The Small Business Tax Help Blog

Archive for September, 2007

California alters estimated tax; Roth conversion expanded for 2010

NORTH BAY – Several important tax changes will impact filers on both the state and federal level this year.

Tax Day Tea Party – Annapolis, MD A GRASSROOTS MOVEMENT!

Question: I’m looking for some kind of calculator that can give me an estimate on how much my tax return will be.?

Is there such a thing?

Answer: H&R Block has one and its free.

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

Daytona school one step away from shut-down

The local school governing board took its next-to-last step Monday night in its process of deciding whether or not to close Daytona Middle School next fall.

Will you Outlive your Retirement Plan? Retirement Planning Guide From Jim Trippon

Question: When filling out an SS-4 form do I need to use my business address or my home address????? Help??

Hello, I was trying to fill out the SS-4 form that has to be filed with the IRS when you need to get the EIN#. I’m just not sure if i need to use my business address or my home address. I do not want my personal credit being tied in with my business credit and others have told me to use my business address what do I need to do??

Answer: You're filing that on behalf of your business entity. Use the business address.

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Home Capital Reports Record Fourth Quarter and Year-End Results: Net Income Rises 39.4% for the Fourth Quarter; Return …

Home Capital Group Inc. today announced another quarter of solid growth and record results for the year ended December 31, 2009. The Company’s prudent strategies during the current global economic uncertainty have generated robust returns for shareholders and positioned Home for further growth as economic conditions improve.

Health Care 2009 – David Wilson, Myra Christopher, Elaine McIntosh

Question: cash income on tax return?

I have several booths in a flea mall, also I do a lot of auctioning and make a fair profit on the side. This is kinda my side job when Im not at work. I dont have a business name and dont want one at the moment. I dont have a EIN# and dont think I need one.
When I searched on taxslayer to find the form to report this income on it, it pulled up schedule c well that would be the obvious but Im not 100% sure so I wanted to get some advice. Do I REALLY have to report this income. Heck I dont have any receipts because I only except cash when I sell an item. If I were to get audited I wouldnt have anything to give to them for proof of this income, so i dont really understand how I could get into any trouble, Its not as if Im signing a statement from any of the buyers stating I sold this item on this date for this amount.
Maybe I will do receipts this year so that I do have some sort of paper work but as for the past year I dont have anything.
Thanks for the advice

Answer: You are legally obligated to file ANY income. No flea market should allow you to sell any items without a business license and a TIN. If you are doing business without this and you get caught you will get a HUGE fine and owe a ****load of backtaxes.

Tips on New Tanning Tax

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.

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