The Small Business Tax Help Blog

Posts Tagged ‘finance’

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Question: Would this be red flat to the IRS ? Question about business & personal.?

There was a time where i had to close my business checking account that my book keeper used to manage but it took about 10 months before I was able to open a new one. Within that 10 months I used my personal account to pay for all of the business expenses (and personal as well).

What’s the best thing to do in this case ?

Answer: You will need to be extra diligent in tracking your business expenses and income, and make sure you have some good records. If so, then the account is not a huge deal. It is recommended to keep things separate, but unless you are an attorney with a trust account or something similar you should be fine with good records.

Good luck.

Running out of print

Business Line By word: The pavement bookstores at Darya Ganj with the historic Delhi Gate in the backdrop. – Photo: V. V. Krishnan

Using QuickBooks for your Personal Finances

Question: i started a business 9/2010, my question is could I file taxes for my business and personal separate?

I sell second hand goods, and in the process of creating on-line sales through web page. I have EIN, Business Certificate, and Business Checking Account and doing sales through this business. I want to know if I can file my business and personal taxes separately? I also would like to know if student loans will garnish from both my business and personal or just personal? Is there a minimum income tax amount when filing for small business?
Thank you for your help.

Answer: You are a sole proprietor, unless you incorporate….but you didn’t. You are the business, and you will do the Schedule C for your business information. Then it will become part of your personal 1040. NO, YOU CAN’T file separately. Your student loans would only garnish from the personal 1040 if you have a refund. Generally, $600 income is the minimum to determine if you are a business vs. a hobby.

More Tax Tips for Recent Grads

Taxes will become a big part of students’ lives now that they have graduated and entered the real world. Here’s what grads need to know about how to file and what documents and information they need to keep. 

Tips for Filing Taxes : How the IRS Selects Audits

Fitch Rates Onondaga County, NY’s GOs ‘AAA’; Outlook Stable

Fitch Ratings assigns an ‘AAA’ rating to the following Onondaga County, NY bonds:

FASCISM: GE & Others Pay No/Little Taxes; Lobby For Loopholes But Not To Change Corp Tax Rate

Question: Can illness under funeral expense cover be written by a company with a non-life license?

If a company deals with non-life business, can it write a funeral expense policy?
Can child education policies and credit policies be underwriten by non-life companies?

Answer: No.

There are two basic types of licenses – property & casualty, and life/accident/health.

Illness goes under life/accident/health. Property casualty is fire & liability type coverages.

Child education policies aren’t really INSURANCE, they’re an INVESTMENT type, that needs yet a third license to sell.

And “credit” policies are misleading – there IS a property/casualty “credit” insurance, but it’s for very large businessess, when one of their creditors goes bankrupt and sticks them for the line of credit they had. MOST of the time, “credit” is a type of disability coverage, or life coverage, which would be life/accident/health.

Exclusive: Congressional Travel Spikes, Despite Vows of Austerity

With America’s economy in the gutter, lawmakers pledge to cut back—except, apparently, when it comes to fancy trips around the globe at the expense of taxpayers and special interests. Laura Colarusso reports on the troubling spike in congressional travel.

Recovery: Education Credits – Parents

Question: Can I use receipts that are dated be for my incorporation of my business?

I have been saving receipts since this year for my business. however, I have not inc. it yet but will in the next few weeks. Can I use this receipts for tax purposes come next tax season?
I will incorporate an LLC!

Answer: You can use those receipts for your PERSONAL income tax return, but not for the corporation’s return. See your incorporation attorney for further advice.

Former cop avoids jail by repaying tax receipts he pocketed

Johnnie A. Fritz Jr., a former Buffalo police officer and car dealer, today was spared a jail term and granted a conditional discharge after prosecutors confirmed he had come up with the nearly $13,000 in sales tax receipts he owed the state.

FASCISM: Tax System Of, By, & For Mega Corporations Against Small Business And People