The Small Business Tax Help Blog

Posts Tagged ‘money’

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Question: Would this be red flat to the IRS ? Question about business & personal.?

There was a time where i had to close my business checking account that my book keeper used to manage but it took about 10 months before I was able to open a new one. Within that 10 months I used my personal account to pay for all of the business expenses (and personal as well).

What’s the best thing to do in this case ?

Answer: You will need to be extra diligent in tracking your business expenses and income, and make sure you have some good records. If so, then the account is not a huge deal. It is recommended to keep things separate, but unless you are an attorney with a trust account or something similar you should be fine with good records.

Good luck.

Running out of print

Business Line By word: The pavement bookstores at Darya Ganj with the historic Delhi Gate in the backdrop. – Photo: V. V. Krishnan

Using QuickBooks for your Personal Finances

Question: Can illness under funeral expense cover be written by a company with a non-life license?

If a company deals with non-life business, can it write a funeral expense policy?
Can child education policies and credit policies be underwriten by non-life companies?

Answer: No.

There are two basic types of licenses – property & casualty, and life/accident/health.

Illness goes under life/accident/health. Property casualty is fire & liability type coverages.

Child education policies aren’t really INSURANCE, they’re an INVESTMENT type, that needs yet a third license to sell.

And “credit” policies are misleading – there IS a property/casualty “credit” insurance, but it’s for very large businessess, when one of their creditors goes bankrupt and sticks them for the line of credit they had. MOST of the time, “credit” is a type of disability coverage, or life coverage, which would be life/accident/health.

Exclusive: Congressional Travel Spikes, Despite Vows of Austerity

With America’s economy in the gutter, lawmakers pledge to cut back—except, apparently, when it comes to fancy trips around the globe at the expense of taxpayers and special interests. Laura Colarusso reports on the troubling spike in congressional travel.

Recovery: Education Credits – Parents

Question: Can I use receipts that are dated be for my incorporation of my business?

I have been saving receipts since this year for my business. however, I have not inc. it yet but will in the next few weeks. Can I use this receipts for tax purposes come next tax season?
I will incorporate an LLC!

Answer: You can use those receipts for your PERSONAL income tax return, but not for the corporation’s return. See your incorporation attorney for further advice.

Former cop avoids jail by repaying tax receipts he pocketed

Johnnie A. Fritz Jr., a former Buffalo police officer and car dealer, today was spared a jail term and granted a conditional discharge after prosecutors confirmed he had come up with the nearly $13,000 in sales tax receipts he owed the state.

FASCISM: Tax System Of, By, & For Mega Corporations Against Small Business And People

BizBuzz: Look who walks away from mortgages … digital wallet coming … record high 401(k) balances … better to …

No Summary Available

NBR | Tax Tip 3 A Roth Do-over | PBS

Question: Is there anyway I can write off my life insurance payment on my taxes?

I do a schedule A and C each year. Anywhere on those forms or the 1040 that I can write off life insurance payments as part of personal or business expenses.

Answer: Not for a sole proprietorship, which apparently you are. It’s true that proceeds of life insurance usually are not subject to income tax, there are situations in which the proceeds would be. It’s called the “transfer for value” rule and provides that if the policy has become a capital asset by someone purchasing the policy from another, then the proceeds are subject to income tax to the extent the proceeds exceed the premiums paid.

Sen. Ron Johnson: Tax Day’s forgotten lesson

Monday is Tax Day, when we collectively “celebrate” the passage of the 16th Amendment. If we want to identify a single catalyst for the growth of the federal government, this would be a prime candidate.

How thesba can help reduce your business expenses