What is From 2553. It is due by the 15th day of the 3rd month for the first year you want to be S corp
100
Required when you have employees, pay employment or excise taxes, have a retirement plan, or form your company any way other than Schedule C
What is Employer Identification Number or EIN? You can always voluntarily obtain an EIN if you want to protect your social security number - Miche
100
Expect item to last more than one year
What is a depreciable asset?
100
$25.00/year/person
What are deductible gifts?
100
Medicare Wage limit
What is zero? No cap on medicare. Cap on Social Security on $113,700. Medicare surcharge if mfj over 250, mfs over 125 else over 200
200
$3,160 and $3,360
What are limits on depreciation on vehicles?
200
"DECEASED" , Decedents Name and date of death
What should be printed on the final income tax return for someone who is deceased?
200
Special rule for insurance business expenses
What is 12-month rule?
200
Advertising, Vehicles, CC Fees
What are miscellanous business expenses? Also franchse fees, internet, legal & professional, tax prep, repairs, license, utilites & telephone
200
Business formations that allow limited liability
What are Limited Liability Companies and C Corporations? Also limited partners in partnerships carry limited liability as they are only liable up to the amount they have invested or contributed
300
Corporate Estimated Tax Due dates
What are 4/15, 6/15, 9/15 and 12/15. These differ from all other estimates - our final one is due 1/15 of the following year.
300
Person who creates and usually contributes property to a trust
What is grantor? Also called trustor or settlor
300
Medical expenses paid within 1st year of death
What is amounts that can be carried back to estate tax return if executor makes an election?
300
McDonald's, H&R Block, PA Drilling hires these types of employees generally
What are common-law employees. These employers generally hire employees who they tell what to do and how to do it
300
100% and 50%, respectively
What are special depreciation allowances for 9/8/10-12/31/11 and 1/1/12 - 12/31/13? Also called bonus depreciation
400
Farm animals not held for draft, breeding, sport or dairy purposes
What are sales of livestock reported on Form 4797? If you raised the animals to resell them or you bought them for resale then they go on the Sch F as ordinary income - they are part of your "normal" business. But if you bought a cow to work on your farm, its an investment, therefore, Form 4797
400
$600, $300 and $100
What is exemptions for Estates, simple trusts and complex trusts?
400
Profit Sharing Plans (PSP) and Money Purchase Pension Plans
What are defined contribution plans?
400
Farm income does not include this
What is gains/losses from sales of assets? Report on Form 4797
What is 25%. This applies if you have Sect 1250 prop and you depreciated more rapidly than Straight Line
500
28%
What is backup withholding? Applies when you do not provide your identifying number upon request (usually a W-9)
500
C Corp pays own taxes and shareholder pays taxes on dividends
What is double taxation? Avoid by filing for S status because and S Corp pays no taxes but "passes" through to shareholders income, loss etc
500
Amount of income (after expenses allocable to income) the trustee will use to determine distributions for beneficiaries
What is fiduciary accounting income (FAI)?
500
Capitalize costs instead of deducting currently against current year income
What is uniform capitalization rules? Costs are recovered thru depreciation, amortization or when item is sold, used or disposed of..... Use common sense here....Inventory mostly and Capital items such as buildings during construction