The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: free file fillable forms?

My return was rejected (code 0103) because Total Federal Income Tax Withholding shown on tax form must equal the sum of withholding on Other 1099 and AK Dividend, withholding from Schedule K-1, withholding on Form W-2, and W-2G. withholding on any Form 1099-R and withholding on Form W-2G. I had federal withholding from my 1099-G. Where do I enter this withholding so that it matches line 61? I entered my W-2 withholdings on Form W-2 but I don’t see a Form 1099-G.

Answer: If you are as confused as your post you should not be doing a tax return without assistance*

Tips for last-second tax help

You have until Monday, April 18 to file your 2010 tax return, but you’re still waiting to do so. As the time ticks down, here, courtesy of the IRS media office, are some ways to avoid mistakes that could lead to an audit or even penalties and delays in processing:

Lorrie Janatopoulos Post DNT Forum.wmv

Question: Tax help please!!! EIN(employer identification number) on Schedule C?

I received a form 1099 misc for working at a construction company instead of a W-2 and I know I will have to pay the self employment tax, which I’m fine with, but I want to know if the EIN it asks for on Schedule C is in regards to me or the person who paid me????
Thank you

Answer: You would leave the EIN number blank. You NEVER enter the payer’s EIN on *your* schedule C.

(If you did, you would be linked to his tax bills and vice versa!)

Controller Diane Morgan surrenders contracts to Montgomery County Solicitors Office

COURTHOUSE — After denying Montgomery County Solicitors Office’s Right-to-Know request for hard copies of professional services contracts, Controller Diane Morgan turned over thousands of pages of documents on Thursday.

Owning Your Own Business – Part 6: Dr. Ray Hagins

Question: Looking to get credit under business name?

I have decent credit but I am looking to get credit, credit cards and loans if possible under the name of my corportation. I recently received a duns number and have gotten 2 small office credit cards under my business EIN. These are not tied to my personal credit or social. I have been using these cards and paying them within a week of using for the last month. How long will it take to generate a score under the business? What types of cards can I get under the business name once the credit score is generated. What company’s will be most helpful? We need additional capital and inventory and the banks are not being that helpful even with business financials, they don’t even ask to see them. Our business is almost 3 years old. Any help would be appreciated, thanks.

Answer: Your business already has some level of credit – the fact that you are getting approved for credit cards under the business name is a pretty big sign of the credit to the business. Depending on what exactly it is that you are looking to get, however, in terms of the amount of credit, is something that may take months or years to actually come into being…

Remember that many businesses fail within their first 3-5 years. If your business is new (or relatively new), there are not going to be many banks that are willing to provide a large amount of credit to you, especially without you or another principal personally liable for the balance. If you co-sign, or provide the banks with your social, and agree to be personally responsible for the balance, the credit limits will skyrocket (provided your credit score validates such a lift). Short of this, there really is not much more you can do, other than wait.

Just my 2 cents though.
J

Is Utusan right? Are Malaysian Chinese disloyal

Utusan Malaysia called on Umno today to spearhead a 1Melayu, 1Bumi movement involving all Malay parties — claiming DAP was intent on toppling the country’s Malay leadership. Utusan also added that the Chinese already controlled everything and was now aiming for political power. Although, I would like to take Utusan’s side on this, I am afraid that Utusan is wrong to make such a sweeping …

Business Startups With Bad Credit

Question: Do you know anything about PRIOR YEAR 1120S “free online tax filing” software?

We are WAAAAY behind on filing our taxes, not only personal, but corporate as well. Just filed the 2004 personal return; still need to take care of 2005 and 2006. The IRS is well aware of the situation and circumstances and is not at all hassling us since we don’t OWE them any money. It’s just a matter of filing. The business has declined, so we can’t afford a 300 dollar a pop accountant to do the 1120S for the corporation. I’m really really trying to learn, and I’ve gone up against the IRS before and won, but I just don’t GET the 1120S and all the associated forms and statements. I’m looking for an online resource that will let me plug in the numbers, since I have our totals, and do the amortization and depreciation and ALL that other stuff that I’m just not willing to devote 6 months of my life to learning the proper procedure and best tools, especially since we don’t owe any money and won’t get any money back. My question: Does anyone know of any free online 1120S software?

Answer: Only current year’s returns can be filed online.
Also besides 1120S, you may need to file State S-Corp franchise and income tax return and S Corporation RECONCILIATION and SHAREHOLDERS INFORMATION Return.

Freedom Tax Relief Provides Last-Minute Income Tax Filing Checklist

SAN MATEO, Calif., April 15, 2011 With the U.S. federal income tax filing deadline just days away, many U.S. taxpayers are still preparing to file their returns, and Freedom Tax Relief, LLC has provided a tax-filing checklist to assist in the process.The IRS has reported that it has received some 89.7 million income tax returns so far, about 63 percent of the 141 million returns they anticipate…

Tax Extension Online In USA – Business Tax Extension – Personal Tax Extension

Question: Questions about My EIN Number?

I am STARTING a small business… Keyword Starting. And I applied for an EIN number in my state, and with the IRS. I set the end of the year to be 12/31 or every year. I am still in school while starting my business, and I was wondering if I haven’t made a profit by the end of the year, and the IRS sends me the papers, and I don’t file because I didn’t spend any money, or make any money will they take me to jail?

Keep in mind my business hasn’t been active at all… Can they do that?

Is there a way I can disable my EIN or something until I start making money so there won’t be any problems when tax season comes? Thanks guys!

Answer: Disabling the EIN might be a good idea to keep someone else from using it fraudulently.

The IRS will not take you to jail without warning simply because no return was filed. At worst, they would send you a letter demanding that you either file or provide proof that you were not required to file. At that point, you send them documentation that you did not spend or receive any money and file a return showing $0 on all lines.

Applying for a business loan

Small Business Erie helps you to be prepared when heading to the bank

TZM – Where Are We Going? | Topic: Economic Inequality | 4/13 [HD]