The Small Business Tax Help Blog

Posts Tagged ‘business’

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Question: Should GE take some of their $10.8 B in international profit and pay back some of the bailout money?

And because of losses in the US, they paid no taxes for 2009.

“GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a “tax benefit” of $1.1 billion back into its reported earnings.”

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm?cnn=yes&hpt=T2

Regarding the GE Bailout: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews&sid=ST2009062803183

Answer: I agree.

GE paid no taxes.
Exxon paid NO taxes

It’s like a sick joke is being played on every tax paying American.

179SUVFinancing.mp4

Question: Do I have to charge sales tax in California for doing savings analysis for customers?

I own my own home business doing price quotes for other companies. I charge them a small fee for each instance and return a file to them in pdf. Do I have to charge sales tax for this service?

Answer: No. Sales tax is only due for the sale of tangible personal property and some services in connection with the sale of tangible personal property. It sounds like you’re only selling a business service, so you won’t owe any sales tax.

Business Solutions PT DVD.wmv

Question: How much do you get back for claiming a child on taxes?

Like on the earned income credit, what do you get back per child, in the state of Georgia. I know that you only get credit for two kids.

Answer: It depends on your total income, and on how much income you had from a job. Also whether you are married or not.

EIC can be $2 or it can be $4716, or something in between, so without more info, it’s impossible to answer your question.

Georgia has nothing to do with federal EIC – it’s the same in all states.

Anne Else (Child Poverty Action Group) at Do Something: Credit Crunched NZ

Question: How can I sort dates using excel formulas?

I’m trying to create a expense report for my small eBay business. Where I enter each item , date purchased in numeric form (11/07/09) Then the cost say $7.00. My problem is I want it to summaries on a separate tab the month and cost. So if I enter a item on my expense sheet and the date column is 11/07/09 and the purchase price is say 7.00 on a separate tab it will enter the purchase price in the November column and keep adding all purchases for that month. So basically what ever date i input for in numeric form on my expense sheet it will update on another tab that months expenses. so I have one box with a month and underneath it a running tally of that months expense.

Thanks so much

Answer: I would recommend you make a Pivot Table. This is what they are designed to do.

For this example, in A1 put “Date”, in B1 put “Price”, and in C1 put “Month”. It’s important to have column labels for the data when you make a pivot table.

1st: On your expense sheet, you want to create a column that has just the month of the date. This will make the Pivot Table much easier to build. If your dates are in column A and the prices are in column B, put this in C2 and copy it down column C
=TEXT(A1, “mmmm”)
This will put the month of the date from column A in column C.

Now select columns A to C

Select from the menu Data Pivot Table or Chart Report
Pivot Table wizard:
Step 1 of 3:
-Microsoft Excel List
-Pivot Table
Next

Step 2 of 3
-Range: Sheet1!$A:$C
Next

Step 3 of 3
-Existing Worksheet: Sheet1!$A:$C
Click the “Layout” button
-Drag “Price” to the Data area
-Double-click on “Count of Price”
–Select “Sum” and OK on the “PivotTable Field” dialog.
–”Count of Price” should now be “Sum of Price”
-Drag “Month” to the Column area
(-Optional: drag “Date” to the Row area if you want to list each item for each month.)
- – OK

Click Finish on the Pivot Table wizard.

Pivot Table formatting adjustments:
- Click the “Month” drop-down and un-check the “blank” checkbox
- Right-click anywhere on the Pivot Table and select Table Options
- – Un-check the “Grand totals for rows” checkbox
- – OK

Done

Note: when you add more data to the expense sheet, you will have to right-click on the pivot Table and select Refresh Data for the new entries to be included.

lynda.com: Excel 2007: Creating Business Budgets

Question: If I get a Tax ID number, will creditors be able to track me down for owed money?

I have looked at the Tax ID number (Federal Tax ID) form online, and it asks for the Social Security Number. Will vendors that I owe money, still be able to find me, if I put the Tax ID number on for example my new bank account?

Thanks!

Answer: what reason are you requesting a tax id #, are you in business for yourself, and paying employees, or have you formed a corp, a partnership or LLC?
if not you have no reason for one, your SS# is sufficient
if you owe money they will find you one way or another, with or without a number, any number

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