The Small Business Tax Help Blog

Posts Tagged ‘finance’

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Question: What are some small business expense items that can are tax deductable?

ex. mileage, gas, office supplies….what else?

Answer: From the book “422 Tax Deduction for Businesses and Self Employed Individuals” http://www.amazon.com/exec/obidos/ASIN/0917510240/powerhomebizguid by Bernard Kamoroff, here are some of the items you can deduct:

accountant fees
accident insurance
advances paid to contractors, vendors
advertising and promotional expenses
alarm systems
air fare (deductible if certain requirements are met – business expense)
allowance for bad debts
answering service fee
appraisal fees
assessments of local governments for repair (not construction) of streets, water lines, etc
association dues, including community service organizations such as Rotary
ATM fees for withdrawing money of the business
attorneys
audits
automobiles used for business
awards to employees

That’s just for Letter A. There are a LOT more you can deduct. I suggest you get a copy of this book to help guide you and make sure you are maximizing your tax deductions.

Small miners say new tax a ‘sham’

A lobby for smaller mining companies argues the govt’s new resources tax regime is a ‘sham’.

Tax Tuesday: Business Expenses

Question: How would having a top marginal federal income tax rate of 70% boost the economy?

You have to actually be a deep and independent thinker who can see past the propaganda and can avoid repeating simply what you have heard others say to see this.

But think about if for a second, what would happen if people actually avoided taking income and invested more money in growing their businesses?

and what would happen if there was a rule that any exec receiving public stock could not cash in such stock until at least 5 years after they have left the firm and that no exec could earn in excess of $10 million in salary at a publicly traded company and that bonuses could be no more than 1% of the annual salaries?

yes…I know these things will likely not happen, but what if they did, what if tomorrow we woke up and these were the rules…..how could this be actually good for the economy and business and job creation?
I can get them to pay just like they paid between 1936 and 1981. thats right during that time span the top tax rate never went below 70%.

Answer: What you are proposing is preferential tax rates on capital gains. Something Obama has promised to eliminate.

However your idea has several flaws:

At a 70% tax rate the dividends from an investment are so heavily taxed that it simply does not make any sense for a rich person to make those investments. Instead the money will go into tax-exempt bonds and other investments that are more designed to protect his money from taxes than to generate wealth.

And if you limit salaries to any specific amount then the top talent would all wind up working for either privately held companies or for overseas companies.

The fact of the matter is that the top 30% of wage earners are already paying 70% of tha tax burden. How much more can you get them to pay before they simply start moving their money out of the country?

Michigan 10.0: Are state tax incentives creating real jobs in Saginaw?

In recent years, some of Saginaw County’s best news has come in the form of businesses that chose to expand or locate here.

Fiorina: Lower Taxes On Business Solves Offhore Tax Havens

Question: doing our taxes married and have two business and rental property?

im married and have to LLC business and four rental properties. can i do my regular married filing taxes now and do my Business Taxes another time?

Answer: If you have elected to have your LLC taxed as a corporation, then its return must be done before your personal one so it can give you the K-1 you’ll need for your personal return. If you didn’t elect to have the LLC taxed as a corporation, then it’s reported as part of your personal return. So in either case no, you can’t let the Business Taxes go until later.

Playboy Enterprises is run by Hefner for Hefner

David Roeder: Playboy Enterprises has a chairman and achief executive officer who are not named Hugh Hefner . It is all aveil, unusual for a company based on baring it all. Playboy is the preserve, the boudoir, the retreat of Hefner, whostarted it all in Chicago with that famous Marilyn Monroe magazinecover in 1953. Hefner has a good deal here, but it’s what you’d expect for a guy who owns 69.5 …

e-File An IRS Income Tax Extension

Question: What happens if you get sued?

What happens if you get treatened to be sued over something you wrote about a person/business on a forum that is all true information, and you have no money or anything in your name? Do they just forget about it or what? Cause i know alot of crap that happens at that place and im sure the IRS wouldnt mind a nice tip i could give them on how that business/person doesnt report things for taxes. I didn’t do anything wrong except i wrote some facts that happened when i worked there, so would freedom of speech protect me? The guy is a cold hearted asshole anyways the only problem is he is my stepdads brother and now my mom is pissed at me.

Answer: You want a good bit of advice on this matter…………………? KEEP YOUR NOSE OUT OF OTHER PEOPLES’ BUSINESS

Ensminger and Manriquez go head-to-head

The candidate forum July 12 exposed the deep rifts between Mark Manriquez and Mike Ensminger, Republican candidates for Teller County Sheriff. With no Democratic opponent waiting in the wings, the next sheriff will be decided by the voters in the Republican primary Aug. 10.

Tax Tips: Tax Forums — June 2010 (ASL, Captions & Voice Over)

Question: Small Business Tax Preparation?

I started a small business this year. I don’t expect I will make a big profit, if any at all, so I don’t know if I can afford an accountant. I have been keeping my major receipts but have not been keeping my smaller charges (<$25). Is that OK as long as I keep my register up to date? If I got audited would a register be acceptable or would I need to have every single receipt?

Answer: You are okay.

As long as you have a good set of books (register), you would be fine. In case of an audit, the IRS (or the department of revenue in your state) is not going after $5 dollars of supplies, for example.

Do keep receipts/invoices for major expenditures; those would be targeted first.

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