The Small Business Tax Help Blog

Archive for November, 2010

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Gushan Environmental Energy Limited Announces Third Quarter 2010 Financial Results

Gushan Environmental Energy Limited , a leading producer of biodiesel in China, today announced its unaudited consolidated financial results for the third quarter ended September 30, 2010.

Umbrella company services, what contractors must insist on?

Question: Earned income credit!!!! Can I get a refund for previous EIC not claimed?

I did not claim EIC from 2005-2008 because I was under the impression that a valid SSN is one which has no annotations written on it. My spouse had a SS card from since 1991(while on an F1 student visa) with the annotation NOT VALID FOR WORK without INS authorization. Although no longer on an F1 student visa but B-1 my spouse did meet the substantial physical presence sum of 183 days in a 3 year period to qualify as a RESIDENT for tax purposes. My spouse did not work while on the B-1 visa.
Since the SS card had the annotation I just assumed I could not claim the EIC. Now that my spouse is a green card holder I can claim EIC for 2009.
since the IRS Pub 576 2009 mentions the following:Valid for work only with INS authorization or DHS authorization. If your social security card reads “Valid for work only with INS authorization” or “Valid for work only with DHS authorization,” you have a valid SSN.

My question is can I file a 1040X going back 3 years 2008, 2007 and 2006?

Answer: You can only file 2008 and 2007 if you want a refund. You can amend 2006 as well but you will not get anything back or applied to 2007. The IRS only gives refunds 3yrs back, and it has to be done before 4-15-2010. Hope this helps!!

187 local taxpayers are due refunds

The Internal Revenue Service is looking for 11,278 Florida taxpayers — including 187 in Manatee County — who are due refund checks worth $19,701,229.

Earned Income Tax Credit

Question: Why can’t you file Married Filing Separately and claim the Earned Income Credit?

Answer: so both of you don’t do it that way to take advantage of the EIC -
its a good law to have.

Liberty Tax Service Introduces the New eSmartTax.com

eSmartTax.com’s updated design and online tax preparation service launched today, including the switch to interview style tax e-filing.

How to Complete a 1040EZ Tax Form : 1040EZ Tips for Line 5

Question: Tax deduction on passport?

Can I claim the cost of my passport on my Business Tax if I travel overseas for business. My business is in Australia

Answer: Generally a passport is not tax deductible. In your case where your job requires overseas travel to perform your duties, you should consider applying for a Private Ruling.

A private ruling is issued by the tax office and it is applicable on a case by case basis. That means that if they say ‘yes’ to you being able to claim, it is based on your circumstances alone and does not apply to other people as their circumstances are probably different.

http://ato.gov.au/atp/content.asp?doc=/content/19463.htm

Phoenix owner Serepisos faces fresh legal action

Wellington Phoenix chief executive Nathan Greenham insists all players will continue to be paid despite club owner Terry Serepisos facing legal action over unpaid taxes.

Robert Barbariol Chartered Accountant Sydney

Question: Is a reseller’s license number the same as my EIN / Tax ID number?

I want to use a particular dropship company, but they request your reseller license number. Is this something I need to apply for (if so how and where) or is this the same as My EIN Number?

Answer: It could be that they want the Sales Tax Permit number that you get when you sign up and are permitted by your State to resell items, on which you will collect and remit the sales tax when applicable. That you can get from your state tax commission.

Palestinians, Contained

Palestinians Contained: How the Wall Has Changed a Generation

How To Get a Tax ID Number