The Small Business Tax Help Blog

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Question: what is a TIN and a EIN are they different number or they are the same?

I am confuse on this two things, what is a TIN (tax Identification Number) and a EIN (employer Identification number) are they the same? or different numbers, how do you use one and the other if they are different?

Answer: A TIN technically refers to ANY number that identifies a taxpayer to the IRS. For individual citizens, that is your SSN. For businesses, it is their EIN. The term TIN is usually used to refer to numbers assigned to individual taxpayers that are not eligible for a SSN.

Recovery: Making Work Pay-Claim It – Jan 10

Question: Why is only half of a sole proprietor’s self-employment tax deductible in the computation of taxable income?

Answer: The self-employment tax is actually Social Security. Half is deductible because if the sole proprieter worked for a large company, the company would be allowed a deduction on half his Social Security. The rule is an effort to be fair to the little guy.

LATAXNET | Latin American Tax & Legal Network

We are a network of advisors composed of Latin American, Caribbean, U.S. and Canadian professional firms.

Self Employment Tax Tips : Tax Tips for Home Business Owners

Question: Why do some owe money and others get a refund for their taxes?

i file my taxes every year no matter how little i make but i still dont understand how doing your income taxes work. how come some of us owe money and others get a refund? if there’s an amount in the federal withholding doesnt that mean you should automatically get some money back? my boyfriend has worked part-time at the same job for more than 3 yrs and he some how has owed money to the IRS every year. how come he gets nothing back? in what conditions will one owe money and in what conditions will one get a refund?

Answer: This s very complicated. When you get hired, you are required to fill in a Form-4. Witholding is done according your no. of exemptions. The tax tables take into consideration you are working for a full year thus the witholding amounts. If you filled out your Form-4 truthfully to match your tax returns and you worked less that a full year even if you file a short form (no deductions), chances are you will always get a refund. Also the tax tables are set up that we pay as we go and there is a cushion to avoid you from having to pay with you tax returns if all you have is personal-service income.

Your boyfriend probably lied on his W-4, so the amount witheld on his part-time job is in-sufficient if he claimed exemptions incorrectly. Even part-time one can earn a substantial income. If he has filled out his W-4 correctly then the question is that he probably has other income that gets reported and he dosen’t understand that one is taxed on all their income unless it is deived from tax-exempt sources.

Example; One works part-time, let say 3 days a week (21 hours) for a full year and makes about $500.00 a week, has no dependents but claims 2 or 3 exemptions, that person is going to be underwitheld. Part-time does not always mean a small amont of money being earned. It means you are not a full time employee and you have no benefits maybe and/or is hired to perform duties that are performed in a way that does not impact anyone else in your absence or limited capacity. The flip side, this person claims no 0 dependents, they are definitely going to get a refunds from both the Federal and State.

Hope this clears it up a bit for you.

Casino expects no issues from deadbeat withholding

MICHIGAN CITY — Blue Chip Casino isn’t expecting any problems when it has to implement a system to withhold gambling payoffs to deadbeat parents next year, said David Strow, spokesman for Boyd Gaming, the owners and operators of Blue Chip Casino.

Recovery: Making Work Pay-Claim It – Jan 10

Pachyderm Club previews candidates

There were no big surprises but a few laughs when the Republican primary candidates for Sedgwick County Commission spoke to members of the Pachyderm Club on Friday.

JCCC Board of Trustees Meeting, June 16th, 2009

Question: Business financing and initial costs–shoestring personal budget!?

OK. This is driving me crazy. I have an idea for a business, have my EIN but now need to apply to the state. I need to pay the state fees and advertising costs (state requires legal notices).

My question is, HOW to get this money, which is ver much under $1,000…….in fact, if I were to find seed money of $1K, I would be in good shape to start off.

WHERE TO FIND THIS MONEY WHEN I DON’T HAVE IT?

Answer: Hi, as far as your legal notice in the paper find one of the very small papers in town. I did mine in a little town paper and only paid 50 dollars and I am sure had I gone to the town paper it would have been alot more. Good luck to you.

My Prizes

A review, and links to other information about and reviews of My Prizes by Thomas Bernhard.

88 Color Palette: Cherry Blossoms

Question: Tax ID number question?

hi i am currently building a business, i already have all of my insurances and everything, (its an apartment maintenance business) its a small business, and i just tried to apply for the apartments company but they require me to put a Tax ID number, i have several questions about this, can i just put my personal social security or do i have to get a tax id number for my business? i mean there arent gonna be any employees its just going to be me and my brother (its a partnership), and if i do have to get the tax id number, where can i get it in San Diego, California? or what website, what number to call? any information would be great, thank you!

Answer: For a business you should get what is called an EIN. Go online to the IRS.GOV and forms and pull up a form SS 4; you can fill this out online and submit it and get an EIN; which is your tax ID number to use in all instances for your business.

International Speedway Corporation Reports Financial Results for the Second Quarter of Fiscal 2010

DAYTONA BEACH, Fla., July 8 — International Speedway Corporation (OTC:ISCB) (BULLETIN BOARD: ISCB) (“ISC”) today reported results for its fiscal second quarter ended May 31, 2010.

Homozygous RED Friesian Stallion Standing in California