The Small Business Tax Help Blog

Archive for March, 2009

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Question: What’s the difference between a “Resale license” and a State Tax ID number?

I live in Texas and am launching an official eBay business and am trying to get my head around all of the licenses, permits, and ID numbers I have to have.

I’ve applied for and EIN from www.irs.gov and a Sales Tax ID number with my state. I have the EIN and am waiting to receive the sales tax ID number.

My question is, is my state tax ID number what they refer to as a “resale license”? If not, where do I get a resale license in Texas? Do I need a business permit to operate? I don’t have a storefront; I just list auctions from my apartment and will store my inventory in a spare closet. Any help would be greatly appreciated.

Answer: Your Sales and Use tax number is utilitized for what you are calling a resale license. The form is really called a Sales and Use Tax Resale Certificate. You issue these to the vendor for goods purchased for resale- this allows the vendor to not charge sales tax to your company. you can go to the Texas website and download the form. Business Licenses are obtained from local (city) government and you do need one.

11 Essential Online Resources for Consultants

This post originally appeared on the American Express OPEN Forum , where Mashable regularly contributes articles about leveraging social media and technology in small business. One of the keys to being a successful consultant is information — having…

USA ~ army v people

The innovation process is not always something that is simple and yet it is not that complicated. This is why there are measures for innovation to make everything easier. However, one will never be able to do this unless he understands the entire course and the elements involved with it. Everyone who is handling a business organization needs to measure innovation but will never do this effectively if they do not have proper methods of correlating the logical factors.

For this financial year the outlook now is just as worrying. The latest Bank of England figures show that new lending to companies continued to contract in May 2009, following a fall in April. Clearly, despite the government’s assurances and backing, UK banks remain extremely reluctant to provide new loan facilities for businesses.

Hands down, joint ventures are the fastest way to grow your business, find more customers, gain exposure and launch your product or service. You can cut out advertising expenses and save thousands of dollars while sharing risk with a JV partner.

In Scotland, this year there are some very successful businesses that are competing for the 2009 National Business Awards. The first award will be for The Orange Best Use of Technology in Business Award. The successful companies under consideration are Aberdeen College, beCogent Ltd., Cordia, Mercurytide, Onesearch Direct, and SynGro Ltd.

There is some evidence that the scheme has had a positive effect and lending to small firms is increasing. A recent report published by the Department for Business, Innovation and Skills showed in the year up until the 3rd April 2009 that 2,360 loan guarantees worth GBP177.8m had been issued in total under both the Small Firms Loan Guarantee Scheme and the Enterprise Finance Guarantee scheme.

For one, Babson University has a fine athletics program with the emphasis on enhancing the quality of life of students who participates in the different programs of the Athletics Department. Apart from teamwork, the department also promotes sportsmanship and fair playing, qualities that could easily be brought into the boardroom and applied in business management.

One of the best ways to increase your income and even to create a tax write off is to start an at home business. An at home business gives you the opportunity to add extra income and use your home office and business expenses as a write off during tax season.

If what you desire is the BIG innovation, you must understand what this desire really means to you. You must know what songs are in your head. You must know where the temptations reside. This space is not for quitters. Only the persevering should venture forth. This space is not for the fearful. Only the truly courageous can confront the challenges.

Incoming modern site blueprint scenario it’s beyond any doubt establishes that we altogether are attempting to develop an ingenious website to establish our local commercial enterprise globally. We altogether acknowledge that today all sort of patronizing besides every bit merchandising are done through with the World Wide Web and people are seeking their demands into the SEs.

Great People Are Everything – Fill Your Business with Quality Sales Executives and Staff

RISMEDIA, January 6, 2010—Having the right people in the right place is one way real estate professionals are taking on today’s tough market. While cutting expenses and keeping an eye on the market seem to be the norm across the country,…

Sell Final Expense Insurance

IRS offers tips for upcoming tax season

The IRS Monday kicked off its annual tax preparation season by announcing a program to more closely scrutinize paid tax preparers and offering consumers tips on legitimate deductions for their 2009 tax returns.

What is an IRS Installment Agreement or Payment Plan?

Question: Can I amend an Estate SS-4 from Calendar to Fiscal Year? How?

I am executor of my Dad’s estate. When first applying for the EIN, I made the estate a calendar year entity without realizing the tax consequences. I would have several more months before having to deal with tax issues if I could amend the SS-4 from calendar year to fiscal year reporting. Can a qualified YA member tell me how? I have searched the engines and the IRS.gov site.

No offense, but only those with qualifications to answer please. Thanks all.

Answer: You don't need to 'amend' the SS-4, as it does not bind the estate to the tax year you chose. The only thing that binds the tax year is the actual filing of the first tax return (form 1041). This is true even if you've already filed an extension showing calendar year.

That said, the IRS does have in its computers that the estate is a calendar year, so will assume the return is late if it doesn't receive anything by April 15. If you get a letter asking for a return, don't worry. Just file the return for the year you want.

Note that the first tax year cannot be longer than 12 months. For example, the tax year for the estate of a person who died April 7, 2007 could end at the end of any month from April 2007 through March 2008.

One last thing, the above all refers to the INCOME tax returns of the estate. Generally, an estate tax return must be filed on Form 706 as well, if the estate had gross assets in excess of the applicable exclusion amount ($2,000,000 for 2007).

Tax tips new business owners

Here are six tax tips the IRS wants new business owners to know:

State spending

LUBBOCK, Texas (AP) — Gov. Rick Perry took another swipe at Washington and big government, issuing proposals Wednesday that would make it difficult for the Legislature to raise taxes and would limit the amount state spending could grow.

Tax Return Specialists Lubbock TX Century Small Business Solutions