The Small Business Tax Help Blog

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Question: What are the legal steps required to form your own business? ALL SPAM WILL BE REPORTED!?

SPAM WILL BE REPORTED

I have BS in CIS which, in my case, means I can write programs and make websites. I can make your normal websites and for programs think parental monitoring/keyloggers, e-commerce tools, video game cheats, small business solutions, webscrapers, etc.

I want to sell my skills on the side via my own small business. I will advertise online, in the newspaper, through ads posted to message boards, etc. I hope to make $100 profit a week doing this.

I can do the tech part but I’m not to sure what I need for the business part. What steps do I need to take to make my business official? If I buy a new computer is that a tax write off? How will this affect my other taxes? In other words, if I am listed as self employed wont that cause the money I make at my actual job to be taxed differently?

SPAM WILL BE REPORTED
I live in Ohio

Answer: You really, really need to consult an attorney who lives in your city, because each city has different laws. And consulting an attorney before trying to set up this sort of thing will be vastly cheaper than getting hit by fines and possibly having to close down your business. You might think that the attorney’s fee is expensive…but do you really want to shell out thousands of dollars in fees?

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Question: Deep well piston hand pump?

Where can i find information on how deep well piston hand pumps work, and cost i cant find anything on the internet. And where can i buy on ein London i’ve tried homebase but they dont do them

Thanks

Answer: http://www.aermotorwindmill.com/Links/Education/Education2.asp

Here is a site you need to look at. Its about a deep well plunger type pump and its animated so you can see the operation. I have little knowledge of how deep ..deep is for your application a hand pump is only limited to YOUR strength as the water column can abe produce in excess of 500 feet if enough horsepower is applied..Of course a human cannot lift water that high ,that was only a reference. I would say that a piston travel of one foot in a pipe that would equal about one quart per stroke a person could lift water about 40feet or 80 pounds..per stroke that’s a lot of work for a quart…10-15 feet would be more in line with a repetitious stroke…Have a Look at the Gif…also I am in the US and we use Grainger Supply for the industrial oddities..I looked and did not see one..My next step would be EBAY…From the E…

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Question: How to change name on EIN for a LLC?

An LLC has three members and one member is leaving. How can the EIN be transferred to the members? It is our understanding that EIN is issued to a business, not an individual.

Answer: A corporation is its own entity. in my biz, my partner and i just act as if we work for it even though its ours. If one member is leaving i would assume your ein would stay the same only minus one officer.. i could be way off…

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The following information has been culled from many sources and been the subject of our office meetings. Some of the 10 points which are covered may provide helpful tips to those applying for immigration benefits.

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Question: Business Taxes?

I want to know what I need to start my own official business? I want to do computer aided drafting jobs as a freelancer? I heard that the first year of starting your own business one does not pay taxes..False? or True?Any good advice would be great. I live In Burbank, California. Thanks

Answer: that’s correct however, after one year in business you will have to file a tax return and depending on your companies income you may have to pay taxes on it.

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California delegation coming to Austin to study Texas business climate

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Question: Questions about My EIN Number?

I am STARTING a small business… Keyword Starting. And I applied for an EIN number in my state, and with the IRS. I set the end of the year to be 12/31 or every year. I am still in school while starting my business, and I was wondering if I haven’t made a profit by the end of the year, and the IRS sends me the papers, and I don’t file because I didn’t spend any money, or make any money will they take me to jail?

Keep in mind my business hasn’t been active at all… Can they do that?

Is there a way I can disable my EIN or something until I start making money so there won’t be any problems when tax season comes? Thanks guys!

Answer: Disabling the EIN might be a good idea to keep someone else from using it fraudulently.

The IRS will not take you to jail without warning simply because no return was filed. At worst, they would send you a letter demanding that you either file or provide proof that you were not required to file. At that point, you send them documentation that you did not spend or receive any money and file a return showing $0 on all lines.

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