The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Will business debt accumulated under a sole proprietorship EIN number be assigned to my personal (SSN) credit?

If I owe a creditor money for an internet service bill from my failed BUSINESS venture, will it show up on my PERSONAL credit report?

The original creditor (and now collection agency) has my sole proprietorship EIN number on the account and my business name as the “name” of the account owner.

Neither my real name nor SocSecNum are tied to this account. I don’t think the creditor/collector has either pieces of this information.

If I have no interest in protecting the credit rating of my business name and EIN, should I even bother paying this bill?

I only wish to protect my PERSONAL credit, not my business’ credit. The business is now defunct anyway. I can always file for a New EIN number if I get another business going, right?

Answer: As long as you never signed anything guarantying the debt of your failed company? You should be fine.

Local.com aussichtsreich

1. Local.com aussichtsreich Wie ich zu dieser Aktie gekommen bin, ist schon ein kleines Abenteuer. Ich habe nämlich auf Google nachgesehen, wie die Amis mit Puschern umgehen und bin dann auf dieser Seite gelandet:

ALLXCLUB - ein wirklich heisses Online Business

Question: Filing 2008 tax returns in TurboTax?

I’m trying to file my 2008 IRS returns in turbotax. I realize I’m going to pay a penality for filign late. Anyways…. where the heck are the 2008 1040 forms to report my income? In previous years when I went to an accountant he filled out for me a Individual Income Tax Return on a 1040 since i’m self employed. For example my 2006 income was $4,426.00. I paid like $600 to the IRS.

Right now in turbotax I put my income in as $7000 (before a few expenses), but my federal amount due is only like $126.

Where and how do I pay my social security? I thought self employment busnesses have to pay 15% or something for social security. I’m LOST. Please help me. If you have yahoo messenger, IM me at gerry020304.

Answer: Ah, the joys of tax software that ask you questions "Interview Style."

Somewhere in the interview, the software would start asking you the type of income you had and one of the answers would be "self-employment."

Rule 1. Always print the tax return before believing you are done.

Rule 2. Read the return and make sure it looks correct before sending it in (either efile or by mail, but not both). If your income is from self-employment, you should see at least a 1040, a schedule C and a schedule SE. The net income from schedule C will go to line 12 of the 1040. The SE tax will go to line 57 and the 1/2 adjustment will go on line 27.

If you have children under the age of 19 (or under 24 if a student), you may also have schedule EIC.

Rule 3. Compare the 2008 return with 2007 to see if the same income has landed in the same places. (Before I use software, I draft the tax return on a blank copy of the form.)

Rule 4, if you have children and/or low income, the Earned Income Credit can change the balance due from the 15.3% SE tax to a refund. For a single person who is between 25 and 65, with $7000 of SE income, you could qualify for a credit of $438. For $7000 net income, the bill would be $989 minus $438 or $551.

If you had expenses, all numbers would change. $5000 of net income would be $706 of SE tax and $354 of EIC (net $352).

MAXIMUS Forms Alliance with myStaffingPro to Provide Extended Recruitment Reach and Enhance Applicant Tracking ...

RESTON, Va. & LIMA, Ohio----MAXIMUS Tax Credit and Employer Services, a division of MAXIMUS, Inc. ,and myStaffingPro®, a leader in applicant tracking software, have announced an alliance that enables customers using the myStaffingPro applicant tracking solution to expand their recruiting efforts into non-traditional markets and realize significant cost savings.

(Part I) Panel: Illegal, But Not Undocumented

Question: With King Husseins pick of the tax cheat Geithner, does it mean we can stop having Gov’ment confiscate wages?

The Senate Finance Committee posted the documents related to Geithner’s “mistakes” here. They show that despite being informed of his tax responsibilities and given an employee tax manual and annual tax allowance request forms, Geithner still failed to pay years of self-employment and FICA taxes.

http://michellemalkin.com/2009/01/13/obamas-treasury-secretary-tax-rules-for-thee-but-not-for-me/

Answer: I think it is ok now that we just not pay our taxes and say it was just an oversight or we could blame TurboTax , which I believe "Mega Brainiac Geithner" did.
BTW, I can't believe you are criticizing him....he, along with the Almighty King Hussein (as you call him) are going to SAVE us all!!!!

The New Deal in Reverse

Would the Republican right and its tea-party populists - marginal, mockable political freaks less than a year ago - have enjoyed their current growth spasm if the administration hadn’t been committed to bailing out the very institutions most people considered the villains responsible for running this country into a ditch?

Answers with Ray the CPA Episode 7 How long do you have to file your 2009 tax return?

Question: What components(questions) should be in a commercial account application?

I am helping a friend refine their account application for his company. I would appreciate help from anyone with accounting experience. Here is what is currently in the application:

ACCOUNT NAME
ADDRESS
CITY/STATE/ZIP
TELEPHONE/FAX/EMAIL
CONTACT NAME
LENGTH OF TIME IN BUSINESS
BUSINESS FORM (I.E. CORP., PROPRIETORSHIP, PARTNERSHIP, IND.)
OFFICER OF FIRM/TITLE/SIGNATURE
BANK REFERENCES
TRADE REFERENCES

*I know we need to request the Fed. EIN/SS# of owner.

Any suggestions?

Answer: Depending on the type of business, there are other documents that banks typically require to open an account.

For example, a Corporation requires a security agreement, articles of incorporation and fictitious business name statement.

A sole proprietorship does not require a TIN, but it does require a fictitious business name statement unless the business name has the last name of the account owner.

A partnership account requires a partnership agreement, TIN, and a fictitious business name statement.

Oliver Schwarz leitet Capgemini Outsourcing-Geschäft

Application- sowie Infrastructure Management in DACH

Ein Lied - Rammstein Lyrics and English Translation

A look back as 2010 begins in Lake County

The first decade of the millennium comes to a close this year. As each year does, 2009 brought joys, smiles and some sorrow to the Mission Valley. Here is the year in review of highlights from the past 52 issues of the Lake County Leader.

Federal Tax ID info Filling out Tax forms TurboTax