The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Will the Republicans keep their word and vote for the deal with President Obama?

Consider that they have not kept one single deal they have brokered with President Obama or the Democrats since they took office in 2009. They broke the deal on Credit Card Reform. They broke the deal on Health Care Reform. They broke the deal on Finance Reform. They broke the deal on tax relief for the real small businesses. They even broke the deal they made earlier this year on passing the extension of the Bush Tax cuts, what makes anyone believe that the House and Senate Republicans will actually keep this deal?

Answer: Obama is much smarter then most give him credit for, he knows what he is doing. Just watch the show for the next 2 years.

Devon Swezey: The Coming Clean Tech Crash

Clean energy is still much more expensive and less reliable than coal or gas, and in an era of heightened budget austerity, the subsidies required to make clean energy artificially cheaper are becoming unsustainable.

R&D Tax Credit and Small Businesses – 7

Question: How do I file taxes as an independent contractor? What forms do I need?

So I was hired as an independent contractor in February and was unaware that I needed to file my taxes quarterly. What forms do I need? Can I use Turbotax? Are there any guides online? I keep getting different answers and I am looking for some straight answers. I get paid on the 15th and 30th of every month. I think there is a penalty for missing the April 15th deadline, how will I access that?

Please dumb it down for me as much as possible

Many thanks

Answer: Use form 1040ES to file your quarterly estimates. If on the next due date you send enough extra to cover what you should have paid in April, you’ll most likely slide through on it.

You’ll pay not only the income tax you expect to owe, but also self employment tax of around 15% for social security and medicare. And don’t forget your state and local area – if they have an income tax you most likely must pay those quarterly also.

State shutdown has minimal local impact

While operations in some government agencies have ceased following the state shutdown on July 1, local residents needn’t worry about losing any city services as a result.

Contractors P60 why you need to keep it safe

Question: help with filling out the fafsa?!?

i’m 16 and a senior in high school. i filled out the info about my parents taxes using 2009 forms but 2010 was my first year with a job, so when it asks me about my income tax for 2010 i have no idea because i haven’t filled out the tax form yet and because this is my first year i don’t even have 2009 forms as an estimate.
what do i do?! how can i calculate my income tax?
btw, my gross income for 2010 was about $2000

Answer: schools.medianewsonline.com – it has detailed info how to apply for financial aid and scholarships to get more cash.

Some property owners get another chance to appeal

Thousands of Mecklenburg property owners have until Thursday to file a second challenge to new tax values they received this spring.

TYT Hour – May 11th, 2010

Question: i started a business 9/2010, my question is could I file taxes for my business and personal separate?

I sell second hand goods, and in the process of creating on-line sales through web page. I have EIN, Business Certificate, and Business Checking Account and doing sales through this business. I want to know if I can file my business and personal taxes separately? I also would like to know if student loans will garnish from both my business and personal or just personal? Is there a minimum income tax amount when filing for small business?
Thank you for your help.

Answer: You are a sole proprietor, unless you incorporate….but you didn’t. You are the business, and you will do the Schedule C for your business information. Then it will become part of your personal 1040. NO, YOU CAN’T file separately. Your student loans would only garnish from the personal 1040 if you have a refund. Generally, $600 income is the minimum to determine if you are a business vs. a hobby.

More Tax Tips for Recent Grads

Taxes will become a big part of students’ lives now that they have graduated and entered the real world. Here’s what grads need to know about how to file and what documents and information they need to keep. 

Tips for Filing Taxes : How the IRS Selects Audits

Question: Received a 1099 under my corporate EIN in 2005?

I received a 1099 in my small business from a customer for work we did in 2005. The EIN was used instead of a SS# since the contract was with my business. While it was a small amount (less than 10k) I did not use it in my taxe forms when filing. I am curious how I go back and fix this problem since I would / should claim that as income and did not due to an oversight. Why has the IRS not contacted me in this case anyway? Wouldn’t the 1099 issues to the EIN be tied to my tax filing?
Thinking about this even more, why did the company issue to me a 1099? Corp to Corp dpoes the IRS even want a 1099 filed?

Answer: You should file amended returns if there is a tax impact because of this.

Failure to file tax forms leaves 51 Bay City nonprofits without tax-exempt status

The IRS posted its first Automatic Revocation of Exemption list on June 8, ejecting 275,000 organizations nationwide for not filing its taxes, but early indications are that the list may be riddled with errors.

Tax Tips & Advice : How to Determine What the IRS Considers a Charitable Contribution