Archive for the ‘Business Tax Filing’ Category
How To File Small Business Taxes
November 21st, 2011
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Filing Business Taxes Canada
October 31st, 2011
Red Tape: $30.5 Billion Hidden Tax for all Canadians
Filing Taxes Business
June 24th, 2011
Question: i started a business 9/2010, my question is could I file taxes for my business and personal separate?
I sell second hand goods, and in the process of creating on-line sales through web page. I have EIN, Business Certificate, and Business Checking Account and doing sales through this business. I want to know if I can file my business and personal taxes separately? I also would like to know if student loans will garnish from both my business and personal or just personal? Is there a minimum income tax amount when filing for small business?
Thank you for your help.Answer: You are a sole proprietor, unless you incorporate….but you didn’t. You are the business, and you will do the Schedule C for your business information. Then it will become part of your personal 1040. NO, YOU CAN’T file separately. Your student loans would only garnish from the personal 1040 if you have a refund. Generally, $600 income is the minimum to determine if you are a business vs. a hobby.
More Tax Tips for Recent Grads
Taxes will become a big part of students’ lives now that they have graduated and entered the real world. Here’s what grads need to know about how to file and what documents and information they need to keep.
Tips for Filing Taxes : How the IRS Selects Audits