The Small Business Tax Help Blog

Archive for February, 2010

Question: should i do this in order to lease a car towards my new business? please read the details below…?

THIS IS MY CPA’s ADVICE…

“I would get a DBA under said name , and I would apply for a Federal Tax ID number (FEIN) as a S Corporation using a different name. The S Corporation keeps your business expenses seperate and easier to account for and the P&L of said business is incorporated into your personal tax return.”

Answer: Yes, your CPA is correct. The CPA is trying to be sure you keep your personal expenses separate from your business expenses. Your profit/income will flow through to your personal income tax return. Suggestion be sure to get a separate checking acct and business credit card. Good luck!

IRS offers assistance to local taxpayers

An Internal Revenue Service office in San Bernardino will be among 200 nationwide that will open for business on Saturday, Feb. 20. IRS staff will provide assistance for taxpayers dealing with difficult economic times and much more from 9 a.m. to 2 p.m.

Handy Dandy work, school ID/business card holder

First Uranium reports financial results for the three and nine months ended December 31, 2009

All amounts are in US dollars unless otherwise noted. The Q3 2010 Management Discussion & Analysis has been appended to this release. For the Q3 2010 Financial Statements, please see the Company’s website, www.firsturanium.com under “Investor Centre / Interim Reports”. TORONTO and JOHANNESBURG , Feb. 15 /PRNewswire-FirstCall/ – First Uranium Corporation (TSX:FIU, JSE …

Question: to fill out tax return form do i need an accountant?

The business i do is very small, i hardly make any business in terms of cashflow. So i wondered if i still need an accountant to fill this tax return form out.

If you are a small business do you still need an accountant anyway?

Answer: You don't need an accountant, but it really depends on your own financial abilities!
You need to ensure you have complete records of all your income and expenditure - its best to have a separate bank account for the business so that you don't miss anything.
HMRC will help with any queries on the form, but they can't make the entries for you and they can't do your accounts.
If you are unsure, it may be a good idea to attend a course run by Business Link on keeping accounts, or pay an accountant for a one-off advice session.

New tax credits available this year

From education to new cars to business expenses, there are plenty of ways for residents to get some big returns when they fill out their tax forms.

Form 8109 - SurePayroll Business Minute

Question: In Mass: Do we apply for an EIN before or after we form our 2 member LLC?

Pretty much, which comes first? The EIN or LLC? We just want to make sure we form our small business the right way!

Answer: In order to apply for an EIN, regardless of the state in which you are applying, you will need to have information that your state treasurer or secretary of state will issue you, such as your state identification number. This will be used as a part of completing the form on your EIN Application with the IRS. By the way, you can apply online for your EIN - takes only a few minutes, and you have a printable copy of your EIN to take with you to the bank for account purposes! Just go to http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Good luck with your new business!

TSX Venture Exchange Daily Bulletins for February 22, 2010

VANCOUVER, BRITISH COLUMBIA-- -

Genzyme Pharmaceuticals LLC, Liestal; Der Gesundheit ...

Question: Where do I go to get an Kentucky Sales Tax Resale Certificate Number?

I want to buy some things from an local auction for resale at a flea market. They said i need a tax id. Do I need a resale number or an EIN? Also where can I get this from?

Answer: Form a Kentucky LLC and you protect your assets with the limited liability of a corporation while enjoying the simplified pass through taxation of a partnership.

The formation and registering of LLCs in Kentucky is handled by the Kentucky Secretary of State. You can contact them at:

KY Secretary of State
Trey Grayson
Secretary of State
P. O. Box 718
Frankfort, KY 40602-0781

If you do not incorporate your business, you could be held personally liable for business debts and lawsuits. Form a Kentucky LLC and protect your personal assets from business debts and judgments.

Open Text Buying Nstein, TechCrunch Misreports

Enterprise content management (ECM) vendor Open Text's planned acquisition of ECM + text-mining provider Nstein is an interesting bit of news, perhaps indicative of market challenges that may result from an over-narrow focus on the publishing customers and of the opportunities that text analytics -- software that automates tagging and classifying content, among other functions, to boost ...

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