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12-02-2021, 06:15 PM #1
- Join Date
- May 2015
- Location
- Staten Island, New York
- Posts
- 8
Taxes - Help for new "micro funder" / ISO
Hey there DF,
I have been a broker / ISO for many years but this is the first year I am actually "jumping off the cliff" and funding some merchants that have shown good repayment history.
Not a big shop at all, max I've probably funded this year (May 2021 - today ) myself is around $80k, but I started with 10k ( about 70k increase)
I am really looking for general advice on how these MCA's are looked at when it comes tax time, are these "short term gains", investments, etc? I am way out of my league and this is growing faster than expected. Just looking for advice with someone with prior experiences, not so much legal advice lol.
Thank you all for any and all input. Keep in mind I am a new funder, just going off of knowledge of the business, I have no clue about accounting for tax time. CPA's welcome
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12-03-2021, 12:21 PM #2
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 581
Definitely talk to an accountant. Keep in mind that as a Broker, unless you're syndicating, you're either a business owner or 1099 sales person. There are no investment gains, or things of that nature. You have revenue and expenses, and dependents, and whether you're an LLC or sole prop, (or a C, which you're likely not), will affect certain allowances.
It's nothing crazy, but definitely speak to an accountant, or use SCORE, or AARP, which does taxes for free in some cases.
www.UccRadar.com - Stop Hunting
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12-06-2021, 11:59 AM #3
- Join Date
- May 2015
- Location
- Staten Island, New York
- Posts
- 8
Thank you for this bit of information. I really appreciate it.
I am essentially a broker ( income is from commissions ) but in certain cases I will fund the deal myself or syndicate with a partner ( investment ). I am currently a LLC, but new to the funding side of things. Do you possibly have any accountants that you can recommend?
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12-08-2021, 11:59 AM #4
- Join Date
- Sep 2019
- Posts
- 60
Hi there! Send me an email dassic@betteraccountingsolutions.com My firm services about 70 MCA shops with their bookkeeping and accounting / taxes / llc creations. I can definitely help you.
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02-11-2022, 10:08 AM #5
- Join Date
- Nov 2021
- Location
- Brickell Miami FL
- Posts
- 156
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