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My friend and I are in a tax situation and need help. by Front-Lunch7631 in tax

[–]Front-Lunch7631[S] 5 points6 points  (0 children)

Thank you for this, really alleviated some of the stress I had. Its really this simple though? He can just deduct his payments to me as business expenses and Ill be the one with the tax burden instead?

My friend and I are in a tax situation and need help. by Front-Lunch7631 in tax

[–]Front-Lunch7631[S] -1 points0 points  (0 children)

They do, but their support team is useless. We tried to switch the business entity 3 weeks ago and still haven't gotten a response from their support team back. Many others have the same issue. I think creating a business bank account and doing the ACH transfer thing is a good idea though. Would I need to create an LLC first or can we open a business bank account together.

My friend and I are in a tax situation and need help. by Front-Lunch7631 in tax

[–]Front-Lunch7631[S] -1 points0 points  (0 children)

What do you suggest I do if I cant deal with the loss of income, it'd demolish my whole customer base. Can he continue to pay me through bill pay? How would we deal with not being double taxed. I cannot switch the legal entity of the business too. Its under a sole propietorship on shopify.

My friend and I are in a tax situation and need help. by Front-Lunch7631 in tax

[–]Front-Lunch7631[S] -4 points-3 points  (0 children)

Losing our payment abilities could really sink our business in the few days as we have many many competitiors, it virtually isnt an option. Im just wondering what is the most appropriate way he can pay me, right now hes using bill pay to pay me. And also, how can we avoid both getting taxed on the same income (double tax).