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Shannah Meeting Dec 8th (Business Structure (What other expenses will I…
Shannah Meeting Dec 8th
Taxes
Back Taxes
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Give mileage for previous years (estimates, but can provide logs over time)
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What all can be written off? Rent, Cell phone, toy purchases
If I paid an IC for mileage, does that count against her when she writes it off? can I write off a portion of it even though she is an IC?
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Business Structure
How much is payroll monthly? Does it vary by the amount of employees I have? What all would I need to submit to you for payroll (gross pay out and drive time?)
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What other expenses will I incur transfering contractors to EE?
(Unemployment, workers comp, medicare etc...what else?)
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SS & Medicare-half from EPNE, half from them - 15.3% total per person
~3k, reduce payroll to cover
Workers Comp~Not necessary until 5+ employees, but can pay for indivually and be reimbursed. Call PCI to discuss
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What all write offs are applicable for employees under trumps tax plan? I heard training, for example, has a higher write off than previous years
Next Steps
Email IC's 1099, their personal copy and IRS Copy, can get online and email to them.
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Calculate and send Shannah mileage credit card processing fees, phone bills, and rent, USSA july-nov for 2017 and July-dec for 2018 business and personal accounts
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2019 Turbo tax, need quickbooks info and USAA Statements, call and get account info,
Free Tax USA preferred