The Small Business Tax Help Blog

Archive for January, 2008

Question: Is my Federal Tax ID/ EIN number the same tax number that I need to purchase goods for my Business Tax-free?

I am a small new startup. Is my Federal Tax ID/ EIN number the same tax number that I need to purchase inventory & supplies for my business without paying the sales tax? Or is there another number/ ID for needed that?

Answer: You need your Sales and Use Tax. Go to www.sunbiz.org and apply online. It's free. I have my wholesale license and pay no taxes at all.

Web.com Reports Fourth Quarter and Full Year 2009 Financial Results

JACKSONVILLE, Fla. -- Web.com Group, Inc. , a leading provider of online marketing for small and medium-sized businesses, today announced results for the fourth quarter and full year ended December 31, 2009. 

Informal Learning in 10 minutes

Question: Can i have travel and motel expenses deducted from taxes?

Ive been offered a job as a correctional officer (jail guard) in a small city 800+ miles away from my home town. I don’t want to move my wife and son there due to horrible sex crime statistics and i don’t want to move them away from the rest of our family and support group. The average cost of a plane ticket is around $300 dollars and id probably be renting a motel room or something. I’ve heard of business expenses and travel expenses so would the plane ticket and motel cost be a tax write off?

Answer: The location of your job will be your tax home. You can not deduct any of your personal expenses.

UK retail sales rise 1.2 pct in January

Britain's struggling economy showed more lackluster indicators Tuesday, with imports rising faster than exports in December despite the falling value of its currency and retailers reporting a slow start to the year. The Office for National Statistics said... Office for National Statistics - Retail - Business - Currency - Export

Barack Obama Seeks Bipartisan Compromise On Ginormous Stimulus Package

Question: Just Set up an LLC in Georgia and Need to Switch to S-Corp…Help….?

Hi, I just set-up an LLC for my business and now my advisor stated that an S-Corp would have been better for tax purposes,etc.

I already got an EIN and bank account for this entity.

How can I switch, if possible, from my LLC to an S-Corp with limited headaches? I am located in Georgia.

Also, would I need to get a New EIN number and new bank account, closing my newly set up bank account and how can I cancel my EIN for the other entity. I will be keeping my existing business name.

Please advise! Thanks!

Answer: What you need is an 8832 Form, Change of Entity Classification. It's a pretty simple form. Just fill it out and sign it. Any problems feel free to email me.

German program offered at Lakers

By TRACI L. WEISENBACHTribune Staff Writer

7amoody's wedding Ein Yabrud Mawal in Georgia

Question: do i need to pay taxes in canada? I live in Mexico and work as a consultant in the USA.?

I’m living in Mexico and have been for 1 1/2 years. I am a consultant working on projects in the USA (work from home in Mexico) but I’m paid by a company in Canada. I have not set foot in Canada for nearly 2 years but still have a driver’s license, credit cards, and a car registered in Canada. It burns my butt that I have to pay the same taxes as someone living there. I am not eligible for the Overseas Employment Tax Credit because I am not an employee of the Canadian company. Is there any way to avoid paying the same taxes as someone who is actually living in Canada and enjoying the benefits of those taxes? I understand that there is no way to avoid 100% of my taxes without declaring myself a non-resident.

Answer: Quick ! Declare yourself a non resident !!!

Australian Housing More Unaffordable in 2010

Housing affordability didn't improve one jot or one tittle last year. Australian housing became more unaffordable than ever. Yes, yes, the Reserve Bank says just the opposite. But it says so based on the presumption that access to cheap credit is what makes buying a home affordable. We use a more conventional measure: the average home price. It's rising a lot faster than inflation-adjusted wages ...

There are many ventures that one can explore if they want to consider putting up a home based business in today’s economy. In order to make a home based business become a reality, you need to have a plan because there are many ventures. There are partnerships, business relations and franchises that one can endeavour into.

There are several tips that can guide you into creating a basic home based business preparation that can direct you into success. Firstly, for you to establish a home based business, you need to sketch out your idea, this way you will be able to plan how you are going to generate money and you will also establish what sort of business you need to do. You will need some groundwork information about the business that you are about start such as the kind of products or services that you will be selling, marketing strategies and the demand of the product or service.

Secondly, you will dig out information about your competitors and this will help you determine in what areas the competitor is strong or weak such that you will be able to establish a better business than your competitor.

Thirdly, you will need to establish how much you are going to invest in the home based business. Remember that your returns shall be determined by your investment. If you have a small investment, the returns shall also be small but if your investment is high so shall be the returns. To begin with, you may want to list a number of assets that you need or list those that you already have. Do your homework and find out where you can acquire assets such as computers, patterns, supplies, copyrights and other equipment necessary for your home based business cheaply. You may also need to establish the costs of other things such as internet set up fees, website development and other related Home Office Expenses.

The fourth item that you need to do while planning to establish home based business is setting goals for your business. What do you need to accomplish, when do you need to accomplish it, what will be your targets? Are they realistically achievable? These are some of the questions that you need to ask yourself when setting goals for your business. This section will help you know what you need to sell in week by week and eventually in a year. This way, you will know how your business flows thus you will be able to determine how your business may fair in the future and whether you may need to expand your business, increase staff and expand your market. The goals that you have set for your home based business will definitely determine your business activities and will also guide you in the several years to come.

This plan will help you get there on your home based business and will endow you with a timeline that you can use to follow year in year out.

Gunman opens fire at St. Louis business; at least 3 dead

ST. LOUIS (AP) — A man with an assault rifle walked into a business Thursday and shot at least three people, police said. Their conditions were not immediately known.

(Calculating ROI) Is A Must For Home (Business Success)