The Small Business Tax Help Blog

Archive for the ‘Self Employment Taxes’ Category

Question: I did not pay self employment tax.?

I filed my 2007 taxes on time, but did not understand that I had to pay self-employment tax, so I did not include that in the tax section of the 1040. The result is that I owe the IRS $86, which was due on 4/15/08. I know I will have to pay penalties and interest. I will be sending the 1040X this week. What will the interest on this be? It says the current rate is 4% and it is compounded daily. What does this mean?

I did the same for 2008 taxes and I owe $159 which was due on 4/15/09. So I have the same questions here.

I have never been notified by IRS, but found this error on my own. Does this help in the way of preventing some of these penalties?

Thank you for your help.

Answer: If you file an amended return showing a trivial amount of additional tax there will be no penalty. You will owe a small amount of interest.

Minnesota Supreme Court hears Eagan eminent domain case

When the city of Eagan offered to buy out and relocate dozens of properties around the ailing Cedarvale Mall, most store owners said yes.

Tax does not have to be Taxing for a Tarpon Employee!

Question: I’m a self-employed distributor at California , do I need to file a California sale tax or self-employment tax

When i purchase goods from the company, i already paid the sales tax

Answer: You need to apply with the state board of equalization for a sellers permit.

That way you can avoid paying the tax when you buy it. No matter what, you need to collect sales tax on the full amount you are selling the item for. You can take a credit on your sales tax return if you did pay sales tax. By getting a sellers permit, it will also open you up to more sources that require a permit to buy from them.

You will need to pay self employment tax (15.3%( of the profits and file a 1040-es (estimated taxes).

Longest Reign In English History

The reign of Queen Victoria, who came to the throne of her ancestors in 1837, was the longest in English history; indeed, it was one of the longest in the history of Europe, whether the ancient nations or the modern be considered.

YOUR FIRED - IF I WERE PRESIDENT CHICKENHEAD

Kratovil: Key 2009 votes

WASHINGTON — Republican Rep. Wayne Gilchrest routinely bucked his party when he represented Maryland’s 1st Congressional District. His Democratic successor, Rep. Frank Kratovil, appears to be following the same tradition.

Call, response and task of prophetic action

Second part of a five-part essay: “Religious Life as Prophetic Life Form.” This is the second part of a five-part essay by Immaculate Heart of Mary Sr. Sandra Schneiders on the meaning of religious life today.

Keynote Remarks: Quest for Excellence 2009

Question: How to complete tax form P91?

I have been self employed since October 2006. Recently I started full time employment and have been sent form P91 to complete. Currently I am both employed and self employed as I am still paying tax on my self employed earnings and will be until January 2010.

What I need to know is do I give details of my self employment under ‘current details’ together with my employed details or under the section employment history?

I am very confused! Thanks.

Answer: Yes, put it both on or if you can't fit it on attach a brief letter/note to say just what you have explained above.

OR ring the telephone number on the front of the form & tell them over the phone instead.

It sounds as if the person who sent you the form didn't realise you are already self-employed & will be doing a tax return. Let them know & they'll get their records up to date. They also need to know the information to make sure you get the right tax code so your employer deducts the right amount of tax.

New Springfield police officers and firefighters will be in state retirement fund

The city council soon will consider bills to fulfill its promise made to voters before a sales tax election last fall.

Haleigh Cummings Stepmom Speaks-Early Show Misty Cummings (Croslin)