The Small Business Tax Help Blog

Archive for June, 2009

Question: Small Business: How to setup an account in MA?

My goal is to start doing Internet work for business such as instilling scripts, CSS coding and SEO. I know paypal has a $500 limit for personal accounts. If I setup a business account with my bank in the state of MA as doing small business, I am now forced to pay for a business certificate so my state can tax the hell out of me! I heard the government now asks you question such as how much property do you own and all the BS! All I want to do is design sites and SEO work such I get some $$$$ in to help pay for classes. I am studying to become a sports agent.

My question is how can I get around the BS of not having to setup a business account(paying BS taxes), while receiving more then $500 from places such as paypal?

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How Mich. gov candidates would handle Business Tax

A look at how the 2010 gubernatorial candidates say they would deal with Business Taxes: ___ REPUBLICANS: _Oakland County Sheriff Mike Bouchard: Eliminate the Michigan Business Tax. As a state senator, voted against setting up a board that grants tax credits... Michigan - Mike Bouchard - Tax credit - Corporate tax - Tax

Businesses Feel Pain of Higher Unemployment Tax

Question: Anyone know about federal taxes and the rules regarding an LLC?

I started my own business (consulting) back in 2008, I am incorporated as a single member LLC. I brought in $45K last year and had a taxable income of $37,000. I paid $5840 in estimated taxes, and my CPA said that I owed another $4300 which I paid. Then I got a letter from the IRS saying that I owe another $800, that means that I”ll pay $11,855 in taxes which is 32% of my taxable income of $37,000. Does that seem right? It seems too high to me. Do I need a new CPA? Should I not be an LLC and become a different entity?
Yes, I should clarify I didn’t ‘incorporate’ I organized as an LLC. My business is in Massachusetts.
As to why the $800, the IRS letter said for underpayment… silly me to listen to my CPA and pay what he said to pay. There’s even a penalty and interest. I have no employees, should I become an S-Corp?

Answer: LLCs can be complex.

If you made no election, the LLC is federally considered a disregarded entity. In other words, earned income is reported on Sch-C, self employment tax figured on Sch-SE, carried onto Form 1040. State rules are all over the map, so you have to look at your individual state.

However, and LLC can also elect to be taxed as a corporation (either C or S), or as a partnership.

(You didn't incorporate; you organized)

I couldn't comment on whether it was too high without knowing more details. Specifically, why the IRS says you owe $800 more. Unclaimed income, perhaps? Or employees?

UK set for tax windfall from bank bonuses as banks plan payouts

Britain looks set to reap a windfall of at least 2 billion pounds from its controversial tax on bank bonuses

IG Report Recommends Federal Involvement To Resolve Rev & Tax Woes

How Mich. gov candidates would handle Business Tax

A look at how the 2010 gubernatorial candidates say they would deal with Business Taxes:

$250,000 Business Incubator May Create Jobs

Question: Do you have to pay taxes for affiliate marketing? Do you have to pay taxes for an on-line business?

Please share your stories, experiences and advice in this area about the advantages and disadvantage of taxes concerning online business ( home based business, affliate marketing, work from home, etc. etc. etc….)?

Answer: Yes it is a business. that is why all the companies ask you for SS# or Tax ID number. Keep track of your earnings and your expenses. Because the big companies are keeping track and they will report it to IRS.

Fellow Affiliate Marketer

Md., D.C., Va. in unneighborly tussle for Northrop headquarters

Md., D.C., Va. wooing Fortune 100 company There's nothing like competing for the headquarters of one of the nation's largest companies to make neighboring jurisdictions feel less neighborly.

Home Based Business Tax Advantages

Every single small and home-based business owner can easily save thousands of dollars each year in tax savings alone. “You have got to be cRaZy not to have one” says me.

Congress passed legislation that allows HUGE tax savings to encourage your success. They’ll even let you take tax deductions on losses from your home-based business, year after year, as long as you are actively and legitimately pursuing to make a profit.

Individuals who run a part-time or full-time home-based business qualify for a greater range of tax deductions than any other category of taxpayer! Even the super-rich can’t get the tax savings that YOU can get, simply by managing a home business that in all actuality may only take a small amount of your time to run. You could be saving yourself a lot of cabbage!

Did you know that in most cases the majority of wealthy individuals, along with the “rich and famous,” pay less than 15% in taxes, while the “average North American” pays upwards of 50% in Federal, State and Social Security Taxes? (This infuriates me!)

However, did you know that 70% of the job growth is coming from small businesses? Yeah that’s right! People are starting to catch on and the home-based business, industry has never seen such highs! People are really starting to take advantage of these tax savings and that’s always fantastic to see! Power to the people!

For the most part people, just like yourself are overpaying their taxes by thousands of dollars, or more, every year, and they don’t even realize it! Get this, the average tax payer actually believes that getting a refund from the IRS is a good thing!

The fact of the matter is, if you are getting a refund every year you are actually giving Uncle Sam an interest-free loan. Yep! He gets to keep your hard earned money (tax refund) throughout the year and can use it for whatever the legislators feels fit to do with it. This is money you could be putting back in YOUR own pocket to help YOU build and grow YOUR own home-based business! These are YOUR tax savings people, wake up! Stop complaining and do something about it!

I’m sorry…I’m screaming at the computer now, I’m just trying to get my point across here, actually NO, I’m not sorry. Can you tell I’m passionate about this? I’m not an overly religious person but this quote just seems fitting. “God Helps Those Who Help Themselves”

In order to ensure that you don’t miss some large tax deductions that could save you a great deal of money, it is wise to consult with an income tax professional so that you don’t miss any of commonly missed tax deductions.

Go get what is rightfully yours….Tax Savings!

Five ways to save time and money on your taxes

(ARA) – The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return. “That’s too much time and too much money,” says Gary Lundberg, product management director for CompleteTax (www.CompleteTax.com), an online income tax preparation program.

Tax Deduction Tips & Advice : How to Claim a Gas Mileage Deduction for a Small Business