The Small Business Tax Help Blog

Posts Tagged ‘irs’

Question: Is there a difference between a EIN # and a Tax ID #?

I am currently in the process of starting a business and wanted to know if there was a difference?

Answer: EIN# is an Employee Identification Number that is tied to a specific employee in a business. Sometimes, the SSAN is used as an EIN#.

TaxID# is a number that the IRS and other taxing authorities use to identify a specific business.

NY1 For You: State Lawmaker Finds Tax ID Scam Disturbing

After seeing NY1's recent story on tax identity theft, one state senator says he'll be crafting legislation to prevent others from falling victim.

Tax Day ID Theft Expert Speaker Robert Siciliano www.IDTheftSecurity.com

Question: What do I do if i didn’t file my Small Business Taxes on time?

I just started a cleaning service, I sub contract for several companies. I didn’t meet the deadline for filing my taxes, what can I do?

Answer: File for an extension, gives you more time.

2009: Top 10 stories for an unforgettable year

Everything seemed to hit in the fan in 2009. National headlines were dominated with a presidential inauguration, the recession, health care, disease, wars, publicity stunts, scandals and explosive underwear.

Tax Deduction Tips for Businesses : Filling Taxes with Installment Sales

Question: Does/When an employer would need to have a FEIN or EIN?

FEIN: Federal Employer Identification Number
EIN: Employer Identification Number
They are the same thing.

When you become an employer, must you obtain a FEIN or EIN as a person must obtain a social security number?

or

there are only a few situation when you need it so getting it is not that necessary?

Please help. I own a small business and we are thinking of hiring people so I am preparing all the necessary steps.

Thanks so much.

Answer: You must receive an EIN before hiring anyone.

Judge blocks most of state's illegal-immigration law

This undated photo taken from video and provided by KSAZ-TV FOX 10, shows U.S. District Judge Susan Bolton on the bench in Phoenix, Ariz. Bolton, a former state court judge appointed to the federal bench in 2000 by President Bill Clinton, will decide whether to block Arizona's sweeping new immigration law, which requires police, while enforcing other laws, to question a person's immigration ...

The Blasters / "4-11-44" on Art Fein's Poker Party

Question: letter from irs regarding Form 8829 injured spouse?

this is the second letter we have gotten…..we know the amount we are going to get,…..it left an 800 number, an automated irs recording, i tried it but nothing…..the letter says your refund may have already been direct deposited, or mailed to you…please allow 2 weeks………is there any way we can track this???when we initially filed, we filed jointly, i got nailed, so therefore my wife filed the injured spouse, but yet on the letter from irs….it had my name, and ssn…..but the letter was adressed to my wife………i tried the automated deal to get an estimated delivery time….but it wouldnt go through…..do we need to use my wifes ssn?

Answer: If your name was first on the return, then it's indexed under your SSN--which is why you enter your ssn.

Since your wife filed form 8379 for injured spouse, presumably that's why the letter was addressed to her.

The IRS doesn't consider checks to be late until 2 weeks from the date they are mailed. At that time call 1-800-829-1040 and ask to be connected to accounts. If you don't have the check by then it can be cancelled/traced/reissued, but that takes time as well.

Making Your Home Office Deduction Stick

Proper documentation could be your saving grace in case of an audit.

Question: why are my estimated federal taxes equal to my to total liability for 2008?

I owe 1690 dollars to fed but turbo ax creates 4 vouchers for 1693 – I thought it would be 1690 divided by 4? Seems strange- any advice

Answer: If it's kicking out 4 vouchers for $1,693 then your tax liability must be $6,772. Don't confuse your tax liability with what you have to pay when you file! They are usually MUCH different!

Most tax pros and most tax software will kick out estimated payment vouchers for an amout equal to your tax liability automatically. That way you avoid any chance of penalties or interest next year since you will have paid in 100% of the PRIOR year's tax liability, one of the 3 Safe Harbor exceptions to the penalties and interest for underpayment of estimtated taxes.

This also operates on the assumption that you'll probably earn about the same amount in the next year as you did the prior year. If your income should jump upwards more than expected you may wish to bump up the amounts of your payments or just salt the money away for filing time, since you won't have to pay any underpayment penalties.

What's New in Tax Season 2010

FORT LAUDERDALE, Fla. - Last year, millions of Americans received unemployment checks. Which makes for millions of people with some tax-free income. Congress made the first $2,400 of unemployment benefits exempt from federal income tax for last year.