All Forum Posts by: Mohamed Nagoor

@Lance Lvovsky.

Thank you for your response. Will check with my CPA also.

Mohamed 

Thank you all for your responses.

Mohamed

@Chandler Woodley. 

Try SCANBOT for your receipts. 

Open the app, take a pic, save as PDF or JPEG. Works on both iPhone and Andriod devices. 

If you have a google account, create a folder in Google drive and upload your receipts to that folder. This way all your receipts stay in one location and can be accessed from anywhere. 

Hope this helps.

Mohamed

Hi, 

I am about to send out the 1099 MISC forms to my contractors for the work they did last year. Which of the boxes do I check for the below scenarios (3 or 7)?

1. General Contractor for most of the rehab work.

2. HVAC guy who installed a new AC.

3. Stager ~ 3K

Thanks for your time. 

Mohamed

Hi,

SMLLC to flip homes. 

Say I make 30K in gains during a year flipping homes. 

1. I decide to take 15K as my annual pay. Can I take the Pay at end of the year when I'm filing my taxes OR do I have to pay quarterly estimated payments (SE Taxes). Again, until about the end of year I will not know how much profit I will make to decide my Pay. 

2. The remaining 15K can I transfer it back to my personal account as a Distribution? Am assuming I still pay income taxes for the 15K gain in my personal return?

Thanks

Mohamed

Thank you both for your responses.

Hello BP Team,

I'm in the process of selling my 1st flip via my LLC.

I do maintain records and receipts of all of my investment activity for this flip via excel. Trying to understand the Accounting/Book Keeping work needed, in case I don't sell this home by year end.

Also I only have expenses (yet to sell flip), do I need to file taxes for the LLC this year?

Thanks

Hello BP Team,

I'm in the process of selling my 1st flip via my LLC.

I do maintain records and receipts of all of my investment activity for this flip via excel. Trying to understand the Accounting/Book Keeping work needed, in case I don't sell this home by year end. 

Thanks @Basit Siddiqi. 

Is there a specific sequence to perform the 2 tasks?

Happy Thanksgiving folks..

What are the steps to take both accounting and legal to close an S-Corp in the state of New York?