The Small Business Tax Help Blog

Posts Tagged ‘business tax’

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Question: Have you ever ran a business at a paper loss as a personal tax shelter?

Tell me what benefits you derived.

Answer: You would be a dumb@$$ not to do it.

Profit Loss Reports, Printing Income Tax and Sales Tax Reports

Question: Tax filing and business questions?

If you sell something and you make only $10 for a whole year, do you have to report that?
Self-employed tax starts when you make $400, right? What happens if you only make (1) $5 sale and (1) $10 sale for the WHOLE year? (especially if it’s your mother or friend)
Does that still have to be reported to the IRS?

I don’t really understand when you have to start paying taxes. Is it $400 for a month or for the whole year?
~ Does it count as a “business” if you make less then $20 a year?
~ Is it a business if you sell handmade items on Artfire?
~ Is it a business if you are only selling items you make and not working at any other job? Or is that considered a hobby?
so….I don’t have to file taxes for the $15 I got from my mom, right?

Answer: If you make less than $400 for the YEAR, no you don’t have to file a return or pay tax.

IRS Tax Questions Answered LIVE – Metro Detroit – Part 5

4-13-2011 Business Meeting

Question: In Nevada, is seller’s permit number the same as tax ID number?

I’m getting confused by all the different numbers and the auto-response machines at the department of taxation.

So my question is:

1. Is a seller’s permit number the same as the tax ID number in NV?
Then there are a bunch of other numbers: NV business ID, Entity number, etc.

2. If I did the initial filing (which was somehow put together with the business license appliation),
am I allowed to write the Resale certificate (http://www.tax.state.nv.us/documents/Resale_Cert_22509.pdf) that was here?: http://www.tax.state.nv.us/forms.htm

So for the “seller’s permit number” would I write my tax ID?

Answer: Reseller’s number and sales tax id, likely yes – not the other numbers you mention.

New Business Tips : How to Open a Business

Question: What percentage of top 2% earners that want their crazy tax cuts to continue are actual small business owners?

50? 10? .5?

Answer: We all want our “crazy tax cuts” to be extended.

Corporate Tax Cut BS Exposed