The Small Business Tax Help Blog

Question: W2 Tax form how to estimate what my refund should be?

I’m not trying to do my taxes officially i just want to know how to figure out what my refund will be? Thanks for the help!

Answer: I usually download a one-page form (1040EZ) and figure out my taxes using the table and my W2 using pencil and calculator.

I usually know whether I owe or not using that method and the refund amount has been very accurate.

Town unveils ideas for highway, salt buildings

Following more than a year’s worth of consultation with other towns about buildings best suited for local requirements, the town of Stuyvesant has given residents a first look at the proposed overhaul of its tattered highway building, and the upgrade of inadequate salt storage facilities. The project should lower operating costs and protect the environment.

MVPS GA Tax Video

Question: How much GST and Tax do you take out of your self contractor wages in Australia?

My hubby is starting a self contractor business and we where wondering how much GST and Tax do we have to pay to the government as everywhere we look its a different amount. Can any one help. Thanks

Answer: for self employed contractors, there’s a what’s called an ‘Instalment Activity Statement’ they could pay. what this activity statement basically means is after lodging a tax return advising the tax office you’re self employed and what your tax liabilities are for that year, the tax office will then assume your situation (in your case being self employed) to stay the same and estimate your tax liabilities for the coming financial based on the previous years’ return and issued out instalment activity statements for you to pay your tax in advance.

these statements will get divided into 4 quarters, which means if your tax liabilities for the previous year was $2,000 for example, they will increase this slightly to say $2,500 and you’ll pay 1/4 of $2,500, which is $625 every 3 months, so by the end of that financial year, you would have already paid $2,500 towards your tax bill. if you’ve paid too much, the tax office will refund the difference to you, if you’re still slightly short, then you’ll just pay the difference then.

the instalment activity statement system won’t start till your husband lodges his first return as a sole trader, in the mean time, put away about 20% of what he gets paid every week/fortnight, that should be enough to cover his tax liability.

as for GST, if he’s not registered for GST, there’s no need to do anything till when he does his tax return, if he is registered, just worked out how much money he’s make for that quarter, work out 10% of that total income then work out how much expenses for that quarter, work out 10% of the expenses, the difference of 10% total income and 10% total expenses is what he need to pay to the tax office for that quarter.

NRW wins & #36;112m FMG contract extension

NRW Holdings has won a 12 month contract extension for overburden mining at Fortescue & #39;s Christmas Creek project in Western Australia.

Contractor Insurances

Question: How do I pay and file taxes if I am an Independent Contractor?

I just got a job as an Independent Contractor.

How do I pay and file taxes if I am an Independent Contractor?

Can I pay my Taxes, Social Security, and Medicare per week?

How to file them per year?

Thanks

Answer: Excellent answer ^. I thought it was $400, though, not $600. Years back, I would have advised you to deposit into a savings account what you’d be paying to the IRS and just pay them at the end of the year to collect the interest, but in this day and age that wouldn’t be all that much. Don’t forget as an independent to save ALL receipts for gas, tools, anything business related, up to and including a portion of your phone expenses.

Candidates in primary election introduced

With the primary elections right around the corner on Aug. 24, the Yuma Sun will run a mini-series on the races and candidates that residents will decide on later this month.

1099 MISCLASSIFICATION: It’s Time to Play by the Rules

Question: How much should this person get taken out for federal withholding tax weekly?

Single person, with 8 allowances. Earns $1600 weekly. We had a secretary doing mess ups with the company, and when I try to calculate this persons federal taxes for payroll, I am confused due to the high earning and the percent crap you have to do. Does anyone know how I calculate this for federal withholding taxes, or where online can I get a calculator to help me?? Anything would be helpful…thanks.

Answer: That’s $83,200 a year. So that would put them in the 25% federal income tax bracket, plus a 7.65% payroll tax.

That’s $27,164.80 in total taxes, so that’s $522.40 total withholding every week. I hope this helps.

Six tips for students with a summer job

Schoolâs out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job.

Question: Sales Tax Deduction…Schedule C?

Hey everyone,

I am a self-employed contractor and have the ability to either charge and pay sales tax directly from my clients to the State (Texas) or have my contracting company pay the sales tax under there business.

Is there any benefit as far as tax deductions go for me to collect and pay the sales tax directly to the state? If there is a tax deduction benefit, then can I use this deduction if I file a Schedule C?

Answer: On sales tax, whatever you take in gets paid to the state, so it’s a wash, with no tax advantages or consequences to you. Do whatever is easiest.

You actually don’t show sales tax collected or paid out on schedule C, but if you did, the deduction would just equal the income, so wouldn’t change totals.

Deducting bad debt on taxes

Q: My daughter and her husband are filing for bankruptcy protection. Years ago, we loaned them $10,000. Can we get any tax benefit for this bad debt? A: Since this was a personal loan and not related to your business, it is considered to be a nonbusiness loan for tax purposes.

How to Avoid an IRS Tax Audit : How to Report Business Losses on Schedule C Tax Form