The Small Business Tax Help Blog

Posts Tagged ‘entrepreneurship’

Question: What records should I keep for small Business Tax puposes?

I am a Real Estate Appraiser. Any advice on records to keep please. Are bank statements sufficient for deposits and expenses? Thanks

Answer: If you are serious about running a business, you need to learn how to do REAL research.

Yahoo is not research.

WHY WOULD YOU NOT GO TO THE IRS WEBSITE?
Seriously.
I want to know.

http://www.irs.gov/businesses/small/article/0,,id=98575,00.html

Small Business Tax Advice – Employee or Subcontractor

Harry Winston Diamond Corporation Reports Fiscal 2012 First Quarter Results

Harry Winston Diamond Corporation today announced its first quarter Fiscal 2012 results for the quarter ending April 30, 2011.

Talking About The UBT With April Silver and Sara Horowitz

Question: Why is the New York Post saying Obama taxes are killing small business?

http://www.nypost.com/p/news/business/small_biz_big_tax_Tm9zntbp2I339WyBwwOgzK

Answer: This is somewhat a source of concern, especially for small business owners. Most of us have had a struggle surviving the last 2 or 3 years and have no resources left for more expense. Our products and services have limits on what we can charge in the market. If we charge more, foreign products will take the market share so it leaves us 2 choices. The first is to start laying off people who are not key to our operation. This is hard, because as they depend on us for their paycheck, we depend on them to take excessive burdens from the more key people who will be less productive. Either way it will only prolong the eventuality of closing the doors. The second is to immediately lay everyone off, close the doors and save what few resources there are left. We, the small businesses of the US are collectively the largest employer in the country. We are responsible for 50 to 55% of the jobs in the country. If we fail, so does the economy. Once we are gone unemployment will reach staggering levels leaving the only recourse of nationalizing the economy for survival of the country. In the lefts desire to kill trickle down economics, they are replacing it with trickle up poverty. We, the small businesses are drowning, meanwhile Obama and the Congress have thrown us a cement life jacket.

Hometownstations.com-WLIO- Lima, OH News Weather SportsSenate takes up bill repealing $2B oil tax breaks

WASHINGTON (AP) – The Senate is taking up a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government’s ability to borrow.

Pay News Network: Taxing of Cell Phone Use, Small Business Payroll and other tax tips

Question: My daughter wants to start a website sellling photography online. We need advice.?

My husband and I told her that she must have a business license and tax I.D. number before she began this endeavor. She insists that all her friends who do this do not have these. We are also worried about how she can protect her photos from just being copied and her “friends” did not give us any helpful information. She takes photos of places and people and would like to sell to magazines and such.

Answer: You don’t sell to “magazines and such” by setting up a website.

You sell to mags and such by submitting to the magazines and such.
You also need to know about licensing, usage rights etc etc.

You/she can lodge the shots with a stock agency (google photography stock sites or micro stock sites) which takes the leg work out but it is a full time venture if you want to make money and there are strict submission guidelines for the best sites.

here are some books you should be looking at before starting down this route

http://www.amazon.com/s/ref=nb_ss_1_20?url=search-alias%3Daps&field-keywords=photographers+market+2009&sprefix=photographers+market

Online and on-campus options for tax advice

The University of Kansas offers resources for students who need help filing taxes.

Business Loan 1099 – TaxMama.com

Question: How many DBA’s per Sole Proprietorship?

I am in the process of starting a Sole Proprietorship in Illinois. I plan to open 3 different websites. Can I have 3 separate DBA’s for all 3 websites? Will I have to apply for an EIN for all 3 websites?

10 POINTS TO BEST ANSWER (i promise)

Answer: You can have 3 separate DBA’s for each of your 3 websites, but only one EIN for your entity (sole proprietorship). i.e. your dba’s would all have the same EIN.

Registration requirements vary by State.

Illinois Regis Requirements:
When a business name is different from the owner(s) full legal name(s), the Illinois Assumed Name Act requires sole proprietorships and general partnerships to register with their local county clerk’s office. Corporations, LLCs, LLPs, and limited partnerships register an assumed name as part of their required business filings with the Illinois Secretary of State.

Fictitious Business Name Filing