The Small Business Tax Help Blog

Archive for February, 2008

Question: fellow business owners …………Only?

what are you going to do when they start taxing the blaaa out of you…
I have already started looking at new Machines to replace future employees….I am not going to lay of the ones I have but I am not going to replace those who quit…I simply can not afford to pay another 40k a year for supplying my employees with health insurance…Can you?Did you know in this new bill you lose your tax deduction for insurance?You have to claim it as business income….So much for doing the right thing…..

Answer: Cutting down on wages, making redundancies, and putting a stop to all overtime.

eSmartTax.com Introduces Daryl Johnson, Mixing Advertising and Social Media

Liberty Tax’s Online tax preparation company introduces new spokesperson to his hometown via electronic billboard with live Twitter feed.

Tax Deductions Finder - Find More Deductions With A Home Business

Question: What happens if you have a S Corp. (small business) and you miss the end of year tax filing? (March 17th)?

Internet Explorer crashed and I lost my filings for Forms 1120S, F4562… I don’t think I’ll be able to make today’s March 17th filing for corporations. What happens? Do I need to notify anyone?

Answer: File an extension, form 7004.

Rendell Budget Would Revamp Pennsylvania Business Tax (Update2)

Feb. 9 (Bloomberg) -- Pennsylvania Governor Edward Rendell , serving his final year as governor of the U.S.’s sixth most- populous state, presented a $29 billion budget and proposed an overhaul of state sales and Business Taxes because of the expected loss of federal stimulus aid.

{Income Tax Savings} This VIDEO Will Save You $7,234 Per Year In Your Home Based Business!

The Hartford Announces Estimated Fourth Quarter 2009 Core Earnings of Between $1.45 and $1.60 Per Diluted Share

HARTFORD, Conn.—-The Hartford Financial Services Group, Inc. today announced estimated fourth quarter 2009 core earnings per diluted share of between $1.45 and $1.60, as compared to the company’s previous guidance of $0.65 to $0.80.

Lower Taxes Are Always in Season

Many people think taxes are simply a chore, something to attend to once a year. Anyone with that attitude is probably leaving money on the table, whereas those who plan ahead to avoid paying unnecessary taxes are the real winners.

Propaganda: U.S. Recovery Appears Firmer as Unemployment Drops

Question: Question about federal Tax Withholding?

My husband claims 5 dependents on his federal income tax return however throughout the year he claims 2 on his paycheck. He is expecting a $10,000 bonus check next month so my question id should he change his withholding to 5 dependents just for the bonus then go back to 2 for the rest of the year so they do not take out a huge chunk in taxes. In 2007 he made $36,500 he is expecting to make between $50,000 – $55,000 in 2008. We usually get back about $7.500 in tax refund. So if he claims 5 dependents for the bonus check will it just kinda break even as far as tax refund next year? Any help with this would be great thanks
his bonus last year was $3500 and he brought home $2236.00 if that help any

Answer: Legally they are supposed to withhold taxes at the statutory minimum rate of 25% for all bonuses and other irregular payments. If they follow the law it won't matter what he puts on his W-4, at least 25% MUST be withheld. Plus FICA and state income taxes as well.

Credit to hit some in pocketbook

A program launched by the federal government in 2009 to put a little more money into people’s pockets during tough economic times will continue this year, and like last year, some taxpayers might find that less tax is being withheld than they prefer, according to the Internal Revenue Service.