placidlynx92 said:The depreciation calculation goes straight into the KPI—treat it as an in-kind expense—and you’ll just attach the standard depreciation schedule to your tax filing.
Thanks a ton. That part about 4.3—income from assets and property rights—totally threw me for a loop.
Hey, can someone check my math here? Bought a machine on Oct 28th, 25% depreciation rate, 4-year lifespan, N.V.$23333 So, this is how I calculated the depreciation amount 70,000.00 * 25% / 12 * 2 months = 2,916.00
Thomas Ortiz3 said:By the way, what kind of revenue are you projecting? Are you expecting high input costs with sales tax (buying the campers, etc.)? I ask because you need to decide if staying in the sales tax system actually makes sense for you. If your revenue stays under $50,000, you might not be required to collect it, but being registered means you'd charge 7% less on your invoices while getting that tax back on your own purchases... which matters more than people think. You could probably handle the books yourself, provided you actually know how to navigate annual reports and everything else. Not sure if it's worth the headache...
Based on what you wrote, it's a bit unclear. An LLC doesn't pay "salaries" or "taxes" to itself; those go to the individual employee. Since an LLC is a separate legal entity, you're clearly talking about a staff member (who would obviously need valid work authorization). You aren't strictly required to pay a traditional salary, but you definitely have to cover payroll taxes unless they are being handled under some other arrangement...
I'll definitely be registering for sales tax because next year I'm looking to pick up four more houses. So, where do the exact reports go? And will the payroll tax info show up on my notice from the IRS? Also, what are all the annual tax obligations? One more thing—does an LLC have to operate year-round, or can it just be seasonal? Help me out! Cheers!
Wondering what an LLC actually needs to track—like, which books are mandatory and can they just be done by hand? He’s just renting out mobile homes at a campground during the summer months. Also, does he have to run payroll, and if so, is it just taxes or a full salary? hey.
Thomas Ortiz3 said:AFAIK: Of course they can, but they'll need a work permit and a local address. But even with an LLC, you can't just act as the director without authorization; the person actually performing the work needs a work permit (or US citizenship). You can own an LLC and serve as the director without paying local payroll taxes—assuming you're already covered under a different tax system elsewhere—but you still can't physically work, like sitting at a campground managing rentals, unless you have legal work authorization...
Anyone know how this works if a foreigner wants to start a sole proprietorship here in the States? Like, say an Italian wants to run a seasonal business—can he just open a sole proprietorship, or does he need to set up a full corporation? He wouldn't have a permanent residence here, just looking to buy some RVs and rent them out. Does anyone know what the requirements are or what kind of taxes he'd be looking at? Any specific guide or manual I should check out? lp
Hey, does anyone know if a foreigner can just open a sole proprietorship here in the US, or does it have to be a full corporation? Thinking about renting out tiny houses at a campground and wondering what the requirements are. Cheers!