The Small Business Tax Help Blog

Posts Tagged ‘forms’

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Question: Self Employed Business Tax Question….?

I started a side business this year (last three months of the year) that had income of $19,500 and expenses of $20,000 which gives me a small net loss for the year. Do I have to pay any federal taxes or social security or self employment taxes or any tax for that matter even though I have a net loss for the year? I am worried that I might need to make an estimated tax payment next week. please help….

Answer: If this is your only income you are not required to file a return. If however any of that money was or is going to be reported on a 1099 MISC by the person who paid you than you may wish to file to avoid the IRS sending you a request for information regarding the 1099 MISC which will initially state that you owe taxes on that amount without regard to your expenses.
If you had other income which would require you to file and you have no tax liability or very little it would be a good idea to file a Schedule C with this business but don't use all of the expenses and declare a gain of something less than $400. This will give you a year of profit to show that this is a legitimate business.

David Heath: How the new LLC tax will harm NH's competitiveness

The Legislature's recent expansion of the interest and dividends tax will undermine the state's ability to attract small business owners and the jobs they create.

Employee PR Tax - 1st 3 Are Free CEPersVid-5

Question: 1040-ES Tax return question?

For four quarters I have to pay $79.00 for tax vouchers for 2009. Recently my tax accountant included a 2009 form 1040-ES that’s about $666.00 per quarter for 2009. Why am I paying for two estimated tax vouchers for 2009 ($79.00 and $666.00)?

One possible reason which I am not entirely sure of is the fact that I had a stock/mutual fund/money marker account with Ameriprise for 2007 and 2008. Interestingly, I lost over $1,500.00 with Ameriprise; therefore, I don’t understand how I could be held accountable for a 1040-ES

Can anyone explain this?
The 79$/quarter is a state voucher (apparently not a 1040-es though); 666/quarter is the federal 1040-es. Last year, I don’t recall paying a 1040-es, if I’m not mistaken.

Answer: Is it possible that one is state and one is federal?

this is the real cash for

In reply to MOTOR INDUSTRY: Reinstate cash-for-clunkers : this is the real cash for clunkers. you pay cash for these clunkers (proton). lol.

Estimated Taxes 2009