The Small Business Tax Help Blog

Posts Tagged ‘business tax’

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Question: is there a tax advantage to paying my wife formally from my business if she does not work otherwise?

Answer: just be careful if you have a ltd company as there is currently a case where the revenue are trying to treat the wifes income as her husbands and therefore taxing the additional income on the husband at 40%. as long as the wife is working in the company or business, you can pay her. even if she isnt a director or secretay of a company, she will be treated like a director as husband and wife are seen as the same. best take some professional advice from an accountant to avoid any problems and get it setup correctly.

Some affluent areas qualify for tax breaks intended to benefit the poor

Businesses can save up to $37,400 for hiring in an economically disadvantaged area. But those areas are designated based on large census tracts that don’t always reflect the intended demographic. Among the advantages for those who live in multimillion dollar houses on the hillside in Los Feliz are celebrity neighbors, sweeping views of the downtown skyline, the Griffith Observatory in their …

Diamond Holiday Online Home Business (Tax Advantages) – UPDATE

Question: IF this is true, what do you think will happen if HIS (SWT) neighbors turn in 0bama (SWT)?

Rats! City to Pay for Informing on Tax Cheats
The reward would amount to some sort of percentage
By ANDREW GREINER
Updated 9:27 AM CDT, Tue, Oct 27, 2009

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You dirty rat.

Chicago and Cook County residents aren’t the only ones about to get shocking tax news; the city is debuting a “tax whistle-blower” plan that could turn neighbor against neighbor in Chicago’s business community.

The folks at city hall will pay cash bounties to informants who turn in Business Tax cheats around the city. The reward would amount to some sort of percentage of the tax money that the city recovers.

“It’s just another way of bringing people into compliance,” Revenue Department spokesman Ed Walsh told the Sun-Times.

http://www.nbcchicago.com/news/local-beat/A-City-of-Stool-Pigeons-66367287.html

Answer: So the government is telling it’s citizens to rat each other out now?

Sure hope this doesn’t go federal, then we could be really screwed. (more so, of course)

BUSINESS IN BRIEF 18/8

The Cuu Long Joint Operating Company said it has discovered oil and gas at the Su Tu Nau (brown lion) 3X oil field off the southern province of Ba Ria-Vung Tau .

Luscombe: Year-end Tax Planning for 2009

Veraz Networks Reports Second Quarter 2010 Financial Results, Update Concerning Proposed Merger with Dialogic

SAN JOSE, Calif.—-Veraz Networks, Inc. , a leading provider of Multimedia Generation Network application, control, and bandwidth optimization products, today announced financial results for the second quarter ended June 30, 2010, and provided an update concerning the proposed merger with Dialogic.

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

In Praise of the Millionaires Tax

Each day, Inc.’s reporters scour the Web for the most important and interesting news to entrepreneurs. Here’s what we found today: Making Obama’s tax plan work for small business . President Obama’s plan to allow the Bush tax cuts to expire for the top tax bracket – individuals who make $200,000 a year – has drawn ire from small business advocates who argue that the increase will be a hardship …

Bush & McCain Debate: Taxes