The Small Business Tax Help Blog

Archive for October, 2007

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Question: How can I compute for Thailand withholding taxes on salaries?

What are the considerations when it comes to computations of taxes withheld on employee salaries?And can you give me the formula for computing the tax. thanks.

Answer: Look here:

http://www.rd.go.th/publish/6045.0.html

The formula is defined by the tax code here:

http://www.rd.go.th/publish/37749.0.html#section50

What Works, By Hamish McRae

It takes some chutzpah to publish a book about business and social success stories while Britain and the world are still sifting through the devastation of the 2008 financial crash. But Hamish McRae, an associate editor of The Independent, believes that there's much to be learnt from an optimistic outlook. What Works is a collection of experiential essays spanning the globe – from the thriving ...

Question: 1099-MISC Independent Contractor?

Well I got a 1099-MISC form in the mail today from the company who I work for. I work for Burger King as a Independent Contractor doing maintenance. I have been sending them invoices as it was requested by the owner of the two stores I work at. The problem that I see, if I went out to buy parts for the store, it would be listed in the invoice as well to get my money back. Well I counted all the bills that I send to them was and he including everything that I billed for in the Nonemployee compensation including the parts that I bought for the store. My question is: Ain’t it wrong to include the parts that I bought to fix something in the whole compensation? My other question is: Is that I never charged taxes on anything, was I suppose to? If so how?

Also: when filing the taxes, can I include the tools that I bought to do the jobs with in the forms somewhere? I am using Turbo Tax BTW

Shane

Answer: Shane you are now able to claim the parts you bought as expense.

As an independent contractor, what you really are is your own business. I believe you file Schedule C and Schedule SE.

You will be able to write off mileage to the stores and to the store to buy supplies.

Part of your tools can be written off, part may need to be listed as an asset and depreciated.

Good luck and try to get that income way down so your taxes are lower!

Laying Odds On Obama's Tax Proposals

Jobs credit, estate tax, extenders will live in some form. Cap on charitable and other deductions is DOA.

Free tax help available from the IRS

The Internal Revenue Service offers free help to taxpayers who need answers to their federal tax questions and help with filing a return. Assistance can be found day and night, every day of the week on IRS.gov. Help is also available by telephone and in person.

Umbrella Company Calculator IR35 Calculator Umbrella Company

Report rates Arizona schools a C-

We’re not last, but we’re close. Arizona has received a C- for the overall quality of its K-12 education system based on national comparisons of factors such as school spending, academic standards and teacher training, according to the annual “Quality Counts” report card released this month.

Congratulations 44th President of the United States, our new Commander in Chief, BARACK OBAMA