The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: does a new small business need to file taxes no matter how much money it made, if any money was made at all?

how would someone file taxes that ownes a small business (on the side type of business only 3 hours a week that made very little) and works for another employer (day job)

Answer: Call the IRS. They’ll be happy to discuss the matter.

Uganda Plans Amending Income Tax Law To Tax Oil Revenue

Uganda Plans Amending Income Tax Law To Tax Oil Revenue

Tax Deduction Tips for Businesses : Filing Taxes with Capital Gains

Question: When will someone who doesn’t pay taxes get caught?

I know someone who is a small-business owner and also works part-time in construction under the table. He makes about 60k a year but hasn’t paid taxes in 2 years. He brags about it and buys extravagant things that he charges on his cc and never pays the bills. It infuriates me because I am a small-business owner and STRUGGLE to pay my taxes but I always do! When or will he even get caught by the IRS? I hear if you make under a certain amount of money they don’t even bother auditing you?

Answer: Sorry to give bad news but unless his boss is giving a 1099 to the gov’t he will never get audited. There is no proof that he worked. The biggest misconception is that you have to file taxes. I know of people (strippers for example) that have not files taxes in over 10 years and they are also self-employed making over 60K. But once again there is no record of the money they made.

ezPaycheck, the Safer and Easier Way to Do Payroll

Los Angeles – Small business owners no longer have to toil for hours doing payroll by hand or stare in frustration at payroll software that is complicated and unwieldy.

Tax Tips & Information : How to Calculate Federal Income Tax to Pay to the IRS

Question: What is a Reseller Application number and Sales Tax Resale #?

I’m wanting to sell on e-bay, but all suppliers want a Reseller Number , Fed ID number. What are these? Do they cost?

Answer: The Employer Identification Number (EIN) or federal tax identification number is easy to get. The Internal Revenue Service (IRS) web site at http://www.irs.ustreas.gov/businesses/small/article/0,,id=98350,00.html contains all the information you need about EIN and how to apply for an EIN electronically.

Sales tax is an excise tax imposed on the sale of goods and certain services. Check with your state’s Department of Revenue (or however this agency is called in your state) and check their procedures for getting this number for your business, If you are in South Carolina, this is their form for applying for resale certificate http://www.sctax.org/NR/rdonlyres/B07F32FC-0289-49E6-ABC2-DC1D33AE624C/0/ST8a.pdf#search=%22SALES%20TAX%20RESALE%20SOUTH%20CAROLINA%22

Sponsored By:

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Tax Help : Do I Need a Sales Tax ID Number?

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

Question: Expense Write-Offs for Small Business?

As the owner of a small business, which is a Sub-chapter S corp, can I write off massage therapy? I am a Dentist. If I got massages for staff, it would be a business expense I think, but what about for myself?

Answer: I doubt massage therapy is an essential expense for a business. It may be considered a personal medical expense if you have some sort of condition that requires it. You best check with a good CPA before you try and get this by the IRS.

Dearborn Bancorp Inc. Reports Operating Results (10-Q)

By 10qk. Dearborn Bancorp Inc. ( DEAR ) filed Quarterly Report for the period ended 2010-06-30. Read more » »

Write off Entertainment Expenses! Have Fun while reducing taxes!