The Small Business Tax Help Blog

Posts Tagged ‘government’

Question: How do I report internationl income for my California based LLC?

I just want to know how I would report international income on my IRS tax return. We own a service business and now have international partners who generate income for our company. The money is deposited in our international bank accounts then transferred to our business bank in the USA. How do we report this income to make sure we are in full compliance with existing law?

Answer: Any money that is payment to LLC held in your foreign banks or in the U.S. bank must be accounted.

Yes, if a U.S. citizen or resident has foreign accounts, he/she may be required to file Form Form TD F 90-22.1 with the Department of Treasury by June 30, 2008. The Form TD F 90-22.1 can be download from:

http://www.irs.gov/

Defense company BAE Systems enters guilty plea

Defense company BAE Systems PLC pleaded guilty to conspiracy on Monday and a judge imposed a $400 million fine, among the largest in the Justice Department's efforts to combat overseas corruption in international business. The defense contractor knowingly... BAE Systems - Defense contractor - Plea - Federal government of the United States - Conspiracy

Tax Law, Real Estate & Credit Tips : How to Start a Tax Preparation Service

Question: Line 363 Canada Employment Amount Federal Tax Sch. 1?

okay i should probably repeat grade 7 but i’m not getting how this helps me. in the guide it states that the non refundable tax credits reduces your federal tax but if the total of these credits is more than my federal tax i will not get a refund for the difference. if i hadn’t entered the amount of $1,019 on line 363, i would be getting WAY more of a refund. as it stands, i now owe, as it’s more than the federal tax i paid. also, if you entered an income of over $1,019 (and like who wouldn’t…) on line 101 of the return, then you enter the maximum ($1,019) on line 363 of the federal tax schedule? sorry if i sound dumb, but this is the first time i’ve done my own taxes. somebody tell me how this helps me out, this line 363 amount, thanks!!
actually, i checked it over and it was just my calculater display that screwed up and missed a number….so yes, with the $1,019 included, i saved $150, wooohooo! now i only have to pay $6 instead of …. well you do the grade 5 math, lol

Answer: >>if i hadn't entered the amount of $1,019 on line 363, i would be getting
>>WAY more of a refund

This is impossible.

Either a Non-Refundable Tax Credit reduces your taxes by 15% of the line amount (in this case 15% x $1019) (see line 38 of Schedule 1), or they are more than the total tax liability, in which case they do nothing since line 23 can't be negative.

It's actually grade 5.

U.S. Census Underway; Workers Needed Locally

On Monday, some Charleston residents started to receive their 2010 Census forms, nearly two weeks in advance of the rest of the nation.

John McCain: Town Hall 04/30/08

Question: Primary Trade or Business for Self Employment?

A person has a full time day job and pays Social Security taxes on the wages. This is how it should be and is.

The same person in his spare time sells personal property on E-Bay. This person spends 4 hours per week listing auctions and settling up orders. This person makes money on this activity. He buys low and sells high.

Does this person owe Self employment tax on the net profit? This is not his primary trade or business in my opinion. The code of Internal Revenue states primary trade or business earnings are subject to Self Employment tax. If this person did not have a full time job and sold on E-Bay full time, then selling on E-Bay would be his primary trade or business, right?

Answer: Even if the self employed income is not primary trade income, it is subect to SE tax at 15.3%.
You do not pay any social secuity tax on your income of more than $106,800.

Top 10 Small Business Tax Sites, Software & Services

Do you need a little tax help? If you're not the type to just dump it all on your CPA (well, even if you are), here are our favorite tools to make the next few weeks as painless as possible.

Be-my-love-in-Paris.com @ Bloomberg TV - "French Self-Employed Given Boost by Tax Rule Changes"

Question: to fill out tax return form do i need an accountant?

The business i do is very small, i hardly make any business in terms of cashflow. So i wondered if i still need an accountant to fill this tax return form out.

If you are a small business do you still need an accountant anyway?

Answer: You don't need an accountant, but it really depends on your own financial abilities!
You need to ensure you have complete records of all your income and expenditure - its best to have a separate bank account for the business so that you don't miss anything.
HMRC will help with any queries on the form, but they can't make the entries for you and they can't do your accounts.
If you are unsure, it may be a good idea to attend a course run by Business Link on keeping accounts, or pay an accountant for a one-off advice session.

New tax credits available this year

From education to new cars to business expenses, there are plenty of ways for residents to get some big returns when they fill out their tax forms.

Form 8109 - SurePayroll Business Minute

Question: Am I eligible for any kind of financial assistance (California)?

I have always worked and paid my taxes. About 4 years ago, I left the country to do volunteer abroad. I returned a couple of months ago, and have not been able to find employment yet. Also, if I do find a work but only earn $200/week or it is only part-time, could I still apply for benefits of some nature in the short-term until I find full-time work or can earn living wage. Please note I was not laid off, but the work is no longer available. Thank you.

Answer: I'm in Texas. If you lived in this state the answer would most likely be "no" depending on several factors such as whether or not the organization paid into an unemployment program. The same might be true for California. If there is a local unemployment office it doesn't hurt to go speak to them and get more information. The info might also be available from their unemployment website. Good luck.

Bob Samuels: When Students Strike Back: The New Social Movement at the University of California

While many have been arguing that the only visible political movement on the ground these days is the loose band of tea partiers, the protests at the University of California reflect another political force.

IRS Income or Payroll Tax Problems Resolved by Southern California Company