The Small Business Tax Help Blog

Archive for August, 2009

Question: How would you fix the health care system?

Mc Cains plan in to give you a $5000 tax credit. You job doesn’t have to cover you anymore. So you in turn will have to pay for your medical care. He also wants to free up where you can buy your health coverage insurance. You can buy from other states. In hopes that this will drive down cost.
Obama’s plan is not universal health coverage. Establish a National Health insurance so that people with no heath coverage & small business to buy affordable. Make insurance companies cover pre existing . I believe its what Mitt Romney did in Mass,

You can read more on each one of their websites. Or do you have a better idea?

Answer: We already have a government run model in medicare which is working fine. I say we make it broader and people can decide if they want their payroll deduction to go to a medicare system or a private company.
Medicare recipients have the choice now between regular medicare or private insurance. I say expand that, it would be the least risky for all concerned.

10 Small Business Tips for 2010

RIVERWOODS, Ill.----Who better to offer New Year’s advice to small business owners than small business owners themselves? Savvy and determined entrepreneurs across the country share their experiences every month with the Discover® Small Business WatchSM, and their collective wisdom from the past year could save their peers a lot of time and trouble in 2010.

Weekly Address: Health Insurance Reform, Small Business and Your Questions

A year many Chester County businesses would like to forget

Mirroring the national downturn, the business environment in Chester County took a turn for the worse in 2009.

Tax Deduction | Tax Filing Tip Filing Late

Curtain rises on legislature

Gavels dropped at noon Tuesday in the Kentucky House of Representatives and Senate to kick off what some are already calling an historic legislative session.

Web 2.0

We were all blessed when our mother’s gave birth to us, giving each one of us a wonderful blessing called the gift of life. We go from being an infant, young child, teenager, and into adulthood. Then, we are introduced to a great big old world, to face the reality of what life is really all about.

It can be a rough transition, leaving our home, family, parents. Going from the life of being totally dependent upon our parents for everything in our world, to where we need to be more independent, and provide for ourselves.

But, in life, childhood can be a battle, the teenage years can and will be a battle, and young adulthood can be very challenging! However, even though life up to this point in an individual’s life can be full of obstacles, there are the battle’s of life awaiting for the young adult that they have never experienced, and possibly will not be taught or know about until these battles or issues arrive in their world.

What can these unknown battle’s be? They could be, for an example, where will I decide to work or what type of a career should I choose. Finding the right person to some day marry, someone I would want to spend the rest of my life with, then marriage itself. And, of course, the battle of having, raising their own children, learning, realizing what their own parents had to deal with. For the most part, these battle’s or situations are introduced to us as we quickly grow up, that they are issues that need to be dealt with. These unknown battle’s that have been mentioned will eventually be apart of most people’s lives, issues that are usually not addressed or considered until they have arrived. Here is a good example, once again we are taught the concept to get a good job, earn a good living, but we are not taught what to do or how to handle the money that we earned. Now here comes the unknown battle, we make money and spend as much if not more than is earned. No savings plan at all in the picture, or, if there is a savings plan, it is no where near what it needs to be! Credit is running out of control! Then, the hammer drops. This individual receives a pink-slip from their place pf employment. The income has come to an immediate halt. Now what do we do?

Now, the gift of life has delivered a shocking blow to this person’s world, now facing a battle that they were never taught could happen. Because this person was never taught the principles of how to handle money, now they are faced with an unknown battle-how do I survive? It is these unknown battle’s that an individual experiences that they have to learn to cope, deal with as they come. A person can’t say that they know what to do until the situation, problem has arrived. However, there is a way to survive, stand, and walk on in this blessing called the gift of life, as you will learn as you read on.

I really mean this when I say that life is beautiful, and there are battle’s, yet, a person should not look at these battle’s of life and make a determination that life is nothing more than bad luck or trouble. Here is a great example of the point that I am trying to make, we know, read of those who live in areas that are hit by tropical storms, even hurricanes. They risk, even experience the loss, complete destruction of their homes, to where they lose everything. Different individual’s who have suffered the loss of all they possess have been asked, and even I myself have often wondered, why would someone want to live in an area such as this? Why remain in an area that you know the possibility of suffering another loss of all that you have was very real? And the answer that I’ve heard is this, why would I want to move, this is my home, I love it here, it’s a beautiful area to live. We’ll just rebuild!

When it comes to this blessing called the gift of life, I know first hand of the tragedies, disasters, difficult times that can and does visit our world. There are the times that your world appears to be completely destroyed. And people in your world may wonder in their hearts, how do you stand, cope, or deal with these battle’s. How do you continue on living with this situation, problem that seems to never cease. How do you go through one disaster and followed by another, with no end in sight. Why don’t you just give up and perhaps leave?

And my own personal answer to these questions is this: My love for this gift of life helps me to deal with the battle’s that always arrive. What’s my advice to others. Just learn to see the beauty of life, and this will help you through the battle’s that visit your world. When things get rough, the battle begins to rage, always remember, you have been given a blessing, called the gift of life!

Take advantage of EITC for a financial boost

Now that the holiday season of giving to others is over, it’s time to start figuring out how to give to yourself. One way is to take advantage of one of the largest government programs for bringing people above the poverty line called the Earned Income Tax Credit.

H&R Block Getting to Know Your Taxes: Children

Question: Will I get penalized come tax time in 2010?

At my job in 2009 my income was about 2400…my hobby this year I made about 33500 in which I made estimated taxes so far of about 3500. I do plan to make an estimated payment in January. I recently visited the irs.gov website and put my numbers in a withholding calculator. I don’t know if I’m doing it right because I have done it a total of 3 times and have gotten different things each time. However, each time it says I am underpaying…if you can help me please do. With the numbers I have given (oh by the way my job fed withholding is $119), do you think this is correct? I tried to get an accountant’s help back in April but they all ignored me. lol…HELLLLPPPP!!!!!!!!!!!!!!!

Answer: That 'Hobby' income must be reported as self-employment. You are going to owe a significant amount. Not only that, but if you have waited to make a payment in the fourth quarter, you may also have an underpayment penalty. Best to see a professional and find out how to lessen the mess you are in.

New Singapore Tax Calculator Enables Entrepreneurs To Compare Taxes in Singapore With Those In Other Countries

GuideMeSingapore.com has released a "first of its kind" online tax calculator that allows entrepreneurs to easily compare the estimated taxes they would pay in Singapore with those in another country.