The Small Business Tax Help Blog

Archive for June, 2010

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Question: Is Obama Lying when he says he’ll remove the Capital Gains tax off Small Business?

I was unaware that small business paid capital gains taxes.

http://www.topix.com/news/2008-presidential-election/2008/09/obama-tax-cuts-for-the-middle-class

Answer: Obama’s plan to raise taxes on the very people, small businessmen and women, who are providing about 80% of the new jobs our economy is producing. Obama’s response last night was to say that “I will eliminate capital gains taxes for the small businesses and start-ups that will create the high-wage, high-tech jobs of tomorrow.”

Obama said he was going to eliminate capital gains taxes. These small businessmen generally don’t pay capital gains taxes. They pay income taxes. Obama’s plan is to raise the income taxes on these entrepreneurs. Telling the American people that he will cut their capital gains taxes is simply a charade; a charade the uneducated will buy.
You can here him say it here:

You can read it from his site here:

http://www.barackobama.com/taxes/

“Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.”

A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property.

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on “long-term capital gains,”

So, you see, lowering CGT for a small biz like mine… won’t do me one damn bit of good. I don’t pay CGT and I’ve been in business since 1/1/03!

Bank of England Rate-Setter Fears New UK Recession

Bank of England rate-setter fears UK could fall back into recession Bank of England – Recession – Business – Financial Services – Banking Services

Barack Obama on Small Business Loans: Toledo, Ohio

Question: Employment Tax Audit on Closed Business?

i received a forwarded letter from edd to inform me of an employment tax audit on my closed business. My corporation has been closed for several months. EDD wants my former corporation to pay 40k in tax penalties. What are my options? I no longer have this business.

Answer: As an officer and/or majority shareholder of the defunct corporation you are liable for any unpaid taxes. With this much money at stake, you’d be wise to consult with a local CPA or EA, and possibly an attorney.

Full text of Smoking Ordinance

The full text of the Smoking Ordinance to be voted on in November.

IRS Penalties, Audits, Benefit Plans 419e 412i

Question: What’s that song!?!?!?!?

“Wherever you go, I’ll follow you hom ein my dreams..”

I think it goes like that? Idk, I heard it at the end of a movie.

Answer: Was it follow you down?
By Gin Blossoms.

Yeah, It’s called follow you down.
It sounds sort like dreams.

“Anywhere you go, I’ll follow you down”

Bedourian to be installed at St. Gregory Armenian

NORTH ANDOVER — Tomorrow is a special day for members of St. Gregory Armenian Church. The Rev. Karekin Bedourian will be installed at 10 a.m. as the church’s pastor by Archbishop Oshagan Choloyan, prelate of the Armenian Apostolic Church of North America.

Alu – “Circus Cosmos” – Live Video

Question: Calendar year vs. fiscal year, what is the difference.?

I am filing for an EIN – Employer Idenitification Number and the application asksif I am on a fiscal or calendar year. What is the difference of filing for either type of calendar for tax purposes? Is one better than the other? By the way I am a registered LLC company in the state of California.

Thank you.

Answer: The only difference between a fiscal calendar, and a calendar year is in how you do accounting.

For Example if you use the Fiscal calendar, your accounting year could start in October, or the fourth quarter of the calendar year. Or, in any other quarter and it doesn’t matter. While this would be your 1st quarter it is still the 2nd, 3rd, or 4th quarter of the calendar year. This really only matters for businesses that already have an established accounting policy based on the fiscal year.

If you are just starting the business save yourself some headaches and just use the calendar year. It makes taxes and accounting easier. A lot easier. I have started multiple corporations in my life and it has always been easier to just use the calendar year.

Beware of credit repair scams

You have heard many synonyms or phrases that mean the same thing in the realm of bad credit. The terms credit repair, credit restoration or credit rehabilitation are completely synonymous. Those with bad credit histories cannot afford to ignore the potential benefits of credit repair.

(dba license california) DBA License in California …

Question: Small Business Question?

I have recently started a small furniture business. I, of course, purchase items at wholesale from a wholesaler/distributor. My dilemma is…I have no idea on how to mark-up or price the items for retail sale. For example, one of my tables is listed at $42 for me.. What do I price it at for the public? Do i need to include taxes, inflation, etc? I have no ideal. Thanks for your help in advance…

Answer: That guys right i would just do it double, sometimes i like to add up a few dollers to cover the shipping especially if you have to put an item down at half off you dont want to be in the negative. You dont add the tax on untill you ring them up. I know a retail store near me sometimes marks hers up 2.5-3 times more example: you $42 public x2 =$84 or $42×2.5=$105 its all up to you!! Just remember if another store sells the same thing near you, i reccomend matching their price or going lower. Best of luck

High Court Refuses To Hear Plano Religious Case & Midday Roundup

The U.S. Supreme Court today refused to hear an appeal from some Texas parents who wanted to stop their school district from regulating when students can pass out religious-themed material to classmates.

Question 4.wmv