The Small Business Tax Help Blog

Posts Tagged ‘federal’

Question: If I am a disregarded entity for tax purposes, can my personal income taxes be offset?

I received a letter from the SBA(small business administration) that says that my debt to them can be offset. I filed a personal chapter 7 and included it in my debt, but when I talked to them they said that it can be collected upon through the business since I did not close it. The fact is that I have other lines of credit that I am paying that was not originally in the bankruptcy that I personally guaranteed. So I cannot really just fold the LLC without the new debt being thrown on my personal credit now. The debt was already discharged two years ago from me personally.

I found this statement on the web: Disregarded entities are unique in that, although they are separate entities for legal purposes (thus affording us asset protection), they are treated as nonexistent for tax purposes.

If that is the case, can they take my refund? I am a single member LLC. But my income comes from a normal 9-5.

Answer: Probably not, since your SSN is normally not linked to your LLC. To be sure call Financial Management Services at 1-800-304-3107. Your tax refund is routed to that agency if there is a federal or state debt linked to your SSN.

Unscathed by Haiti quake, Dominican next door fears economic aftershocks

TORONTO - The Dominican Republic emerged unscathed from the massive earthquake that ravaged the capital of Haiti and has declared itself open for business, but the popular tourist destination is likely to feel social and economic aftershocks, experts warn.

Cheap tax return preparation for the do-it-yourselfer!

Question: Is Civil War in the United States Inevitable?

The implementation of the REAL ID ACT( federal id system containing radio frequency identification chips similar to the new passport system) and the increased accessibility to information will cause outrage in this country.

After failing to pass in the house of reps. in early 2005, the REAL ID ACT bill was tacked onto the war on terror and tsunami relief legistlation. Because 100% of private income tax goes towards paying off our national debt of the federal reserve banking system, $82 Billion in subsidized taxation will be re-allocated in the form of $23.1 Billion over 10 years to pay for uncle sam’s big weapon.

In 2009, if you live or work in the USA, you’ll need this federally approved id card to travel by plane, boat, drive a car, open an account, collect social security, or benefit from any government service.

The authoritarian implications for this monstrous social reformation must be in the public scope now! Once people become aware of this reality, will they revolt?

Answer: Is a US Civil War inevitable? NO. It already happened once, and the results will stop us from doing it again. We learned from our mistake in that area.

AARP offers local help as tax time nears

Volunteers with the AARP are gearing up for tax season and will soon be working with Parker County residents to file their 2009 returns.

America In Danger 108-4

Mineral Deposits Limited: Grande Côte Definitive Feasibility Study Results

MELBOURNE, AUSTRALIA–(Marketwire – 06/16/10) – Mineral Deposits Limited (TSX: MDM – News )(ASX: MDL – News ) is pleased to announce the results of the Definite Feasibility Study (DFS) for the Grande Cote Mineral Sands Project (GCP or the Project) in Senegal, West Africa. The DFS, compiled in association with AMC Consultants, commenced in August 2009 and has considered all aspects related to …

$283,000 LEAF DUMP Wasting our Tax Dollars & Destroying our Helmer Nature Center/ VOTE NO Tues 8th!

Question: How can I establish and build business credit using an Employer Identification Number (EIN)?

I recently acquired an EIN number from the U.S. Department of the Treasury Internal Revenue Service (IRS), and am extremely oblivious on how to go about establishing business credit. I thought I needed to establish an eBay business. What can I do with an EIN? Do I get a business checking account as well? Please forgive my ignorance on this matter. Thank you in advance.

Answer: first make your bussiness and your private credit seperate. second just like your private, document and use it sparingly to let it grow. I am at that point so still learning myself. yes seperate your private and bussiness accounts. if your bussiness fails or has a problem you don't want them to take all your private funds as well do you? talk to a financial advisor for more info on your particular wants and needs

Skyline CAP offers tax time suggestions

  No one likes the burden of preparing a tax return, but, besides the fact that it’s the law, there are benefits to be gained. 

Question: If wind energy is so “profitable”, why do they need a bailout?

http://thehill.com/business–lobby/alternative-energy-producers-seek-stimulus-funds-2009-01-09.html

Solar and wind executives are arguing that they need help from the upcoming stimulus measure in order to meet President-elect Obama’s goal of doubling alternative energy production in three years.

They argue that the economic downturn has limited the effectiveness of a tax credit that supports the wind and solar industries. They want to change the credit to a refund in the economic stimulus package. Credits help investors minimize their tax liability. Refunds act more like a direct payment.

Answer: Don B writes: "God forbid that we should help this budding industry that can save us from the clutches of OPEC"

God forbid that we should save ourselves from the clutches of OPEC by drilling here at home instead of waiting on the budding industry that will NEVER take the place of oil, coal, natural gas, and nuclear energy.

People who think that wind energy can and will take the place of oil, or even a small part of it, are naive and deluded.

"instead lets give it all to the bankers on wall street, aty least then we won't have to hear about where it went !!
(Because the GOP in all their wisdom gave it away without asking for any accountability AGAIN)"

Most GOPers voted against it. Most Democrats voted for it. But you direct your ire against the Republicans. And as usual, turn a blind eye to what the Dems have done.

Planet writes: "The railroads, oil companies, phone companies, the electric companies, etc, etc, ALL had federal help getting started in this country. "

Total falsehood. All private enterprise that were funded by private investors. In those days, there was no such thing as federal help for such projects. The railroads got loans from the federal government and nothing more. No subsidies for research and/or development. The oil companies got interference (hot help) from the government, but no subsidies. Same with the electric companies, the telephone companies, etc.

"Solar and wind power need that same kind of leg up to get off the ground. "

No it doesnt. Unlike the railroad, the oil industries, etc. showed that they could get off the ground very well on their own. Solar and Wind power has been getting that sort of leg up from the government for the past few decades. And it produces nothing of value for the money. You act as if we havent been giving a leg up to solar and wind power.

2009 Year in Review

EDITOR’S NOTE: This is the second of a two-part series about the Sherwood highlights of 2009 that took place during the second half of the year.

Recovery: New Homebuyer Credit - November 2009