Tax questions

I’m a new inspection business and trying to get all my forms in order for the IRS. Getting information is very difficult. Can anyone help me out with what forms I need to fill out? I got through the DR-1 form and was then told I didn’t have to file it.

The lady on the phone from the state basically told me I didn’t have to pay taxes to the state of Florida for the inspections I do. Is this correct?

Thank you
Jeff Iosa
Iosa Home Inspections, Inc.

Correct you do not pay taxes to the state for inspection services, apply for an EIN number and set up your LLC or Corp, which ever you choose and set up your bank account. Are you state licensed yet?

Good Luck, where abouts in Florida are you hailing from?

Get you a good accountant.

Hey Shawn, I’ve actually done all those things above. Got my LLC, EIN number, state license, and bank account stuff. Next is figuring out how to pay myself and if the IRS gets any money.

I was actually looking for your number today. I knew you were just south of me (I’m in Clearwater) and you always have good comments for people.

The IRS always gets your money. It just depends on how you set up your accounts and how they are going to take it. There is no free ride. You need to talk to an attorney and a CPA. Anything else you may be committing financial suicide. Remember everyone’s circumstances are different

The IRS will be getting their share when you do your personal taxes at the beginning of the year. Since you set up as an LLC, you’re business profit and loss will be figured in with your personal income.

Above poster summed it up :mrgreen: