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Posted by Mark Bole on March 30, 2007, 11:06 pm
Please log in for more thread options LC wrote:
> I ran a single-member LLC using the cash accounting method
> with no employees in NH from 1/1/2006 to 12/1/2006. I closed
> the business and moved to CA on 12/4/06 to take up fulltime
> employment. I received the last payment check for the
> business on 1/11/07.
>
> 1) Since the business is closed, can I include this check in
> the 2006 final federal and states tax return?
Not sure why you would want to. As 2007 business income,
you won't have to pay all the taxes on it until a year from
now (although first-quarter estimated tax payment may
partially negate that benefit). You could also justify the
deduction of on-going business expenses, including
depreciation, at least through the date of receipt of this
income.
> 2) Am I part-year resident of both NH and CA in 2006?
Based on what you said, yes.
-Mark Bole
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