The Small Business Tax Help Blog

Posts Tagged ‘finance’

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Question: 1099 Tax question?

I had been on 1099 for partial year and on W2 for part of the year. What tax software is recommended for filing tax returns so that I can take advantage of the business expenses and deductions

Answer: Turbo Tax

Which Tax Preparation Software or Online Solution is Right for You

Backed by the expertise of the leading name in taxes, HR Block At Home online tax preparation software and online tools are easy to use and guaranteed to get…

Tax Forms & Deductions : Corporate Tax Preparation Programs

Question: I use my personal bank account for my business often (even though I have a business account)?

…How do I record those expenses from a personal account for business use in QuickBooks Simple Start? Should I add a new bank account, or record everything in my business checking register and just indicate it was owners equity? I normally track all personal account business expenses with an excel spreadsheet-so I have two sets of books–which is confusing at times. How should I correct this?

Answer: Each time you use your personal account to pay for a business expense, you should record it as a loan from owner, a liability the business owes to you. When you reimburse yourself from the business account, the loan is debited. Recording it as owners’ equity is not a good idea.

Small business adviser | Keeping cash flow in control

Question: My business earned a profit of $25,000 in 2010, but I have no money in the bank. How can that be? Answer: Your question addresses the difference between profit and cash flow. Understanding these two financial concepts is critical to running a successful business.

Summarizing budget data with a PivotTable: Excel 2007 Creating Business Budgets from lynda.com

Question: Why can’t Americans see their tax money for wars is mostly a gigantic contract grab for the multi-nationals?

War is the best business and hate fostered by corrupt leaders is the way they get dummies to kill and be killed. Perhaps if more people read Nobody’s Perfect: A Critique of Modern American Society, by Richard W. Glukstad then our nation might save itself from its path to oblivion as a once great super-power.

Answer: Because Americans believe that crap about star spangled freedom, the biggest hogwash of all times.
We would have more freedom and much more money without the Pentagon, which was only invented for the cold war.
Eisenhower warned the American people, that the Military was a threat

MP’s Wages – Mr President –Not A Pesewa More

The world is a funny old place where our imagination can play tricks with us. Maybe, as I grow older my eyes get weaker and my brains begin to shrink. The demand by MP’s for a whopping 400% rise in wages is at best “farcical” and at worst comical.

What Is Tax Deferral?

Question: How much money should I save for taxes if I’m self employed?

I’m fresh out of college and self employed (and know nothing about taxes or business)
I’m a freelance illustrator and so far this year I’ve made a little over $4,000 — so being generous I could guess that I’m going to make about $10,000 – $15,000 total this year.

What percent of my money should I be saving for taxes?

I have read from as little as 10% and been told in person as much as 30%
So far I’ve been saving a little over 20%

Also, do you have any business / tax tips that you think I should know about?
ALSO: I’m in the United States.

Answer: 1. You are not allowed to save the money yourself. You must make Estimated Tax Payments. If you wait until the end of the year to start paying, then there will be penalties. See the instructions to Form 1040-ES to calculate how much to pay. Do this before 5:00 today, because the second payment is due June 15 (you already missed the due date for the first payment).

2. Self-employment tax is 15.3%. Regular income tax is nothing for the first $5700 if your parents can claim you as a dependent; the first $9350 if you can claim yourself. In your case, most of the rest will be 10%, although a little might be 15%. So 15.3% of the total for self-employment tax, plus $650-$970 for income tax.

Open for Business: Marian Tax & Accounting Services LLC

Owner: Nancy Marian, CPA Type of business: Accounting and tax services Number of employees: One Location: Burnsville Contact Information:

Tax Tips & Advice : How to Deduct the Cost of a Vehicle Used in Business

Question: Do I have to register with Companies House?

If I were to set up a business that stayed within my personal tax allowance, would I still be required to register with Companies House?

Answer: Not worth it for a small business, and if you are earning within your tax allowance there is no point. Just register with HMRC as a sole trader.

Should allowances be included as taxable salary?

QUESTION: Pensioners are given dearness relief on a par with dearness allowance. Public sector banks like State Bank are classifying the reliefs as allowance for computing taxable income.

Getting the Most From the Mileage Tax Deduction & Write Off for 2010, 2011