The Small Business Tax Help Blog

Posts Tagged ‘forms’

Question: How much penalty will I pay since I owe about $1800 in federal taxes this year?

My husband and I do not have any additional income other then our salaried jobs. He claims 0 while I claim 1. For some reason, there was an error throughout the year in the amount that should have been taken out from my paycheck for federal. Last year we owed 1181 and paid 14 dollars in underpayment penalties and we didn’t send in Estimated Tax Payments throughout the year for 2009, since we figured we would be okay. What kind of penalty am I looking at?

Answer: It looks like the IRS charged you interest on your underpayment last year of about 1.2%. Basically they are saying that the money should have been with them instead of with you and they charged you a fee for that privilege.

I would think that the same fee would be applied to this year’s underpayment, or about $22 on the $1800 shortfall.

Are Federal Workers Underpaid? (Part 2 of 2)

Question: Form 1099 and estimated tax?

I made about 7 grand working under 1099. I gotta do Form 1040es for the federal during next two weeks.

I understand that I can claim deductions for business related expenses (meal, transportation, cell phone bill and etc). How do you claim deductions for such expenses. Is there a seperate IRS form for calculating such a deduction? AND DO YOU BETTER BE READY TO FURNISH EACH AND EVERY RECEIPTS FOR SUCH EXPENSES? I don’t have all the receipts.

How do you do the likewise for the state of Maryland?

Advice will be appreciated.

Answer: You will add a Schedule C form to your 1040 and you will not be able to file a 1040ez, i.e. you’ll have to itemize to get the business deduction, but in your case it will probably be worth it. And yes, officially you’ll need receipts, but if you never get audited…

Maryland will (most likely) take your net income from the federal form.

Roper St. Francis battles Trident center’s expansion

Roper St. Francis Healthcare is fighting Trident Health System’s proposed $26 million expansion of Summerville Medical Center.

How to Complete a 1040A Tax Form : 1040A Tax Credit Tips

Question: Estimated quarterly tax payments…?

One of my friends lives in MA and is only due to make about $6600/$6700 this year. Does he owe any state and federal tax? As well as S.S., Medicare and Self employment tax? If so, when does he have to pay the SE and FICA tax and how des he go about doing that? He’s paying federal tax payments through tax vouchers. Any help for him, thanx…

Answer: 6,600-6,700 should not generate a lot of taxes.

If he’s already paying federal via estimated tax vouchers (1040ES), then he should be okay, based on the income amount. By the way, self-employment tax (FICA is part of SE tax) is combined with income tax to make the Estimated Tax Payments.

You can have your friend read over publication 505 on estimated taxes:

http://www.irs.gov/publications/p505/index.html

MA should have similar publication on estimated taxes. Do a quick google search.

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

The Economy and the American Family

Question: For tax purposes, can I write off expenses that I did not get reimbursed for from my employer last year?

I normally submit my expenses (such as business-related travel) through my employer for reimbursement each month. If I forgot to submit some expenses last year and it is now to late to do so through my employer, can I still account for these somewhere on my income tax form?

Answer: Sorry, but if you failed to request reimbursement from your employer for items that they would normally reimburse you for you cannot deduct them on your taxes. To be deductible an item must be required by your employer AND your employer refuses to reimburse them. Your employer would have reimbursed you had you filed a timely expense report, so you lose the deduction as well.

3SBio Inc. Announces Unaudited Second Quarter Results

SHENYANG, China, Aug. 17 /PRNewswire-Asia-FirstCall/ — – 2Q revenues grew 29.5% Y-o-Y to RMB105.5 million (US$15.6million) — 1H revenues grew 34.5% Y-o-Y to RMB201.9 million (US$29.8 million) — Company reiterates FY2010 revenue guidance — New plant is granted GMP certification by SFDA 3SBio Inc. (Nasdaq: SSRX) (“3SBio” or “the Company”), a leading China- based biotechnology company focused …

What is a Dispensation? Business expenses for Contractors

Question: CA tax return 540, line 38…Real Estate Withholding. Form 593-B and 594. Can anyone explain.?

since my mother pays taxes on properties, does line 38 apply?
[She did not sell any real estate]

Answer: No, it only relates to sales of real estate.

More info:

http://www.sfaa.org/0710schultz.html

Analysis: Recent California newspaper editorials

Aug. 4

Tax Tips & Information : About W4 Tax Withholding Forms