All Forum Posts by: Paul Farley

I actually am aware of the Wayfair case. I don't see myself having any sales of out the state for sometime, so that shouldn't be a concern.

This business is not a real estate business. I am still doing my due diligence learning and researching this industry.

I am the sole owner of the LLC.

The thing is I don't have any sales yet because I want to figure this all out before so I can pay taxes correctly. I know that my county has a 6.5% sales tax amount.

I created an LLC a couple of years ago and put the business to the side for a while. I am about to begin the process with it and had some tax questions.

This business will most likely always be a side gig for me, so I will probably pay out most of the income to myself.

The main things I am unsure of are:

-how do I report/pay states sales tax?

-how often do you have to pay federal income tax and how does this work? For a business like mine which will be paying out almost all monies to the owner is the income tax based on the amount received in sales or net income/loss? 

-Do I have to pay tax on the income I am giving myself as the business? As an independent person this income is just like any employer income, right?

Thanks everyone. I will definitely pay off the higher interest rate student loan.

Selling the car is really tough to hear. I love the car. I have driven POS cars my entire life and this was the first nice car.

Any other suggestions?

I have two student loans:

1 - 4.5%

2 - 6%

The car loan is 12 months into a 73 month loan. I owe $38,000 or so. Interest rate is at 5.75%.

I am not into real estate yet. I am still doing research. I am also a beginner in investing. I have some small investment accounts.

I have 30k in student loan debts, a car loan and mortgage.

If you had 40k to either invest or pay off debt, what would you do? I am leaning towards investing so that I can pay back my debt faster than I would otherwise and be able to increase my income. 

Though, with 40k I'm not sure what the best option for an investment (whether real estate or other types of investments). I just purchased a home so getting another loan is pretty much out of the picture right now. 

What would you do in my circumstance?

Anyone know?

Hi everyone.

I am in the early stages of selling my home and before I listed it, I just wanted to be sure of the following.

My sister and I inherited my mother's home at 50% each. My sister ended up not wanting to continue paying the mortgage and didn't want to put any repairs into it. I ended up paying off the mortgage and putting repairs into the house. Therefore, my sister and I filled out a quit-claim deed and had it notarized that I would own 65% and she would own 35%. I then filed it the local deed office (Canton, OH). The deed office accepted it.

Before I sell the house, I wanted to be sure that I would receive my share of 65% at closing.

Does anyone see any issues that may potentially come up?

Anyone else?

I contacted a local bank about an HEL and they responded going over draw periods, so I came to the realization that they were referring to an HELOC.

Thanks for the recommendation. I searched the 121 exclusion and don't really understand. Could you or someone else explain in context towards my situation? I'd appreciate it.