The Small Business Tax Help Blog

Archive for January, 2010

Question: If we are on the ‘Road to Socialism’ why do we have the 2nd highest Corporate Tax Rate?

People are saying Socialism works, countries like Sweden and The Netherlands are put forward as examples to prove that Socialism does indeed work.

If it does work why is their Corporate Tax rates in the lower 20% and we have 35%

Do they know something we don’t know already know and that is to increase productivity and spending is by lowering taxes not collecting them?

The corporate income tax rate for 2008 for taxable income less than €250,000 ($339,000) will be temporarily reduced to 20% with retroactive effect to January 1 2008.

http://www.internationaltaxreview.com/default.asp?Page=10&PUBID=35&ISS=25141&SID=713434

Sweden on Sept. 8 announced plans to cut the corporate tax rate from 28% to 26.3% in 2009 in a bid to improve the business climate.

Tax Cuts works, so why aren’t we doing it also?

Answer: Germany is cutting taxes to end their own recession.

The imperial federal government is doing this intentionally. And we, the under educated masses, just do not get it. This is the reason US schools rank with the third world in standardized testing. An educated populace is a threat to its government.

As long as they keep our economy in the toilet, they can continue to push their authoritarian agenda on us.

PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter and Six Months Ended November 30, 2009

NEW YORK----PIMCO Municipal Income Fund II , a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and six months ended November 30, 2009.

U.S. Has 2nd-Highest Corporate Tax Rate of Industrialized Nations

Question: Are there any German Rugby Clubs Out There In Germany?

(Deutsch)
Hallo,
Ich bin Herr Maximilian „Max.“ Mcphee. Ich bin ein Spieler auf der RFC Ramstein Rouge Rugby Mannschaft. Wir interessieren uns für Spielen von anderen Mannschaften in Deutschland. Bitte nur, nicht tut Fachmann zusammen. Wenn Sie sich für Spielen interessieren, fühlen Sie bitte frei, mich an zu kontaktieren: Maddoctorholyman@hotmail.com.

Vielen Dank und hat ein Glückliches Neujahr.

(English)
Hello,
I am Maximilian “Max” Mcphee. I am a player on the RFC Ramstein Rouges Rugby Team. We are interested in playing other teams in Germany. Please only, non-professional teams. If you are interested in playing, please feel free to contact me at: maddoctorholyman@hotmail.com.

Thank you and have a Happy New Year.

-Max

Answer: Hi Im not German but my girlfriend is, I play rugby in Ireland and was curious too, we found a handful, there is a Team in Bocholt, NRW in the Münster region. If you Google their site (sorry, can;t remember off the top of my head) you will get contact email, I Know i sent them one ages ago, thats where i also saw pictures against other teams like Koeln. Hope it helps, Germany doesnt have any professional teams so i wouldnt be worried about standard what i have heard is that it fairly equal across the country since numbers playing are very poor

Local Toyota dealerships, customers worry over recall

"I'm a little concerned now," said JoAnn Peek, of Brigantine, who was getting her '01 Camry serviced Thursday at Toyota of Vineland, above, but drives her 2010 Camry to her job as a dealer at Caesars Atlantic City.

A Meeting With Allah - Ein Treffen Mit Allah (GERMAN)

Question: How much of a give away is earned income credit?

EICT was enacted in 1975 but Reagan expanded it. I don’t get it are republicans hale bent to give away money and not collect taxes? Giving away money and not collecting taxes what is that going to get us?

Answer: They're only doing what Keynes said to do in an economic downturn: increase government spending and lower taxes.

Ironically, Keynes was a liberal.

Daily Pfennig 1/27/10: FOMC Day!

In This Issue…. * Markets in "lock-down" mode... * Aussie Consumer inflation rises... * Brazilian Central Bank meets today... * David Galland and Bill Bonner together!

Question: If you are retired from a major company receiving a pension do you qualify for the stimulus package?

This came from the Q&A on IRS.ORG..
Q. Are pension and annuity amounts provided by state, federal or private sector employers considered “qualifying income” in determining eligibility for the economic stimulus payment by those who are not otherwise required to file?

A. No, these payments are not included in the legal definition of “qualifying income.” [Updated 5/12/08]

If this true then why do you pay federal withholding taxes on your pension?

Answer: Pension is taxable income, but not qualifying for the $3000 threshold. But you still may qualify.

Here's the IRS wording:
"You're eligible if you have a valid Social Security Number (SSN), can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000."

If you have enough pension income to generate a tax liability of $1, then you would get the $300 (single; it is $600 for married person) minimum rebate. From there the rules are the same for everyone...$300 - $600 rebate for single taxpayer, $600 - $1200 for married.

So you either qualify for the rebate, or you received all your withheld taxes back in the form of a tax refund.

'Oral sex' definition prompts school district to pull dictionaries

A school district in Riverside County has pulled the Merriam-Webster's 10th edition dictionary from school shelves because it includes the term "oral sex."

Question: Do I need a New EIN (Employee Identification Number)?

I’ve looked on irs.gov and can’t seem to find the answer. I don’t need a New EIN if I have multiple businesses but what if one of the businesses has a totally different name and line of work ex. Networking to Lawn Maintenance?

Answer: Yes, if you are going to do your accounting separately and file separate tax returns on each business, you need separate EINs. If all the companies are going to operate under the umbrella of one parent company - you can use one EIN. I think it can go either way - it is up to you how you do your accounting. I think it might be easier to have separate numbers.

Tax tips new business owners

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