The Small Business Tax Help Blog

Archive for March, 2010

Question: How do I figure our estimated taxes for 2009?

My husband and I moved to DC in September of 2008 and we had to report partial income and pay state tax for the months we lived in DC. We have already paid and now we’re told to pay our estimated taxes for 2009, quarterly and our first payment is due on April 15th and use a payment voucher. How do we figure our estimated taxes?

Answer: If you are paid from an employer on a w2,you are not self employed,you will have the tax withheld. You will not need to send in quarterlies to the state. If you are self employed you can go to the link below and get an estimate.

Go to the link below if you are self employed to see what you need to do for the estimates in DC.

http://otr.cfo.dc.gov/otr/cwp/view,A,1330,Q,630143.asp

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

http://www.hrblock.com/tax_professionals/christine_wilkins.html

Health Care Summit Analysis: Closing thoughts

Washington Post reporters broke down the key flashpoints in real time as Republicans and Democrats shared their competing visions of health-care legislation.

Davos Annual Meeting 2010 - Meeting the Millennium Development Goals

Question: Where to get an EIN?

I have seen the actual form SS-4 on the IRS site and I know for a fact I will make a lot of mistakes. So I need a company or just someone who can fill it out, and obtain it for me, I have seen several sites online such as Legal Zoom and Mycorporation and their prices to do such simple task are outrageous! Hope someone can recommend something. Many points!

Answer: First off, are you sure you really need an EIN? Read IRS "Do you need an EIN" to determine if you need it or not http://www.irs.gov/businesses/small/article/0,,id=97872,00.html

Try to set up an appointment with SCORE or SBDC in your area. But don't ask for an appointment merely to help fill out the form. Request for strategic consultation with your business, and then mention the EIN to them.

2nd Memorial Baha Turan SS4 Spirkakim (PUNTO)RBR-Online

Question: What is the largest federal policy aimed exclusively at helping the poor?

a) The Earned Income Tax Credit (EITC)
b) Public Assistance
c) Food stamps
d) Social Security

Thanks for any help!

Answer: Public assistance..

5 new tax credits and deductions for the 2009 tax year

Tax season is upon us. And while nobody likes shelling out their hard-earned dollars to the IRS, this year the government is offering up some new opportunities that could save you big money.

Dr. Steven Pitts: Too Many Jobs Don't Pay Livable Wages

Question: How much money do you really make as a sole proprietor?

What percentage of money do you give up when owning a sole proprietorship business?

Isn’t there an average number? Like, isn’t Fed taxes 25%, state 5%, FICA 15%.

Does that mean for every 100 dollars you make you really only make 60? (100-40)

Answer: You only make about 8 percent if you are lucky.

5 common misconceptions about "free" markets

Economics impacts every corner of the globe. Here's a look at five of the most dangerous misconceptions that have hounded free market economists since the days of Adam Smith.

Question: Who knows the effects of Obama’s tax plan on small businesses better? Obama or small businesses?

Obama’s never run a business. Obama’s not the one running their businesses (yet). Obama’s not the one who’s been looking at how his tax plan is going to effect Joe the Plumber’s specific business.

Small businesses say they’ll have to lay people off. Small businesses say they’ll have to cut salaries. Small businesses say they’ll go out of business.

But hey, at least their employees will get a tax cut.

Answer: Barry will kill small business and the economy! He wants to "share the wealth" - BULL CRAP! I work hard for my money. He is trying to "punish" success. He's a blatant liar when he says otherwise!

I am so sick of this crap about the "rich" people that make over $250K. Many of those taxpayers are small businesses (Sched. C) and they will either raise costs or cut back (lay off employees). How's that going to help the economy, Barry?

Sure, the employees will get a big tax cut - no taxes at all since they will loose their jobs!

Kiffmeyer hosts small business roundtable

Small business owners from Big Lake, Monticello, Elk River, Princeton and other local cities came to Big Lake city hall Monday evening for a roundtable discussion with state representative Mary Kiffmeyer and government experts.

No Republicans Stand for Small Business Tax Cut