The Small Business Tax Help Blog

Posts Tagged ‘banking’

Feds will be ‘fair’ with stimulus deadline: Flaherty

Finance Minister Jim Flaherty insists the government will be “fair and reasonable” in assisting stimulus projects that are supposed to be complete by the end of March.

KEY ISSUES – Taxation.mov

Question: Small Business owner Resignation?

I have a small business in Canada with a partner. I have been out of Canada the past two years, and I don’t know what has been happening in the company, I am resigning as President and Director of the Company now threw a notary public and alll papers are ready to be signed. Well this be a problem for me in anyway with Goverment or Taxes or anything else or am I exempt from everything in the company and I have nothing to do with its past or future?

Answer: The past might be a problem and would be up to a judge, but you’re free and clear for the future.

If the past ever made it into court, they would examine whether you knew or should have known what was going on. If your partner was up to something underhanded and was very good at disguising it, you would most likely not be considered liable. As partner, you had a certain role that carries certain expectations of knowing what’s going on in the company, but again if your partner was careful and you weren’t just turning a blind eye, then you’re 99% okay.

Canada existing home sales fall, sales tax blamed

Canada existing home sales fall, sales tax blamed

Tax in Canada

Question: No income earned on new NJ based LLC in 2008. Do I need to file a NJ tax form and pay franchise tax or fee?

This is a follow-up from a previous question. My husband set up a sole proprietorship LLC in 2008 though legalzoom.com. He is employed full time- this was a potential side business for providing continuing ed. He never got it off the ground to report any income. My questions are:
1. Is he required to file a NJ state tax return on this business even though there was no income and is he liable for franchise fees/tax. Can we just file our personal taxes and ignore the LLC this year as it was not active
2. When we file our federal return next year (2009), when we hope the LLC will have income to report, can we then claim the capital expenses incured in 2008 (i..e start-up costs and capital expenditures under $5000)?
3. If you cannot claim start-up capital expenses from a previous year how do we fill out our forms now as the business so far has been a loss, not a profit- on a schedule C?

Answer: 1. No need to file if no income.
2. No – see below.
3. It is fine to take a loss in 2008. This is common for new businesses.

Private sector powers statutes

Like all newly elected lawmakers, Assemblyman Felipe Fuentes arrived in Sacramento needing two things to ensure his political success: legislative achievements and campaign money.

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Question: Small Business Question?

I have recently started a small furniture business. I, of course, purchase items at wholesale from a wholesaler/distributor. My dilemma is…I have no idea on how to mark-up or price the items for retail sale. For example, one of my tables is listed at $42 for me.. What do I price it at for the public? Do i need to include taxes, inflation, etc? I have no ideal. Thanks for your help in advance…

Answer: That guys right i would just do it double, sometimes i like to add up a few dollers to cover the shipping especially if you have to put an item down at half off you dont want to be in the negative. You dont add the tax on untill you ring them up. I know a retail store near me sometimes marks hers up 2.5-3 times more example: you $42 public x2 =$84 or $42×2.5=$105 its all up to you!! Just remember if another store sells the same thing near you, i reccomend matching their price or going lower. Best of luck

High Court Refuses To Hear Plano Religious Case & Midday Roundup

The U.S. Supreme Court today refused to hear an appeal from some Texas parents who wanted to stop their school district from regulating when students can pass out religious-themed material to classmates.

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Question: I am doing a online business and want to save tax on it?

I am currently working with a Firm in Mumbai and my sal is 30k p.m. I am paying normal tax on it. I have also started a small online business and my earning is really going great. I have a NRE account and all my online income comes from US company.

My question is If i put my money in NRE account will i still have to pay tax in india?

Or are there any good options where i can save my tax by showing my business expenses if I have to pay?

Answer: You are working in India. You are an NRI. But it seems you was a NRI before. OK?

When you are in India and earning in India, you have to pay tax to Indian Income Tax department. You have to show your on line business income as Income From Business and you have to pay taxes on your salary+Business income. If you hide your on line on line business income, then you are taking some risk.

Regarding the expenses, you can show the room rent (or claim part of the house rent), claim power bill, claim employee salary (if you wish), claim computer depreciation, Internet bill, telephone or cell bills and so many. Contact a Tax consultant. He will guide you how to save tax.

Property tax is overriding Litchfield Park issue that splits council candidates

In the Litchfield Park City Council primary election, elephant in the room is a property tax vote.

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