The Small Business Tax Help Blog

Archive for September, 2010

Business Structure Basics

Use this guide to help you select the structure that will serve your business best at tax time.

Health Insurance Exchanges Stakeholders Conference – Panel 6: Enrollment & Eligibility (08/30/2010)

Feds will be ‘fair’ with stimulus deadline: Flaherty

Finance Minister Jim Flaherty insists the government will be “fair and reasonable” in assisting stimulus projects that are supposed to be complete by the end of March.

KEY ISSUES – Taxation.mov

Question: Are business expenses deductible if paid for with personal money?

My boyfriend and I recently started up a small home business, and being that tax season is coming we were wondering on something.

1. What percent of a tax preparer’s and accountant’s fees are tax deductible for our business?

2. The tricky part- my boyfriend (he is the business owner) would be paying for these expenses with his own personal money, not money profited from the business. Does this matter?
We are a C-Corporation as well.

Answer: Congratulations, you are a partnership.

1. All partnership income is reported first on the form 1065, then on your individual tax returns. You report all professional fees on this form.

2. The business expenses paid with personal funds are accounted for depending on your written partnership agreement. If that agreement say you pay for items yourself, you deduct them on schedule E. If that agreement doesn’t (or there isn’t one), then it’s considered to be paid by the partnership (with corresponding funds adding to capital) and reported ont he 1065.

Smaller tax bills for your small business

Here are some ideas to help you get the most from your business deductions, avoid problems that can affect small business owners and plan for the future.

Health & Renter’s Insurance : About Very High Deductible Health Insurance

Question: DESPERATELY need a loan now for Business Taxes. A loan shark or high interest is okay.?

MUST SAVE THIS BUSINESS. WE HAVE BEEN CAUGHT IN A CIRCLE. WORKING CAPITAL WAS NOT EXTENDED WHEN OUR CREDIT WAS PERFECT. WE USED A/R AND SAVINGS TO FUND PAYROLL AND OTHER EXPENSES. CLIENTS PAID SLOW AND IT HAS ALL FINALLY CAUGHT UP WITH US.

WE ALWAYS PAY OUR BILLS AND CAN PAY A SUBSTANTIAL MONTHLY NOTE. HOWEVER, NOW WE NEED A LUMP SUM FOR WORKING CAPITAL AND TO PAYOFF THE IRS.

NEED HELP QUICKLY. OUR RECORD WILL SHOW WE PAY. NOT ENOUGH EQUITY IN OUR HOME. PRICES ARE DOWN IN TEXAS.

PLEASE NO SCAMS OR CRUEL MESSAGES. I AM AT THE BRINK AS IT IS….

Answer: Call the IRS first thing Monday morning and tell them you have exhausted all other options and need to set up a repayment plan with them.

That is your best bet

State will have to cut deeply as forecast worsens

OLYMPIA — State agencies must slash their spending soon after a revenue forecast issued Thursday shows tax collections will be hundreds of millions of dollars less than expected in the coming months.

Save Taxes by Saving Energy

Tired of your collectibles? Auctions can provide a profitable parting

Tired of your collectibles? Auctions can provide a profitable parting

Padgett Business Services – Boca Raton, FL