O/O in Illinois

[chipwebb]

Hi Frank,
There is a great deal of info here. Thanks for that.
I have a couple questions.......

First, I have just been "permanently laid off" and since I have filed for unemployment. I had been anticipating this for a while and have purchased a 2004 Cargo van and have great leads for local expiditing in the chicagoland area. I have applied for and recieved a ein #, sole propiroter. I guess my question is can a person on unemployment start a business and still receive unemployment benifits during the costly start-up?

Do you work with people out of your own state? I am looking for someone just as yourself to help me with my tax's. I have saved all receipts/records with the van and other start up costs. If not, can you recommend someone in Illinois?

 

[Fkatz]

Hi Frank,
There is a great deal of info here. Thanks for that.
I have a couple questions.......
Morning Chip;

You have asked the following questions;

<First, I have just been "permanently laid off" and since I have filed for unemployment. I had been anticipating this for a while and have purchased a 2004 Cargo van and have great leads for local expiditing in the chicagoland area. I have applied for and recieved a ein #, sole propiroter. I guess my question is can a person on unemployment start a business and still receive unemployment benifits during the costly start-up?>

THERE ARE TWO SIDES TO THIS QUESTION. IT WOULD DEPEND IF YOU ARE ACTIVE IN THE NEW ADVENTURE OF EXPEDITING, IF YOU ARE! YOU ARE ILLEGALLY COLLECTING UNEMPLOYMENT.
OTHER PROBLEM IS THAT YOU ALREADY APPLIED FOR A EIN. FEDERAL EMPLOYER IDENTIFACATION NUMBER,WHICH YOU REALLY DID NOT NEED AT ALL. REASON YOU ARE A SOLE-PROPRIETOR, YOUR SSN# IS YOUR FEDERAL ID #.
THEY MIGHT CATCH YOU FOR SINCE YOU APPLIED FOR IT AND HAVE TO PAY ALL UNEMPLOYMENT BACK TO THE STATE. ??????
INORDER TO CLAIM THE VAN AND OTHER START UP COSTS AS A DEDUCTION FOR THE BUSINESS WE HAVE TO DEPRECIATE ITEM IN THIS YEARS TAX RETURN WITH A SCH C SHOWING NO INCOME BUT WE CAN SHOW A LOSS. WITH NO PROBLEM. REASON ITEMS THAT ARE DEPRECIABLE MUST BE CLAIMED IN THE YEAR THAT THEY ARE PURCHASED, THEY CAN NOT BE CARRIED OVER TO THE FOLLOWING YEAR.
IF YOU WANT ME TO DO YOUR ACCOUNTING AND BOOKKEEPING, THE FEES ARE BASED ON WHAT YOU WOULD EXACTLY REQUIRE FOR ME TO SEND TO YOU ON A MONTHLY,OR QUARTERLY BASIS. WE WILL HAVE TO DISCUSS THE FEES. THEY ARE SEPARATE TO YOU REGULAR TAX RETURN


Do you work with people out of your own state? I am looking for someone just as yourself to help me with my tax's. I have saved all receipts/records with the van and other start up costs. If not, can you recommend someone in Illinois?

Thanks, Chip.
YES WE DO, WE DO FEDERAL AND ALL STATE TAX RETURNS.
ALL TAX AND OTHER RELATED INFORMATION WOULD BE SENT VIA REGULAR MAIL IN THE OFF SEASON FROM MAY THRU DECEMBER, AND THE REST OF THE YEAR JANUARY-APRIL 1, USPOST OFFICE- PRIORITY MAIL 2-3 DAYS.
AFTER APRIL 1 FED-EX, EXPRESS MAIL, DHL, UPS OVERNITE. BUT ALL INFORMATION FOR DRIVERS SHOULD BE RECEIVED BY APRIL 1, SO THAT THE RETURN CAN BE COMPLETED, AND GONE OVER PRIOR TO FILING. YOUR RETURN WOULD BE ELECTRONICALLY FILED UNLESS OTHERWISE STATED THAT YOU DO NOT WISH ELECTRONIC FILING.
IF YOU DO NOT SUBMIT ALL INFORMATION BY APRIL 1, WILL WILL REQUEST AN EXTENSION TO AUGUST 15TH. ALL INFORMATION MUST BE RECEIVED PRIOR TO AUG 1. FOR THAT 1ST EXTENSION
pLEASE E-MAIL ME AT [[email protected]] OR GIVE ME A CALL AT (704) 739-4039 M-F 9AM TO 3PM THRU 12/15/04

FRANK