The Small Business Tax Help Blog

Archive for March, 2010

PSE&G Encourages NJ’s Working Families To Apply for Special Tax Credit

PSE&G urges New Jersey’s workforce members who are in financial difficulty to see if they are eligible for the 2009 Earned Income Tax Credit . The special credit reduces the amount of taxes owed by eligible workers and sometimes provides a tax refund as well.

Dark Orbit: MMO VS EIC

Question: I entered the wrong employer address for my tax return. Does it really matter? Irs accepted the return 2 days?

ago. My employer(im self employed as a nanny) made a mistake on my first w2 for the ein number. They gave me the corrected w2, and I put in the corrected ein number into turbo tax, but I realized to late they also changed the address on my w2. (their accountant said I could use the ein number of the wife(she runs a seperate business, and we used that address rather than her home address). So I have the correct ein number, but wrong employer address. Does it really matter that my tax return has the wrong address? If so…how do I fix this? My employer just filed their taxes today. Thank you!

Answer: The IRS computers are concerned with the EIN number matching their records.

Do not bother to amend to fix an error like yours which has no impact on the tax refund or tax amount due.

Dear media — are we all vented now?

Kevin Rudd finally offered a mea culpa on insulation last night. Will it be enough for a press gallery that has been sweating on the chance to get him? An open letter to the media.

Haus Am Gern - PIPIFAX - oder ich bin müde

Question: Any way to reduce my Self-employment tax that I pay without decreasing my Income?

I know that the Self employment tax is 15.3 percent.I make $70,000 a year, and I’m self employed. I also get a 1099 that states my Income. I did one of those Turbo tax on line calculators and I had more deductions then income. So I didn’t owe anything on Income, but It said that I owed about 10,000 in self employment tax. Is there any way to not have to pay it or simply reduce it? Thanks.

Answer: There is no options here. If you were a wage earner the same amount of tax would be due but it would be paid by withholding and the employer's share.

Sisters man launches novel run for governor

A long-time Sisters resident says he's running for governor. But he's doing it the hard way, as a non-affiliated, "commoner" candidate.

FDI MoneyTRAX with Joe Craft

Question: Return rejected for w-2 ein does not match the irs records. Jobs says the #’s are right. What should I do?

I am using H and R Block and would like to efile since I already paid

Answer: You will have to paperfile. If the employer is a new employer (New EIN) the IRS will not allow efiling of that return as that issue was a scam a few years back.

Helen, EA in PA

IRS to Track Online Sellers' Payment Transactions Beginning Next Year

Internet sellers who don't report their sales will no longer be under the radar.

Amerika's Freiheit zum Faschismus (America's Freedom to Fascism) by Aaron Russo 2/11- Deutsch

Question: 70% of American jobs are due to small business. What effect will Obama’s tax increase have on the economy?

70% of American jobs are as the result of small business. If Obama increases the tax rate for those making over $250K, which includes a large number of small businesses, how do you think it will affect jobs? I’m a small business owner and if my taxes go up, or I am forced to provide part time employees with full insurance coverage, I will have no choice but to lay off my staff and probably close up shop.

Answer: If the company is making more than 250k then they can tax accountant and get all the small Business Tax breaks.

But because i rent and i dont' have any kids. I still get raped every year. There no "loop holes" for me.

Low tax rate scrapped

TAIPEI, Taiwan --Premier Wu Den-yih confirmed that the Executive Yuan (Cabinet) has decided not to adopt a controversial proposal to grant an investment incentive of extra-low 15 percent corporate income tax rate to multinational companies that set up their operations headquarters in Taiwan.

McCain Accusations Proven False Again: Obama Tax Plan and Other Comments