The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Would this be an excellent version of “Hell” to send politicians to?

Day in, day out, for eternity, they need to file taxes for me:

Married filing jointly, 2 kids
One of us owns a small business
Income in 2 states (one being New York)
Home office deductions
Meals and travel expenses related to small business
Capital gains realized from stock sales
401k distribution from an old employer who corrected some math

They need to do all of this without the benefit of a tax professional or software to help. Just the IRS and it’s lovely forms and publications.

After spending a weekend doing our taxes – WITH help – I am certain this would be a special version of Hell which would make politicians wonder why they have created this crazy complicated monster.
It was both created and has evolved.

Every little stupid step and extra hoop is someone’s election promise brought to life.

Answer: Love it!
You forgot to depreciate your vehicles and other equipment.

When The Tax Man Cometh (In Person)

Only a small percentage of taxpayers face a full-fledged IRS audit. If you’re picked for one, it’s a serious matter. Here’s what to expect.

Self Employed Federal Tax Deduction Tips for 2009, 2010.mov

Question: Will the Turbo Tax Home and Business edition help on quarterly payments?

Will Turbo Tax Home and Business edition help me to determine whether or not I have to make quarterly tax payments?

Will it help me determine what amounts those quarterly payments should be and how to make them?

Answer: yes. It will base estimates on the assumption that the following year will be a lot like the previous year as far as income, dependents and deductions and credits.

Useful tax tool

Many are the reasons – we didn’t say excuses, now did we? – advanced by North Carolina business interests who think a penalty that’s used to boost compliance with state tax law should be thrown overboard.

Making WI Business Tax Payments and Printing – Updated – My Tax Account

Question: What is the best way for me to build some business credit?

I just got my tax id number from the irs, and I also have a state sales tax number. Im trying to become a reseller of computer parts that i plan to purchase from a wholesale company. My personal credit history is one of the worst in america. How can i get approved for anything to start building credit for my business? Whats the cheapest way, and fastest? I tried years ago to apply for an office depot card with a previous business, but they declined me cause my business had no credit. If i cant get an offie depot card, then what can i do? By the way I have a sole proprietor business.

Answer: Incorporate. As silly as it seems, an incorporated business that has no connection to an individual tends to have greater credibility than someone who is directly connected to his company (e.g. a sole proprietor)

Once you are incorporated, getting business credit is fairly easy. Just show that you have been in business for about 6 to 8 months.. a year is even better. And then give them a ball park estimate as to what you do in gross reciepts every year and you should have no problem with getting business credit.

Firms get credit for hiring

As Clark County struggles with a high jobless rate, leaders in Washington state government are urging companies to hire laid-off workers under a new federal program that offers employers tax credits worth thousands of dollars. Passed by Congress in March, the federal Hiring Incentives to Restore Employment Act makes two new tax benefits available to employers who hire certain previously …

IRS Self Employed Tax Deductions & Write Offs 2010, 2011

Powerball(R) Ticket Worth $200,000 Sold in Lancaster County

Jackpot for June 9 Drawing Grows to $28 Million

Billy Bragg’s No Bonus for RBS Campaign – George Galloway Jan 2010

Question: Need someone to answer about Income Tax?

I made 600 dollars this year, I am self-employed, am I entitled to the Earned Income Credit for my kids?

Answer: If the $600 is your only earned income, then you would be eligible for about $200 in EIC for two children. You would owe $85 in self-employment tax, no income tax, but you would get a small credit called “Making Work Pay.” The net result would be a refund of about $150.

I hope this helps.
Gary

Who Will It Be?

A guide to the local candidates in the June 8 primary election Traditionally, Good Times does not endorse candidates—but we can help you make informed decisions. We asked the candidates vying for a handful of key offices—County Board of Supervisors, the 17th Congressional District, and County Superior Court Judge—the same set of questions to help you get an idea of their platform and their plans …

Bad Credit Mortgage Boon Or Bane?