The Small Business Tax Help Blog

Archive for September, 2007

Question: Can I include business expense deduction from 2007 to next year’s tax filing?

In 2006, I paid registration fees and license fee for my side business – electronic shopping . I did not do Schedule C when I filed my TAX 2007 because the expense amount was just $700. If I file my tax next year 2008, can I still include the $700 as expenses on my Sched C?
sorry, i meant i paid the fees in 2007.. not 2006

Answer: No, I believe you can only deduct them, the year that you paid them!

Get Organized As Tax Season Begins

Friday marks the official opening of the tax filing season, and New Yorkers should start getting organized so they can file returns and hopefully get refunds as soon as possible.

Tax Deduction Tips & Advice : How to Claim Medical Deductions

Question: I have a LLC partnership and we both have macs. Is there any good tax prep software for businesses for mac?

We both have macs and run an LLC Partnership. It was our first year in business last year and we started looking for tax prep software. It seems that both H&R Block taxcut and TurboTax Business versions are only for windows. Are there any other alternatives than installing windows (which I’ll have to buy) on my intel mac? I’d hate to buy windows and install it for one program that I’ll use over one weekend.

Answer: I also have an LLC and was looking for some good PC software a couple of years ago. I learned the investment in a good CPA is really the best answer. It will save you money in the long run and it will also give you a little more peace of mind that all write offs and deductions were found. A good CPA is worth their weight in gold! Good Luck!

Top Scoops

Investors benefit from understanding the federal budget, credit policies and covert intervention that drive markets -- often overriding fundamental economics. How has the US governmental apparatus become so powerful in the marketplace and what does it mean to the health of our economy?

HOTSALE POS For Mac And Windows - Tax Setup

Question: Do I need a license or degree to provide accounting services??

I am currently in the process of completing my Bachelor’s in Accounting. I would like to start my home based business for bookeeping, taxes, payroll etc. In the state of Florida, is it REQUIRED to have the degree or license. I know I will have more clientel once I graduate, but for now I have about 20 customers for taxes and would like to start my business.
I know that once I graduate, more people will confide in my services. For now I just want to be informed about wether or not I need a license…thanx.

Answer: You don't need a degree or certification to keep books or do taxes or payroll. You only need them if you're auditing books, and certifying the results of your audit. And if you're doing the audit under the supervision of someone who's already a CPA, you don't even need them then.

Fitch Affirms South Florida Water Management District's COPs at 'AA-'; Outlook Stable

NEW YORK----Fitch Ratings takes the following rating action on South Florida Water Management District, Florida's certificates of participation as part of its continuous surveillance effort:

Business Management & Leadership Skills : How to Create an Employee Recognition Certificate

Question: Paying Taxes As An Independent Contractor?

I became an Independent Contractor in August. I went to an accountant and told her that I (obviously) would prefer paying the estimated taxes every quarter of year instead of all at once which would make it easier. So she did my estimated taxes about 2 months ago and gave me the payment coupons with the amount due on Jan 15. Now …is it mandatory that I pay this by this date, or is this voluntary so I dont owe a huge amount at once for the year. In other words..is the IRS expecting this payment from me on 1/15, Im hearing yes from some and no from others

Thanks

Answer: Generally, the payments should be made in four equal amounts to avoid a penalty. However, if you made unequal payments because your income was received unevenly during the year, you may be able to avoid or lower the penalty by annualizing your income. Use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you owe a penalty for underpaying your estimated tax.

How To Budget and Lower Automotive Expenses

Smart ways to save money over your vehicle's lifetime

Strong Performance for COGECO Leads to an Upward Revision of Its Fiscal 2010 Guidelines

MONTREAL, QUEBEC–(Marketwire – Jan. 13, 2010) – Today, COGECO Inc. (TSX:CGO) (“COGECO” or the “Company”) announced its financial results for the first quarter 2010, ended November 30, 2009. For the first quarter of fiscal 2010: – Revenue increased by 6.4% to reach $328 million; – Operating income before amortization(1) grew by 7.1% to reach $129.3 million; – Net income amounted to $22.7 million …

States Fund Budgets With Contents Of Safety Deposit Boxes