Must a person w/ a schedule c sole proprietorship clain a net operating loss? (NOL)-Is he req'd to?
139347
i do taxes and when i seen this question i went to the irs publication for nol and i didnt see eny rule that said you had to. it showed all the ways to report it and when and how you could and couldnt report it but nowhere did it say that you had to. for additonal information or for  a confirmation  i would call the irs at 1-800-829-1040. i am tempted to call about this myself. i have never been asked this before.
839169
This question screams for a lawyer.\n\nIf both businesses are sole proprietorships, you could make the case that you had sold the business to him to make good your rental debts. Technically, in a transaction like this, the buyer of a company takes on both the assets AND the liabilities... Unfortuantely this sounds like a sales contract was not drawn up.\n\nI suggest, since you're obviously not rich, that you at least seek some pro bono guidance from a legal clinic. Good luck.
789803
if its a S corp, LLC, etc then basic business laws guard you.  to remove you from such an organization is against the law.\n\nif the business is just a DBA (doing business as) then you don't have much rights except anything on paper.\n\nif this is just verbal agreement as a company and no papers....then you are screwed.
797834
you will probably qualify as a partnership, not a Corp (Ther are certain guidelines to both).  You should talk to the small business association to get that information tho.  You are right though, it is mostly about taxes.  If you are a corporation, you are what they call, double taxed, but you are only liable as far as the business itself.  As a partnership, you are liable for everything you own.  Meaning that if someone sues you, they can take everything as a partnership, but the upside is that taxes are lower.
721393
Sole Proprietorship  \n\nA business owned by one person, who is entitled to all of its profits and responsible for all of its debts, is considered a sole proprietorship. This legal form is the simplest, providing maximum control and minimum government interference. Currently used by more than 75 percent of all businesses, it is often the suggested way for a new business that does not carry great personal liability threats. The owner simply needs to secure the necessary licenses, tax identification numbers, and certifications in his or her name, and you are now in business!\n\nThe main advantages that differentiate the sole proprietorship from the other legal forms are (1) the ease with which it can be started, (2) the owner's freedom to make decisions, and (3) the distribution of profits (owner takes all).  \n\nStill, the sole proprietorship is not without disadvantages, the most serious of which is its unlimited liability. As a sole proprietor, you are responsible for all business debts. Should these exceed the assets of your business, your cred­itors can claim your personal assets--home, automobile, savings account, and investments. Sole proprietorships also tend to have more difficulty obtaining capital and holding on to key employees. This stems from the fact that sole proprietorships generally have fewer resources and offer less opportunity for job advancement. Thus, anyone who chooses the sole proprietorship should be prepared to be a generalist, performing a variety of functions, from accounting to advertising. \n\n\nFeatures of the LLC\n\n Limited Liability Status. The main attraction of an LLC is its limited liability status, a feature that it shares with corporations. The LLC limit your personal liability from business debts and damages incurred by the business. It basically lets you off the hook from legal liabilities such as court judgments and legal settlements obtained against the business.\n\n Tax Benefits. Like sole proprietorships, partnerships, and S corporations, the business profits and losses of an LLC are taxed at individuals' income tax rates. You will avoid a corporation's double taxation, where taxes are reported at a separate business level.\n\n Owners of the LLC. While owners of corporations are called stockholders, LLC owners are referred to as members. A member, who invests in the LLC and receive a percentage ownership interest in return, may be an individual or a separate legal entity such as a partnership or corporation. The percentage ownership is used to divide up the assets of the LLC when it is sold or liquidated, to split up profits and losses of the LLC or to divide up its voting rights. While an LLC can exist with one member, some states such as the District of Columbia and Massachusetts require LLCs to have two or more members.\n\n Flexible Management Structure. An LLC can be run either by its members or a management group elected by the members. While many small businesses are managed by their own members, an LLC can easily adopt a management-run structure in the following situations: the members decide to employ outside management help; not all of the members want to run the LLC; or an outside investor wants to be given a vote in management.\n\n Flexible Distribution of Profits and Losses. Similar to partnerships, dividing up profits among the LLC members is not restricted to the members' capital contributions. You may split up LLC profits and losses any way you wish, as long as it is provided for in the operating agreement.
831978
If you were listed as an officer or director of the company "in name only", I doubt you have any personal liability as you had no responsibilities, authority or duties and you were not being compensated.  You made no decisions, signed no contracts, did not file or sign any tax returns, etc.  It should be fairly easy to have yourself removed as a defendant.\n\nYou may have also been served because you are listed as the registered agent.\n\nIt really has nothing to do with fraud.  You had the ability to "resign" and remove your name at any time by filing the appropriate paperwork with the division of corporations for your state.  If you suspected that you were an officer of a corporation against your will, you could have done a search and found out for certain.
811113
Doesn't sound right.  There has to some onus of responsibilty on the part of the operator of the storage facility.  I do know they recommend obtaining renter's insurance if you use such a facility.  At any rate, you may have a case for small claims court.  It depends on the state where your reside.  Assuming this was a recent ocurrance (within your state's statute of limitations) and you were in good stead (you made the required payments on a timely basis) then you may be able to recoup at least a portion of your loss.\nTry the website I have listed below for additional information.  It will serve as a good "jumping off" point, giving you an idea of where else to look for information specific to your state, what documentation you need to prove your claim and what questions you need to ask and of whom.  Good luck!
95181
Yes, if insurance didnt cover all of it.  You have to itemize to claim it.  Use form 4684 and Schedule A.  After you figure your loss you have to reduce it by $100 and then reduce it again by 10 percent of your Adjusted Gross Income.  Refer to IRS Publication 547
175727
Do you use your cable for personal use or for only educational use?  If you use it for personal use, I wouldn't even bother.  It will be too much of a pain to explain to the IRS.  And, you would have to apportion personal vs. business use.\n\nHowever, if you only use it for educational use, then you could deduct it on your Schedule A if you itemize deductions as a deduction to 2% of your AGI.
99770
You don't need it.  Just claim the income on your 1040 and attach a signed note stating the business name, the amount, address of the business, and who was your contact there.  State that to your knowledge the business failed and you did not receive a 1099.  As long as you are honest and pay the required tax, that is all you are required to do.
49164
Yes.  Income is income.  In fact, it might even be Schedule C personal business income which might be taxed at a higher rate.\n\nConsult your accountant or certified tax advisor.\n\nDon't forget to take along that jar of dimes you collected.  You'll need it to pay for the professional advice.
959153
Hello,\n\nMy employer uses Independent Contractors to work on some of our contracts (we also refer to Independent Contractors or 1099s). When we'd like to bring someone on as an IC, I issue a formal agreement between my company and the IC which outlines the relationship of the parties and the rights that each has.\n\nDue to IRS regulations, we have to be very careful to distinguish between an employee and an independent contractor. Were you issued an agreement? If so, that should outline each parties obligations to the other. If you can provide a bit more information as to a possible predicament you may be in, I might be able to help a bit more.
294999
Yes, but only if services are actually rendered.  Depending on the corporate structure (i.e., if it's a partnership, sole proprietorship or LLC taxed as a proprietorship or partnership) the person will be subject to self-employment tax of I believe 15.3%.  Talk to a CPA.
177337
If they are separate businesses each one needs to be but on its own schedule C. What kind of business and what kind of deductions? You might be missing some. Anything that you use or have because of that business is deductible.
86179
I am not a lawyer and you did not make it totally clear, but it seems like your obligation is only to the Franchisor and not the owner of the property. Of course that assumes that you were never a party to the original lease.\n\nIf the Franchisor has released you from your contract, then you would be clear.
885765
I would definitely spend the time and money to consult with an attorney on this.  The way things are these days, it could ruin your business with litigation.  I imagine it is also determined as to "why" you would be refusing services, what basis.  Good Luck.
202584
None. If you are an independent contractor, you should provide the contract for the other party to sign if they want your services. This contract should stipulate what services are being provided and the schedule of payment to you. When February rolls around the next year, the other party provides you with a 1099 form as a statement of what you were paid so that you can report the earnings to your accountant. If the amount of money was less than $500, then the other party does not have to provide a 1099. As an independent contractor, you are responsible for your expenses, which are a business deduction. Keep records diligently!