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#1.) The company is currently a C-Corp, but I want to transfer it to an S-Corp to have the income pass through. Is there a time limit to file Form 2553?

Its been a while since I looked at 2553; however, 60 - 90 days rings a bell in order to treat the corporation as an "S" from incveption; otherwise you wind up with two stub periods and dual tax treturns; one as a "C" and one as an "S" when the actual election takes effect.

#2.) I keep all my own financial records through Peachtree (similiar to Quickbooks) and plan to only hire an accountant during tax time to file my taxes. I was referred to him by a good friend and the guy charges $350-500 to file it once every year. To me, this is a good deal, but should I be aware of anything else I have to file in the interim?

Filing wise; probably not but for typical business licenses which are likely not be very complex in NH. However, it is probably a good idea to have a 2 - 3 hours sit down with your accountant to make sure you are recognizing revenue at the right times and have a handle on all ordinary & necessary business expenses.


#3.) Most of my payments come in the form of PayPal which I do deduct their commissions. Every month I list the total charges PayPal charges me and write it off as a "Payment Processing Expense" in my Peachtree Software. Can I do this without printing every expense one by one since it's recorded electronically and I can have access to it anytime?

No problem.

#4.) Relates to PayPal. It's currently tied to my personal checking account when I transfer the balance from my PayPal account to a real bank account. Although I do have a Business Checking account at another bank, it does not transfer there. I simply take the funds when it arrives to my personal bank and send it over to my business bank. As long as everything balances out, I won't get in trouble for doing this will I?

It okay, but not preferable. I would change the Paypal routing to deposit directly into your business account. Monies flushing through a personal account is not improper or illegal in any manner; it's just a red flag.

The State of New Hampshire doesn't have any sales tax in selling products like these, so I believe I covered what is important, but if I am missing anything, please advise this young boy:)

You might owe sales tax if your purchaser is also a NH resident.

TheBadger
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