The Small Business Tax Help Blog

Posts Tagged ‘legal’

Question: How do I get information regarding Non profit grants?

I am trying to start a non profit business called a Adult Family Home. It’s a facility where you care for four or less persons in your home. You care for older adults or someone with a disability have my certifications, program statement, EIN, name and business proposal. Now I just need the funding to complete the deal and find a place of residence for the home. Please lead me in the right direction. Thank you.

Answer: Your best bet is to seek for private grants or grants from private foundations.

The best resource for this is Foundation Center http://www.fdncenter.org . They have a very good database covering all organizations giving grants and you can find foundations that are interested in supporting your type of cause. However, it’s a subscription based website ($19.95 per month I think is the cheapest subscription price). But it certainly is worth the fee. You can subscribe one month, and make sure you get all the info you need and then stop the subscription.

If you want to try federal sources, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants.

CFDA has several ways to search for grants. I suggest you search by beneficiary and select Private Non Profit Organization and you can find listings of grants available http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

However, to be able to get grant awards, you need to be 501C(3) certified from the IRS http://www.irs.gov/charities/charitable/index.html

NEWS / AKTUELL

Die Apfelsorte, die fast aufgegeben wurde, weil sie angeblich zu klein war, kehrt diese Woche in die Supermarktregale zurück und ihre kleine Größe hat sich jetzt als Stärke erwiesen.

Ein Name im Kristall

Question: Federal tax credit for Geo Thermal on a duplex that I own and live in?

I bought a duplex and live in one unit. I put geo thermal in and expected the full 30% tax credit but my accountant thnks that I may be only able to get the credit for the portion of my “residence” as the other unit is considered business. Since the tax code doesn’t specifically address this can I get the full credit for it or do I take a “commercial” tax credit for geo thermal for the space my rental unit represents? Thanks
I’m not sure what you are quoting but for Geo Thermal, there isn’t a cap on the amount of the tax credit. Total cost of the Geo Thermal was $36,000. If I can only take my unit’s “residential” credit, can I take the “commercial” credit on the rental unit for business at 10%?

Answer: Actually the tax code does specifically address this situation. For the energy credit to apply to you, it will have to be your residence. Since this is a duplex and you rent out the other unit, your residence is 50% of the floorspace, therefore you may use 50% of the total cost for the unit and installation as the price you paid for the Geo Thermal unit. If your unit is anything like mine, you will still get the full max credit of $1,500 as 30% credit on 50% of the unit.

Obama, Ryan Agree: Business Tax Codes Need Reform

The president and the Republican chairman of the House Budget Committee were on opposite sides of a heated debate this past week over the best way to cut the federal deficit. But there’s one thing Obama and Congressman Paul Ryan agree on: They both want to overhaul the corporate tax code.

How to Setup Complex Tax Code in SAP Business One?

Heaps of New Arrivals at The Shop – March 2011

A WHOLE LIST OF NEW CDs AT THE SHOP!! order details below… ++++++++++++++++++++++++++ AFTER THE BOMBS – Relentless Onslaught CD – RM30 Canadian Crust of the monsterful kind; rather dense-heavy shit! Includes the Terminal Filth Stench Bastard EP! “At…

Loose Change 2nd Edition (Full Version + Multi Subtitles)

Question: Self-Employment Tax; what does it include?

From my understanding Schedule SE takes out social security and medicare. What about Federal Withholding? Do I just owe Federal Withholding at the end of the year or is there a form to cover that also?

Answer: Use form 1040ES to estimate your annual tax bill and whether or not you have to make quarterly estimated payments.

Give and take of taxes

For many who expected that their take home pay would rise this year following the tax package signed into law last month, the excitement was short-lived — or will be when they account for the state’s income tax hike.The federal tax packaged included a one-year reduction of employees’ Social Security tax rate from 6.2 percent to 4.2 percent. That savings will be largely wiped out by state …

Self Employed Tax Deductions

Question: I need some clarifications about the rules/laws of Canadian sole proprietorship Business Tax filing… Please…?

I started a Canadian sole proprietorship business about 13 months ago but only made $5500 in the first year. Do I still need to file my taxes for the company this year? I thought I could just keep track of that income and add it to next year’s revenue and tax filing. I also heard a couple years ago that a small business company does not need to file taxes for the first 3 years or something because the government assumes that you probably won’t turn a major profit in your first year or two. Is that true? Any clarifications to all this would be greatly appreciated.

Answer: No, you need to file tax returns every single year. You cannot carry forward income, although you can carry forward losses.

You will occasionally see individual provinces offering tax holidays for new business, but even in those cases, you have to file a return, and in any event you still have to pay federal taxes.

If you’re this unclear on the process, I strongly suggest you speak with a qualified accountant. Mistakes can be very costly.

Small business owners avoid tax season panic by planning ahead

Here are some comforting words for small business owners: It’s not inevitable that you’ll have a tax season panic attack. Planning now will make the process of completing and filing your tax return less of an ordeal.If you’re the kind who’s always rushing at the end to get your tax forms filled out, the first thing you need to do is figure out, right now, what the problems are. And figure out …

Small Business Tax Laws 2011