The Small Business Tax Help Blog

Archive for November, 2007

Question: letter from irs regarding Form 8829 injured spouse?

this is the second letter we have gotten…..we know the amount we are going to get,…..it left an 800 number, an automated irs recording, i tried it but nothing…..the letter says your refund may have already been direct deposited, or mailed to you…please allow 2 weeks………is there any way we can track this???when we initially filed, we filed jointly, i got nailed, so therefore my wife filed the injured spouse, but yet on the letter from irs….it had my name, and ssn…..but the letter was adressed to my wife………i tried the automated deal to get an estimated delivery time….but it wouldnt go through…..do we need to use my wifes ssn?

Answer: If your name was first on the return, then it's indexed under your SSN--which is why you enter your ssn.

Since your wife filed form 8379 for injured spouse, presumably that's why the letter was addressed to her.

The IRS doesn't consider checks to be late until 2 weeks from the date they are mailed. At that time call 1-800-829-1040 and ask to be connected to accounts. If you don't have the check by then it can be cancelled/traced/reissued, but that takes time as well.

Making Your Home Office Deduction Stick

Proper documentation could be your saving grace in case of an audit.

Question: Quarterly Tax Payment Requirements?

I am self employed and pay quarterly estimated income taxes. I expect my 2009 income to be higher then 2008, mostly based upon a stronger income for the 3rd and 4th quarter of this year. So far I have been basing my quarterly tax payment on my 2008 income. For example: if I paid $12,000 in income taxes for 2008 I been making a quarterly payment of $3,000 to the IRS so far for 2009. Can I continue with this for the 3rd and 4th quarter and then pay the final additional taxes owed on April 15th 2010 without penalty? I ask this as I seem to recall that total year withholding only has to be equal to the previous year taxes. Thanks.

Answer: There are 3 safe harbors for avoiding the 8% estimated tax penalty.

One of those is 100-110% of 2008 tax bill divided by 4.

See 1040ES for income threshhold for difference between 100 and 110%

Letters to the Editor

If the goal is to narrow the achievement gap, then cutting down on science labs is definitely the way to go—bring those elitist overachievers down to the common level.

Sri Lanka's budget 2009 : Hoping for peace and planning for war /* Clip 01 */

Determine business struct partnership, or corporation Evaluate your personal budget Write a business plan Write a marketing plan. Locate financing. Create a list of startup supplies with budget. Set up a system for accounting and payroll. Apply for business license, fed tax ID, fictitious business name. Select a location and set up shop. Order signage Obtain business tools computer, printer, fax, postage, office supplies, and fixtures Order business stationery business cards, letterhead, brochures Obtain inventory.

Create an operations and employee manual. Hire employees. Set a launch date. Plan a grand opening event. Send announcements to everyone you know. Send press releases. Turn on the OPEN sign Revisit your business plan and update often. Evaluate your marketing strategy often.

Prepare a realistic business plan. Think of this as your business road map. Define exactly where you want to get to with your business and then you can effectively map out your path towards achieving your goals! By creating a detailed business plan you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.

Your business plan should encompass the financial considerations of starting your small or home based business Do you have the capital required Do you need to raise additional funds Who are you going to approach for finance Who do you trust for advice And don’t forget to open a business bank account Consider the legal implications of becoming a business owner and proprietor.

Are you better off as a sole trader, a limited company or are you considering a partnership? Make sure you consider all the angles and protect yourself and your assets personally from the outset. Anything you bring to the business has to be itemized, valued even if you’re a sole trader. And make sure you are professionally covered with the appropriate business indemnity insurances. Get your family and friends behind you from the get-go.

Make sure your family and friends are fully understanding and supportive of your ideas to venture into small business startup. Do they understand the level of commitment you will have to show for on-going and long-term success? Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too. Protect your family, protect your business. If, God forbid, something were to happen to your health, how would your business survive, how would your family cope? Consider insurances from health, critical illness and income protection insurance to life insurance and consider your pension and long-term financial security.

Face those ‘taxing’ questions from the start. Your small or home-based business has to consider its taxation situation. Do you need to register your business for sales tax purposes have you informed your tax office of your business’s inauguration? Do you have a good tax professional lined up to guide and assist you? The bottom line when it comes to taxation is that from the outset you need to make sure your papers and books are in order, this will save you time, money and heart ache in the long run.

Prepare realistic and achievable goals and targets for your first year. Do not expect to conquer the world with your first year’s business returns. Starting a business is a life changing undertaking and one you must be patient with. The rewards are there, but make sure you set yourself achievable targets when you reach them they will give you the confidence and satisfaction to set new goals and to continue building your business’ success.

Sports, economy, elections to be big news

All eyes will be on the new Freight House District, where the owners of Aces Ballpark expect to open several restaurants and bars in time for the Reno Aces’ opening game April 8. Next to the ballpark, plans call for an upscale Mexican restaurant and bar, a beer garden serving pizza, an industrial loft bar featuring live music and outdoor seating and a sports bar.

Start Your “Self Employed Business” Through Internet

Question: I am looking to start a retail internet business in Ohio. Can anyone help me. I don’t know which steps to take?

Should I buy my domain name and set up my website before I register for my delivery vendors license, or vice versa? Also, will I need a EIN? And, when I’m registering my name I would register it as a fictitious name? I need all the help I can get. While, I know bits and pieces of a lot of things. I don’t know a lot about everything. ANY HELP WOULD BE GREATLY APPRECIATED.

Answer: Get the delivery vendor's license first as well as the EIN number and fictitious name .

You would do this first because , if your company is going to have a website and you don't have the goods , then what are your customers going to see ? Yes you will need an EIN number just to certify the importance of actually having a serious business. The benefits of having an EIN number is basically it's easier to get Business grants and loans . The fictitious business name filing is because , A fictitious business name, assumed name, or DBA (short for "doing business as"), referred to as "trading as" in the UK, allows you to legally do business as a particular name at minimal cost, and without having to create an entirely new business entity. You can accept payments, advertise, and otherwise present yourself under that name. In fact, if you present your business under a name other than your proper legal name without proper notification, it may be considered fraud. Fortunately, filing for an assumed name is so easy and inexpensive, there's really not much excuse for not filing one.

I hope I helped you out GUURRRRLLLL !!!!!!!!

Now if you don't mind I have a question for you .
What's it like in ohio?

Sterling Commerce: SaaS-Angebot branchenweit erweitert

Effizientes Kostenmanagement bei der B2B-Integration

Two Girls one Cup reaction

Dodik: Three Times Higher Installments than Salary

By The Center for Investigative Reporting Wednesday 6 January 2010, by Emanuele G. – 0 letture At a session of the Republika Srpska (RS) Parliament in mid-July 2009, the Prime Minister of Republika Srpska (RS) Milorad Dodik said that he owned a villa in Belgrade in Dedinje, an elite neighborhood.

Recovery: Making Work Pay – Retirees – July 09