The Small Business Tax Help Blog

Archive for April, 2010

Earned income tax credit could pay off

If you don’t make a lot, the earned income tax credit could help you get some cash back from Uncle Sam.

2009, 2010 EIC Tax Table, Schedule

Question: do i have to pay tax on savings brought from UK to Australia.?

I have a business in the uk which pays me a small wage. It has all been taxed prior to being transfered into my savings account in the uk.

Answer: Australian residents for tax purposes are taxed on worldwide income with the exeptions of some exempt income. You will need to include it in your personal income tax return. Some foreign employment income are exempt but in your case it is not. You can check out www.ato.gov.au or call them & ask or their advice.

Asia markets rise on strength from Australia

Asian markets see broad but modest gains Wednesday, with strength in commodity plays and upbeat economic data helping to lift Australia’s benchmark stock index to its highest level in more than five weeks.

Estranged and deranged - small business owner

Question: How do I compute taxes from the sale of shares?

I owned some shares in my family’s business. When the business was sold, I received $55,000. How do I include this on my tax return? When I added it to my salary and looked at the tax table, it said I owe over $18,000. Please help!

Answer: If it is like stock you take what you originally paid, divided by the number of shares. Then take the number of current shares and divide that into what you sold it for. The difference times the number of shares is your "cost basis." But paying taxes on the increase (or decrease) of stock value is NOT adding what you sold the business for to your regular salary. THis is a time to pay someone to do your taxes so you don't get audited.

Tax myths you can't believe

The U.S. tax code is massive and complicated, the perfect fodder for myth-making.

So Cal Tax Revolt Coalition Discuss Healthcare Reform on Fox Business News

Question: Filing tax extension. What do they mean by “Estimate of total tax liability for 2008″ & “Total 2008 payments”?

Do they want me to put down what I think I’m going to end up paying, or what I actually paid? Because if I knew that, I would have done my taxes by now, so that doesn’t seem to make sense.

Answer: They want you to estimate how much money you think you will owe the IRS once the taxes are completed. In addition, they want to know if you have made any payments in 2008, Estimated Tax Payments.

Also, you would have to give a little more info than what you have given. Is this for personal taxes, or a business????????

If it is personal taxes just go online and e-file before April 15, 2009 and you won't need an extension. If it is for business and you have a financial statement just take the bottom line, net profit/net loss and multiply that by 28% for federal and 5% for state and use that as the estimated tax due, until you get your taxes completed.

Many Nevadans can benefit from tax credits

With the final six weeks of the 2009 tax filing season ahead, a Reno accountant sees changes this year he links to the grim economy.

Bush Touts Stimulus Package During KC Visit

Question: If a small business does “consulting only” work for someone, should that small business charge sales tax?

consulting work would include advise and engineering services

Answer: i believe your charging another company would be considered a "outside services" so you most likely would not charge sales tax. you are providing a service not a product. to be safe i would check with an accountant or attorney . they can inform you correctly.

15 Small-Business Tax Deductions

Tracking expenses consistently and accurately can help you shrink your tax bill.

Tax Preparation Los Feliz CA Meher Der Ohanessian Accounting & Taxation Inc.