The Small Business Tax Help Blog

Posts Tagged ‘business’

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: What is a Reseller Application number and Sales Tax Resale #?

I’m wanting to sell on e-bay, but all suppliers want a Reseller Number , Fed ID number. What are these? Do they cost?

Answer: The Employer Identification Number (EIN) or federal tax identification number is easy to get. The Internal Revenue Service (IRS) web site at http://www.irs.ustreas.gov/businesses/small/article/0,,id=98350,00.html contains all the information you need about EIN and how to apply for an EIN electronically.

Sales tax is an excise tax imposed on the sale of goods and certain services. Check with your state’s Department of Revenue (or however this agency is called in your state) and check their procedures for getting this number for your business, If you are in South Carolina, this is their form for applying for resale certificate http://www.sctax.org/NR/rdonlyres/B07F32FC-0289-49E6-ABC2-DC1D33AE624C/0/ST8a.pdf#search=%22SALES%20TAX%20RESALE%20SOUTH%20CAROLINA%22

Sponsored By:

NOTICE OF PUBLIC HEARING BOARD OF ADJUSTMENT CITY OF FERNANDINA BEACH A Quasi-Judicial, Public Hearing will be held by the Board of Adjustment on Wednesday, September 15, 2010 at 5:30 PM in the City Commission Chambers, 204 Ash Street, Fernandina Beach, Florida to consider the following applications: VARIANCE THOMAS GRAHAM & CORAL HADLER, 00-00-31-1520-0008-0011, LOCATED AT THE CORNER OF SOUTH …

Tax Help : Do I Need a Sales Tax ID Number?

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

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: How to calculate an estimate for import duty / import tax?

Im thinking about buying some goods from an online store in America and when i contacted the store to ask about delivery charges he mentioned id have to pay import tax upon receiving the items. Does anyone know how i can go about calculating an estimate for this? The total of the products will be about $300, anyone know how i can work out an estimate? Thanks.

Answer: your local government will have posted the import rates and a phone number to contact them with.

some delivery services have a “service charge” as well
and they also accept “tips”..
havn’t had a delivery person not accept a “tip”..

N.H. Lottery ditches new online game

Legislators had raised concerns The New Hampshire Lottery Commission has scrapped a recently proposed online game that would have let gamblers “play” their lottery tickets on their home computers. Lottery officials said they decided to cancel the interactive game, called PlayNowNH, in order to focus on improving other pieces of the commission’s work, such as beefing up promotional efforts and …

Estimated Taxes Online