The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Can i apply for a EIN if i am an individual health care aide?

I have multiple elderly people that i look after in the state of Florida. I am considered to be working for myself as i have to file a a form 1099 and i also have alot of childcare jobs that i do as well. Can i apply for a EIN? If so how do i go about doing it in the right way

Answer: If you are self employed and have no employees then you do not need an EIN your social security number serves the same purpose.

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Question: How old do you have to be to get a loan/credit card?

I am almost 17 years old. My parents haven’t asked me to do this or anything, but I was just wondering how old you had to be to get a loan/credit card? Both my parents have bad credit, like under 500, because of a business that suffered. I want to help them out with bills and stuff. I have a steady job of cleaning and another for babysitting. It pays pretty good, like $10/hour and I work like 24 hours each week. Can I lie on online applications about my age? I just want a simple yes or no with details behind that answer you give me. I also have an EIN number besides my SS number.

Answer: You have to be 18 to legally enter into a contract. Just wait.

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Question: Misc. Business Tax Questions… (Tax Home, Record Keeping)?

Can I deduct 50% of my meals if I’m in town if the dinner was a business dinner? I couldn’t find much on the IRS website. I’ve been told about a 50 mile rule before, but this isn’t ‘just eating’ its business related.

Also, this is what the IRS website says about records for expenses:

“Expenses are the costs you incur (other than purchases) to carry on your business. Your supporting documents should show the amount paid and that the amount was for a business expense. Documents for expenses include the following:

Canceled checks
Cash register tapes
Account statements
Credit card sales slips
Invoices
Petty cash slips for small cash payments”

Does “Account statements” mean my banking account/credit card statements? I lose all of my hotel receipts when I’m out of town, but I have a clear entry on my bank statement that has the name of the hotel and city.

Thanks!

Answer: Yes, you can deduct 50% of business Meals & Entertainment expense.

There are two tests that a business meal has to pass.

1) It must be “ordinary” and “necessary”
2) It must be either “directly related” to or “associated with” the business.

You probably won’t be able to write-off the $3,000 bottle of champaign at lunch… but a more reasonable lunch will probably pass muster. As long as it also passes the second rule, which is that you’ve gotta have a business reason for the lunch.

There’s a nice discussion of those concepts at the website below.

You do need good records. In addition to the receipts (a credit card statement would be ok for a receipt) it’s a good idea to have notes in your business planner, or some other place, that shows the business purpose of the meeting/meal that you are claiming. In the event of an audit, you’ll need to show the date, place, amount, business purpose of the expense, and the business relationship of the person(s) being entertained. The first three (date, place and amount) can be shown on your credit card statement. The last two will need to be recorded somewhere else.

I hope that helps.

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Question: What IRS form do I use to add a partner to the partnership?

I searched the IRS website for the form. We applied for an EIN number on the IRS website but it only had one space for 1 partners name. What is the form that we must use to add the second partner.

Answer: To add a partner, you must first dissolve the existing partnership. Thern you start a new partnership.

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Question: Cellular One problem?

I tried to log in to the Cell One Usa website and it needs the “Last 4 of the SSN or,
Federal Tax ID” What is that?

Answer: they’re asking for the last 4 digits of your Social Security Number (SSN). Federal Tax ID is for company cell phone plans.

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