama City Beach west end right up the road, you have allot of moving parts, I've done some international investor tax work, private message me if you want, we can connect I may be able to get you going in the right direction.

you don't need to file a FL return on rental property,  unless you have a condo or vacation rental and have personal property like furniture appliances ect. Over 25k, it's called the tangible personal property tax.  Some county tax collectors make you file for the 25k exemption on any rental, because they don't know if it's a vrbo with a bunch of furniture, but every county is different on what they may require.  Just google tax collector and the county where you rental is in FL and call their office and ask.  It's just a one page simple form if they require it no need to pay turbo tax to spit it out. 

Hope this helps,

Good luck

You could set up a Delaware or Navada c-Corp, and hire someone to be nominee director to sign and be public documents.  It would take a court order could track you down or if you are deposed you would have to disclose, this may work if your dodging creditors, but not IRS or law suits.  Private message me if you want, if I know exactly what your trying to avoid I may be able to point you in the right direction.

Hope this helps,

Good luck 

@Sylvia B. you can just go ahead write category on the receipt before you through it in the box just write your categories on the lid, but with 10 you probably need to learn quickbooks.  But actually for my clients who just refused to to keep current books this really worked well. I had a contractor with hundreds if not thousands of transactions every year and he had a bank account that returned his canceled checks with his statement he would write his categories in the memo column on the checks and then play solitaire once a month when his stamens came in the mail.

@Alik Levin  you might be able to break out from his numbers, I was on a recent podcast talking about this very subject, private message me if you want to connect I may be able to help.

Good Luck!