The Small Business Tax Help Blog

Archive for May, 2010

Question: I live in cali and just started making a collection for my future jewelry business. Do I need a resale #?

Help!? What is the difference between a retail tax number and a tax id? I’m starting my small business and I am very confused with the forms on the irs website. I know nothing

Answer: The taxpayer ID number from the IRS is called an Employer Identification Number (EIN) or sometimes a Federal Identification Number (FEIN). The rest of the requirements for ID numbers are from the state. You need to file an SS-4 form with the IRS or you can request one on-line.

The state requirements vary so you’ll need to check with someone familiar with Cali law.

Tax law may get more businesses to go high-tech

Tucked away in the health care overhaul bill that became law this year was a provision that will require small business owners to keep better records of what they buy. They’ll also have to report

IRS Oversight – 10

BMO Financial Group Delivers Strong Second Quarter Results, Earning $745 Million of Net Income

TORONTO, ONTARIO–(Marketwire – May 26, 2010) – BMO Bank of Montreal (TSX:BMO)(NYSE:BMO) and BMO Financial Group – /

3/12/10: White House Press Briefing

Question: Do I need an EIN for a home based computer business?

I need some money (which I don’t have) for email address through an ISP, setting up the website for a small one-time fee, purchasing a domain name, getting a merchant account to process payments, getting a land line phone system with headset and business cards. I can’t get a personal loan because my credit is less than POOR! I would like to try to get a business credit card, so can I/do I need an employee identification number (EIN) to apply for a business card? PLEASE, PLEASE HELP ME!!!

Answer: no your SS will do, but it must be connected with the business also make sure you need all that stuff day one…good luck

Being a Neurotic, Insecure Wreck May Help You Survive [Findings]

# findings A group of psychologists believe that emotional insecurity may actually be a survival advantage. So now you can blame evolution for the fact that you’ve never had a relationship last longer than six months. Thanks, Charles Darwin! More »

Wir Sind Helden – Nur ein Wort

Question: how much Income tax (uk) do i have to pay on electricals from china?

I am looking to import a TV from china. i am buying directly from a website, and they are based in beijing. do i have to pay income tax for a single unit, and if so how much. this will be for my personal use.

also, using the same website, if i decided to buy multiple items such as tvs, dvds, and phones from china and sell in the uk as a business, how much tax would i have to pay? if you have other information on this type of importing this would be usefull to me as well. many thanks.

Answer: The UK has a double taxation treaty with China, and from what I’ve read, the purpose of the treaty is to avoid double taxation.

UK To Cut Corporate Tax,

UK Treasury chief George Osborne outlined plans for a cut in the headline rate of corporation tax in a speech to the Confederation of British Industry on Wednesday evening.

Help with Tax Bill – Business Link Video

Question: Does McCain’s plan to tax health insurance benefits extend ?

to retirees ? I know the plan is to tax the benefits as regular income. I don’t think they can do that for the medicare benefits, but many retirees get supplemental insurance from their previous employment. Is that benefit going to be taxed too ?
jbcarrel. This is what McCain said his plan would do in the debate, tax the benefits. McCain said this at least twice, I wondered if my conservative in laws understood that their taxes would go up a bunch, was all.

Answer: Supplemental insurance will be taxed.

However, in a sense it’s also a tax on Medicare. He plans to fund his health care plan by CUTTING up to $1 trillion from Medicare and Medicaid.

Mayor asks for 64-cent property tax increase

Mayor Ron Littlefield proposed a 64-cent property tax hike Tuesday that would fund a $198.6 million budget and bring tax rates to a level not seen in nine years.

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