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Start-up Q & A

Your start-up accounting and tax questions answered.

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How is virtual currency, like Bitcoin, treated for tax purposes? (updated 2020)

Leave a Comment on How is virtual currency, like Bitcoin, treated for tax purposes? (updated 2020)

How long do I need to keep my tax returns?

Leave a Comment on How long do I need to keep my tax returns?

When is the tax due date for S-Corporations?

Leave a Comment on When is the tax due date for S-Corporations?

What is the due date for not for profit tax returns?

Leave a Comment on What is the due date for not for profit tax returns?

Where do I check the status of my tax refund?

Leave a Comment on Where do I check the status of my tax refund?

If I owe the IRS money, can I make a payment online?

Leave a Comment on If I owe the IRS money, can I make a payment online?

Do I need to pay sales tax if I’m a reseller?

Leave a Comment on Do I need to pay sales tax if I’m a reseller?

Where do I obtain a reseller’s certificate if I’m an Illinois business?

Leave a Comment on Where do I obtain a reseller’s certificate if I’m an Illinois business?

Do I need to charge sales tax to a non-profit organization?

Leave a Comment on Do I need to charge sales tax to a non-profit organization?

What number do I call if I have a question regarding Illinois Sales tax and login issues?

Leave a Comment on What number do I call if I have a question regarding Illinois Sales tax and login issues?

Where can I add another person, such as my CPA, to my My Illinois Tax account?

Leave a Comment on Where can I add another person, such as my CPA, to my My Illinois Tax account?

Can I still take the home sale gain exclusion if I move my residence from IL to CA?

Leave a Comment on Can I still take the home sale gain exclusion if I move my residence from IL to CA?

What is Gusto.com’s customer care phone number and what times are they available?

Leave a Comment on What is Gusto.com’s customer care phone number and what times are they available?

I own a vehicle and use it sometimes for work. What are the tax deduction rules around vehicles?

Leave a Comment on I own a vehicle and use it sometimes for work. What are the tax deduction rules around vehicles?

Do I need to collect sales tax to customers that I sell to in Wisconsin if I do not have NEXUS in Wisconsin?

Leave a Comment on Do I need to collect sales tax to customers that I sell to in Wisconsin if I do not have NEXUS in Wisconsin?

Did you sell bitcoin or other digital currency for a gain this year?

Leave a Comment on Did you sell bitcoin or other digital currency for a gain this year?

Did you receive bitcoin or other digital currency as payment for services or goods?

Leave a Comment on Did you receive bitcoin or other digital currency as payment for services or goods?

Do you store inventory related to your business at home? You might qualify for a write-off.

Leave a Comment on Do you store inventory related to your business at home? You might qualify for a write-off.

What are the key benefits of a ROTH IRA?

Leave a Comment on What are the key benefits of a ROTH IRA?

Under the new tax law, how do capital gains work and what are the new rates?

Leave a Comment on Under the new tax law, how do capital gains work and what are the new rates?

There has been talk about capital gain indexing. How will capital gain indexing work?

Leave a Comment on There has been talk about capital gain indexing. How will capital gain indexing work?

What is this Opportunity Zone program and how does it work?

Leave a Comment on What is this Opportunity Zone program and how does it work?

How long do I need to keep my tax records?

Leave a Comment on How long do I need to keep my tax records?

I’m a business owner and want to know some good tax planning tips – any suggestions?

Leave a Comment on I’m a business owner and want to know some good tax planning tips – any suggestions?

What are the new limits on deducting business interest expense under the new tax law?

Leave a Comment on What are the new limits on deducting business interest expense under the new tax law?

When is the right time to convert a traditional IRA to a Roth IRA?

Leave a Comment on When is the right time to convert a traditional IRA to a Roth IRA?

Can I pay my state taxes using bitcoin?

Leave a Comment on Can I pay my state taxes using bitcoin?

If I’m a freelancer, can I claim the new 20% deduction for pass-through income?

Leave a Comment on If I’m a freelancer, can I claim the new 20% deduction for pass-through income?

I’m considering donating to a charity – how can I learn more about them and if my donation is deductible?

Leave a Comment on I’m considering donating to a charity – how can I learn more about them and if my donation is deductible?

I’m a business owner and we file our taxes on cash basis. When do I need to file under the accrual basis?

Leave a Comment on I’m a business owner and we file our taxes on cash basis. When do I need to file under the accrual basis?

My business has inventory – at what level do I need to start capitalizing inventory production costs?

Leave a Comment on My business has inventory – at what level do I need to start capitalizing inventory production costs?

I just opened a 529 plan for my children, can I use it for their grade school education?

Leave a Comment on I just opened a 529 plan for my children, can I use it for their grade school education?

As an employee of a company, can I continue to use pretax funds for parking and transit passes?

Leave a Comment on As an employee of a company, can I continue to use pretax funds for parking and transit passes?

What is the new child tax credit beginning in 2018?

Leave a Comment on What is the new child tax credit beginning in 2018?

I volunteer at a charity and drive to the organization. Can I deduct the mileage?

Leave a Comment on I volunteer at a charity and drive to the organization. Can I deduct the mileage?

Can you tell me more about this 20% tax deduction for pass through entities? Do I qualify?

Leave a Comment on Can you tell me more about this 20% tax deduction for pass through entities? Do I qualify?

For tax purposes, we report on cash basis, but can we still deduct a 401K contribution relating to the tax year, but made in the following year?

Leave a Comment on For tax purposes, we report on cash basis, but can we still deduct a 401K contribution relating to the tax year, but made in the following year?

If I own assets outside the US, do I need to report this on my US tax return?

Leave a Comment on If I own assets outside the US, do I need to report this on my US tax return?

My business is established as an LLC, however, I want to be taxed as a Corporation. What form do I need to file?

Leave a Comment on My business is established as an LLC, however, I want to be taxed as a Corporation. What form do I need to file?

What are the tax rules around Bitcoin and other digital / virtual currencies?

Leave a Comment on What are the tax rules around Bitcoin and other digital / virtual currencies?

For tax purposes, we report on cash basis, but can we still deduct a 401K contribution relating to the tax year, but made in the following year?

Leave a Comment on For tax purposes, we report on cash basis, but can we still deduct a 401K contribution relating to the tax year, but made in the following year?

How do you pay vendors or contractors through Quickbooks Online (QBO)

Leave a Comment on How do you pay vendors or contractors through Quickbooks Online (QBO)

What lending options are available to startups and small businesses?

Leave a Comment on What lending options are available to startups and small businesses?

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About Pasquesi Partners LLC

Our modern approach to small business accounting and tax services simplifies financial management for entrepreneurs and small business owners. See what we can do for your business.

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(847) 234-9008

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