The Small Business Tax Help Blog

Archive for May, 2008

Question: So if I have no federal withholding on my W-2, then WA state cannot garnish overpayment in unemployment?

Due to overpayment on unemployment, and receiving a tax refund only due to earned income credit and the child tax credit and no federal withholding, the state cannot garnish that when filing my tax refund?
well i heard from everywhere researched that they can only withhold it from state income tax, and washington state has no state income tax..

Answer: They can only withhold your state refund, not federal money. You should; however, use your federal refund to repay the overpayment, since you owe the money back.

Students, volunteers offer free tax prep services

Youngstown State University has joined with the United Way and the Mahoning Valley Economic Opportunity Coalition to provide free tax preparation services for the community.

Tax Tips: Earned Income Tax Credit - January 2010

Question: Can i lease a vehicle for my limited company if i have bad credit?

My business partner and I have just set up a limited company (We are builders) this week.
We would like to lease hire 2 pick up trucks due to tax breaks.
Will a lease firm want to credit check us as directors or the company, bearing in mind we’ve only just started it.
I spoke to a lease firm today and they said they would credit check me rather than the company as they need the company to have been running 3 years, problem is me and my business partner both have bad credit ratings.
Hoping someone can tell me its easy to lease hire if your a limited company and point me in the right direction of a good firm, or tell me another way to do it.
Thanks

Answer: I think you're out of luck - the leasing companies will definitely be checking your credit ratings. They may still offer you something, but it will be expensive. Maybe you should just get loans to buy some used trucks (of course, the loans will be expensive too, if you have bad credit). You probably won't get a tax break, but you'll probably pay less than you would for a lease.

K-12 teachers may see layoffs in state budget shortfall

Battle lines are forming in the legislature over what will undoubtedly be the biggest issue during the session this spring: the state’s dwindling budget, and how to avoid the train wreck that is looming for areas like K-12 education, which is likely facing a cut of at least $260 million in 2010–11.

Cal Poly Business Students Help Low-Income Families File Taxes and Claim Tax Credits

Question: Estimated Tax?

My mom has a small business or is self employed and since her 2 clients dont take out taxes when they pay her she set up something where she pays $250.00 to federal quarterly and $80.00 to state quarterly (Ohio if that matters at all). And on the 1040 form the software I am using has put on line 27 (One-half of self employment tax.) $281.00 then on like 64 (Federal income tax withheld from forms w-2 and 1099) $425.00 then on line 65 (2007 Estimated Tax Payments and amount applied from 2006 return) $1,000.00 I wanted to make sure that this sounded right to someone because I have no clue.

Answer: I think you got it right... assuming she does not have a carryover of overpayment from 2006.

Arizona's Bioscience Industry Furthers Growth, Progress During Global Recession

Amid declining economic conditions in 2008 and 2009, Arizona's bioscience industry continued its rapid growth in high-paying jobs and firms, and the state achieved notable gains in implementing its long-term plan to develop a thriving bioscience sector

President Obama Holds a Health Care Town Hall at AARP

Question: where can i go for New EIN credit besides staples?

i got my new number yesterday i applyed for the dun # i got a staples card on the way is there anything else that will be easy like gas store anything i need to buy and payoff stuff fast

Answer: Depending on how good your personal credit is you can get a loan from banks. Best bet is to open a bank account and use a debit card. Trust me nothing is fast when you first open your business.

Ein Al-Hilweh: A fruitless search for al-Qaeda

Sensationally branded as a "zone of unlaw" by the Lebanese and Western media and accused of harboring al-Qaeda and other jihadi elements, the Ein Al-Hilweh Palestinian refugee camp south of the Lebanese city of Sidon often hits the headlines for the wrong reasons.

Ein Freund von mir - Cologne Premiere

Tax Season Preview: Prepare for confusion

Tax law changes – both in volume and complexity – will make this season more confusing for taxpayers and preparers alike. “Taxpayers will be in for a surprise at how much is new,” revealed Barbara Weltman, a New York tax attorney and author of J.K. Lasser’s tax books.

DynaTax Solutions