The Small Business Tax Help Blog

Archive for August, 2009

Question: What is the max income level before you must pay taxes?

Hi there. I’m trying to figure out what is the max amount of money you can make per year before you have to start paying taxes on your income. For example, say you just babysit, dogwalk, mow lawns, etc. (odds and ends stuff like that) and you are over 18 and on your own, what is the max you can make doing that without having to worry about paying taxes, or self-employment taxes?

Answer: $400 is the amount where you have to start reporting your income and paying self-employment tax on it. You might not owe any income tax at that level, but still have to file and pay the self-employment tax.

Red Tape Awareness Week: Small firms suffer amid redundant rules that cost province $4.8 billion a year

B.C.'s small businesses say they're snarled in red tape — and losing their battle with bureaucrats.

Superannuation tricks for a 66-year old

A Non Governmental Organization (NGO) is an association of a body of individuals with a non-profit motive. An association of persons with non-profit motive i.e. NGO formation can be done under some Indian Acts. NGO formation can be done as charitable trust, as a Company licensed under section 25 of the Companies Act or as a Society registered under the Societies Registration Act. Company registration India provides NGO formation services also. NGO formation is exempted from any kind of taxes because any income of any institution set up for the charitable purposes is exempt. To avail exemptions under certain clauses one should fulfill some requirements. After NGO formation in India if you want to avail tax exemptions then you have to make an application in Form No. 56.Then Apply its income or accumulating it for application, wholly & exclusively to its objects. And at last Notice of accumulation u/s 11(2) will have to be given to the assessing officer in Form No. 10.

As it is understood that Company is a separate legal entity which is registered under the companies act. Every country is having different procedure and some steps to be followed for registration. New Company registration in India is registered under the Indian Companies act 1956. It is always advisable to New company registration in India as it will legally benefit organization. IPO listing means initial public offering. An IPO provides an alternative to relying on bank funding and frees the company from fixed repayment commitment. IPO listing Enhances image and status of the company.

The process of setting up a new business is an exciting one but for a first time entrepreneur, the initial steps required to legally set up a business entity can be a trifle confusing. To make your business entity brand company registration in India keeps two important phases, which are very essential to run the business successfully. Memorandum and Articles of Association plays major role in registering your company in India & across the globe. Before approaching the Registrar of Companies, it is preferable to complete the process of preparing the draft Memorandum and Articles of Association, bring in the share application money and appoint the directors. First director is generally a shareholder of the company and a minimum of 2 directors is very essential for a company that is going to be a Private Limited Company.

One can start trading as soon as he gets his company registered, but he cannot charge or reclaim VAT until he has completed the VAT registration process and has been issued with a VAT registration number.

Company registration India provides hassle free easy online VAT registration.

Online VAT registration becomes necessary if you want to reclaim VAT.

Company registration India gives you easy and fast online VAT registration so that you can enjoy maximum profit by reclaiming your VAT.

Mich. gov candidates want to change Business Tax

GOP gubernatorial candidate Rick Snyder wants to exchange Michigan’s main Business Tax with a flat corporate income tax that would cost businesses less but could leave the state with $1.5 billion less in revenue each year. In unveiling his proposal Wednesday,… Rick Snyder – Michigan – Republican – Business – Income tax

Gov. Perry: We Should Reduce the Weight of Government on Texas Business

Being an independent contractor can be tricky

Q: Dear Rick: In 2008, I was laid off from my job. In 2009, I got a part-time job and have been working on and off all year. A co-worker told me we are not considered employees, but rather independent contractors and there has been no withholding for Social Security and other types of payroll taxes. He told me I could be in trouble with the IRS. I don’t make a lot of money, can you help?

1099 MISCLASSIFICATION: It’s Time to Play by the Rules

CASH GIFTING ACTIVITIES

Cash gifting programs generate cash gifts everyday. Cash gifts are delivered by overnight courier service. If you decide to become involved in a cash gifting program make sure you join with someone who has enough experience to help you generate traffic to your web site.

There are many ways to drive traffic to your web site. Social media marketing works very well and there is no monetary expense, just the time you spend to interact online in social media groups and forums.

Pay per click campaigns are effective ways to advertise.

Voice broadcasting is affordable and gives you the ability to reach large numbers of prospects for a very low rate with a pre- recorded voice message.

Other alternative ways to invite new members to your cash gifting activity include direct mail. Post cards are normally sent out in lots of 500-1000. Mailing lists and designs are included as a part of the post card campaign service. Mailing on a consistent basis yields the best return for post card campaigns.

Writing articles and submitting them to article directories is a free service. Articles are a very good way to get search engine exposure as search engine robots crawl article directories for content and then list your articles as results for search queries. Creating and maintaining blogs are another excellent way to drive traffic and get search engine exposure. Both blogs and articles take a little effort but return very good results and can be done without cost.

Remembering the importance of how you advertise and invite. This is NOT a business and we are NOT recruiting. You will simply invite someone to visit your web site for more information and let your prospect determine if this is right for them. And then both you and the new member will have to determine if you want to establish a relationship in a gifting activity.

Gifting IS legal per the IRS. Read about it yourself on their official website: ( [www.irs.gov] it’s Tax Code Title 29, Publication 950 and Title 26, Sections 2501-2504 and 2511)

People that say gifting activities are illegal don’t offer any substantiated proof. Gifting is one of the fastest ways to generate cash flow.

Cash gifting is NOT a business, nor are cash gifting programs an investment. When you are invited to join a cash gifting activity it is your choice to become involved or not. We do not recruit or sponsor new members to join. Our activity is by personal invitation.

Apollo Group, Inc. Reports Fiscal 2010 First Quarter Results

PHOENIX—-Apollo Group, Inc. today reported financial results for the three months ended November 30, 2009.

File IRS Tax Returns from irstaxuniversity.com

Accessing medical insurance today is not as easy as it sounds, but a plan to suit your needs is possible with the right research. First the self-employed needs to decide how much health insurance he or she needs. Then how many other individuals will be on the same insurance plan. Some very helpful tips are:

1. Getting the most out of your insurance plan

2. Researching cheaper ways to self purchase

3. Temporary insurance or permanent insurance

4. Individual insurance plan or group insurance plan

To receive the most out of your insurance plan will take research. Are you looking for a policy with a high monthly premium and low deductible? Are you looking for an insurance policy with a low monthly premium and high deductible? What about office visit co-payments, a dental plan, hospitalization, and a prescription drug program? Are you willing to accept more out of pocket expense or is this not feasible at the moment?

Much will depend on your immediate family and those of your employees. Are you all young with school age children? Have you received any health insurance quotes from the insurance companies you sent letters? Something else to consider is the overall lifetime benefits for each individual. Once you have an ideal of what to search for you can try to narrow down the type of plan.

Are you aware that at the end of each fiscal year you may deduct your annual medical premium as long as you personally are a small business and paying out of pocket for the full expense? You will also need to find out if any of the individuals you are planning to add to your small business policy have any pre-conditions that may delay health care in full.

Pre-conditions such as arthritis, heart disease, eye disorders, diabetes, asthma, and a host of other maladies may complicate the issues. Here is a good place to search as we have a very comprehensive report on what is and what is not a pre-condition.

Now you can begin to look into different types of insurance plans that will be beneficial to you and your few employees. Something else to consider is a flexible spending account, but keep in mind this is not for everyone. Other types of small business low cost health insurance will involve the HMO, the PPO, the POS, and the HSA. Each of these plans will offer advantages and disadvantages.

TXI Reports Second Quarter Results

DALLAS — Texas Industries, Inc. today reported financial results for the quarter ended November 30, 2009. Net income was a loss of $3.7 million and included after tax gains from sales of emission credits of $2.1 million .

Expenses for Small Businesses and Contractors