The Small Business Tax Help Blog

Archive for March, 2008

Question: Do I file in state taxes in two states?

I lived in HI for 7 months and worked approx. a month while there in 2007. Towards the end of 2007, I moved back to IL and got back to working in that state. These were two unrelated companies. How do I file state taxes for 2007? Do I file seperately for both or just for IL since that is where I am now? My HI W2 has my HI address and HI EIN while my IL W2 has my IL address and EIN.

Answer: I live in Kansas, but work in MO. I have to file in both states.
If you use turbo tax, the software will ask you if you earned income in any other states and will prompt you on what to do.
OR, you can call a CPA or H&R Block and just ask them what you should do.

Dayton Philharmonic Orchestra Launches "Voyages" Season on Thursday, September 23, 2010

Orchestra Itinerary Packed With Exotic Musical Destinations

1995: Ohio State v. Illinois (Drive-Thru)

Raising and managing money: Tips for your small business

Week 5: Deal with Money. Money is at the heart of every business, and understanding money (how to raise it, account for it, and manage it) is critical to business success.

Tax Doctor October 17, 2009

Question: Will business debt accumulated under a sole proprietorship EIN number be assigned to my personal (SSN) credit?

If I owe a creditor money for an internet service bill from my failed BUSINESS venture, will it show up on my PERSONAL credit report?

The original creditor (and now collection agency) has my sole proprietorship EIN number on the account and my business name as the “name” of the account owner.

Neither my real name nor SocSecNum are tied to this account. I don’t think the creditor/collector has either pieces of this information.

If I have no interest in protecting the credit rating of my business name and EIN, should I even bother paying this bill?

I only wish to protect my PERSONAL credit, not my business’ credit. The business is now defunct anyway. I can always file for a New EIN number if I get another business going, right?

Answer: As long as you never signed anything guarantying the debt of your failed company? You should be fine.

Local.com aussichtsreich

1. Local.com aussichtsreich Wie ich zu dieser Aktie gekommen bin, ist schon ein kleines Abenteuer. Ich habe nämlich auf Google nachgesehen, wie die Amis mit Puschern umgehen und bin dann auf dieser Seite gelandet:

ALLXCLUB - ein wirklich heisses Online Business

Question: Form 1099 and estimated tax?

I made about 7 grand working under 1099. I gotta do Form 1040es for the federal during next two weeks.

I understand that I can claim deductions for business related expenses (meal, transportation, cell phone bill and etc). How do you claim deductions for such expenses. Is there a seperate IRS form for calculating such a deduction? AND DO YOU BETTER BE READY TO FURNISH EACH AND EVERY RECEIPTS FOR SUCH EXPENSES? I don’t have all the receipts.

How do you do the likewise for the state of Maryland?

Advice will be appreciated.

Answer: You will add a Schedule C form to your 1040 and you will not be able to file a 1040ez, i.e. you'll have to itemize to get the business deduction, but in your case it will probably be worth it. And yes, officially you'll need receipts, but if you never get audited...

Maryland will (most likely) take your net income from the federal form.

Just Energy Income Fund: Third Quarter Results for 3 Months and 9 Months Ended December 31, 2009

QUARTERLY OPERATING RESULTS IN LINE WITH GUIDANCE JUST ENERGY INCOME FUND TO CONVERT TO CORPORATION MAINTAINING CURRENT PAYOUT

20070902 Mount Airy Maryland Fire

Question: Filing 2008 tax returns in TurboTax?

I’m trying to file my 2008 IRS returns in turbotax. I realize I’m going to pay a penality for filign late. Anyways…. where the heck are the 2008 1040 forms to report my income? In previous years when I went to an accountant he filled out for me a Individual Income Tax Return on a 1040 since i’m self employed. For example my 2006 income was $4,426.00. I paid like $600 to the IRS.

Right now in turbotax I put my income in as $7000 (before a few expenses), but my federal amount due is only like $126.

Where and how do I pay my social security? I thought self employment busnesses have to pay 15% or something for social security. I’m LOST. Please help me. If you have yahoo messenger, IM me at gerry020304.

Answer: Ah, the joys of tax software that ask you questions "Interview Style."

Somewhere in the interview, the software would start asking you the type of income you had and one of the answers would be "self-employment."

Rule 1. Always print the tax return before believing you are done.

Rule 2. Read the return and make sure it looks correct before sending it in (either efile or by mail, but not both). If your income is from self-employment, you should see at least a 1040, a schedule C and a schedule SE. The net income from schedule C will go to line 12 of the 1040. The SE tax will go to line 57 and the 1/2 adjustment will go on line 27.

If you have children under the age of 19 (or under 24 if a student), you may also have schedule EIC.

Rule 3. Compare the 2008 return with 2007 to see if the same income has landed in the same places. (Before I use software, I draft the tax return on a blank copy of the form.)

Rule 4, if you have children and/or low income, the Earned Income Credit can change the balance due from the 15.3% SE tax to a refund. For a single person who is between 25 and 65, with $7000 of SE income, you could qualify for a credit of $438. For $7000 net income, the bill would be $989 minus $438 or $551.

If you had expenses, all numbers would change. $5000 of net income would be $706 of SE tax and $354 of EIC (net $352).

MAXIMUS Forms Alliance with myStaffingPro to Provide Extended Recruitment Reach and Enhance Applicant Tracking ...

RESTON, Va. & LIMA, Ohio----MAXIMUS Tax Credit and Employer Services, a division of MAXIMUS, Inc. ,and myStaffingPro®, a leader in applicant tracking software, have announced an alliance that enables customers using the myStaffingPro applicant tracking solution to expand their recruiting efforts into non-traditional markets and realize significant cost savings.

(Part I) Panel: Illegal, But Not Undocumented