The Small Business Tax Help Blog

Archive for February, 2007

Me singing Lovebug by The Jonas Brothers (cover) FREE MP3! Re: Official Music Video (HQ) Tonight

Question: Does anyone know anything about the earned income credit?

My boyfriend and I have a child together, we are not married BUT are we both able to see if we can qualify for our child with the earned income credit? I already did my taxes and claimed him, when he was doing his it said that he qualified for the EIC but he was not claiming him as a dependent?? Anyone know how that all works?? THANK YOU!

Answer: There is EIC for taxpayers without qualifying child as long as the taxpayer meets the income and age requirement. However, the EIC for this type of taxpayers is only about $300. Taxpayers with qualifying child get thousands depending on income.

Barry Dolowich:

Q: During 2009, I received Social Security benefits and some investment income, and am sure I owe no tax. Do I still have to file 2009 tax returns? A: A tax return must be filed for each year by a U.S. citizen or a resident alien who has at least a specified minimum amount of gross income.

Cookie Man Attempts Rape on Innocent Parasites

Question: How is tax determined for Sole Proprietors?

I am a Sole Proprietor in business. Last month, before expenses, I grossed $10,000. After expenses, my net income is $8000. Am I taxed from the IRS on the $10k or on the $8k?

Also, is my IRS tax bracket based on the $10k or the $8k?

Answer: The IRS taxes you on your net income so $8000. You'll be responsible for 15.3% SE tax so about $1224 on top of any income tax. Your Federal income tax is likely to be $0. But expect at least the $1224 SE tax.

2009 tax law changes provide saving opportunities

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.

179SUVFinancing.mp4

From Mobile Healthcare to Payments to Microfinance, SMS Remains ‘Tip of the Spear’

In less than a decade, mobility has gone from a mere convenience to an absolute must-have, both in the US and globally.

Quick Start: Money (iBear® iPhone application)

Question: true or false?

1.One advantage of corporations is that the initial cost of setting them up is usually lower than for other forms of ownership.

2.Businesses have a social responsibility to create jobs.

3.A cooperative is simply another name for a corporation.

4.An accountant who has bachelor’s degree, two years of experience in internal auditing and who has passed an exam by the Institute of Internal Auditors can become recognized as a certified internal auditor.

5.Mojo Motors is a rather small conventional corporation with only 212 stockholders. Eleven of the stockholders are citizens of Mexico who live in Mexico City, and eight more are citizens of Canada who live in Toronto. Mojo Motors should organize as an S corporation in order to save on taxes.

6.one of the five common characteristics of habitual entrepreneurs is that they pursue any opportunity and not just the very best opportunity.

7.Accounting information is not relevant for nonprofit organizations.

Answer: Am I doing your homework for you?

1. No, a sole propietorship costs nothing. Corporations are one of the most expensive to set up.

2. I don't think this has a right answer. My personal answer is no- they need to do what's right for the business, which will naturally create a need for jobs.

3-6. Not sure...

7. False, it's still important to see how a not-for-profit is spending their money and to hold them accountable.

Rockwell Announces Results for Q3 Fiscal 2010

Rockwell Diamonds Inc. announces financial results for the three and nine months ended November 30, 2009. Currency values are presented in Canadian dollars unless otherwise indicated.

Getting Organized for Tax Time - 2009 Tax Service Preparation