The Small Business Tax Help Blog

Posts Tagged ‘money’

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Question: are the employer tax of payroll taxes considered a deductable expense from gross income?

I am filing a 1120-s for my first year of business, I have gone to H&R Block to have them file for me, but the person I spoke with seamed more in the dark than I was. So instead of paying them to fill in the blanks of their computer program, I bought the software and plan on doing it myself. After reading the line about taxes, I am not sure if employer taxes are in the same category as income taxes or not. If I can write it off, it will make the difference between owing and a refund.

Answer: Payroll Taxes are a deduction, but only the employer portion of Social Security and Medicare and Unemployment taxes. Withholding from employees is a liability to the business until paid, not an expense or deduction.

The Tax Man Cometh

Today is the tax deadline, and while some of you have already filed, others are looking for some last-minute tips.

CorpSystem® Income Tax and Workflow Solutions

Question: Small business sole trader – how much to pay for tax and NI?

Are there any websites that tell me how much tax and NI I would pay as a sole trader? Any with a calculator if possible.

Answer: Contact the local office of the tax department that handles sole traders. They probably can refer you to such a website, or offer the information to you directly.

Refund Madness: It’s in the Air

The practice of overpaying Uncle Sam throughout the year in order to collect a big refund was once sacrilege. But the rationale is getting more compelling.

Small Business Tax Credit Calculator (single company purchaser)

Question: My daughter wants to start a website sellling photography online. We need advice.?

My husband and I told her that she must have a business license and tax I.D. number before she began this endeavor. She insists that all her friends who do this do not have these. We are also worried about how she can protect her photos from just being copied and her “friends” did not give us any helpful information. She takes photos of places and people and would like to sell to magazines and such.

Answer: You don’t sell to “magazines and such” by setting up a website.

You sell to mags and such by submitting to the magazines and such.
You also need to know about licensing, usage rights etc etc.

You/she can lodge the shots with a stock agency (google photography stock sites or micro stock sites) which takes the leg work out but it is a full time venture if you want to make money and there are strict submission guidelines for the best sites.

here are some books you should be looking at before starting down this route

http://www.amazon.com/s/ref=nb_ss_1_20?url=search-alias%3Daps&field-keywords=photographers+market+2009&sprefix=photographers+market

Online and on-campus options for tax advice

The University of Kansas offers resources for students who need help filing taxes.

Business Loan 1099 – TaxMama.com

Question: How much should I charge Dad?

For a small, 120K per year family business that nobody actually makes a living off of, I have been doing Dad’s check & credit card expense reports, income re-cap, & his expense re-cap for him on excel for several years. Now, he wants to start paying me for that. What would that be worth? Although, I do it throughout the entire year, I actually only spent about one hour per month on it. What do you think? Thank you for your suggestions.

Answer: He gave you life! I think he has already paid in full.

MAM Funds plc – Final Results

MAM Funds plc – Final Results

How to Easily Create Expense Reports via iPhone, BlackBerry, & Android

Question: free file fillable forms?

My return was rejected (code 0103) because Total Federal Income Tax Withholding shown on tax form must equal the sum of withholding on Other 1099 and AK Dividend, withholding from Schedule K-1, withholding on Form W-2, and W-2G. withholding on any Form 1099-R and withholding on Form W-2G. I had federal withholding from my 1099-G. Where do I enter this withholding so that it matches line 61? I entered my W-2 withholdings on Form W-2 but I don’t see a Form 1099-G.

Answer: If you are as confused as your post you should not be doing a tax return without assistance*

Tips for last-second tax help

You have until Monday, April 18 to file your 2010 tax return, but you’re still waiting to do so. As the time ticks down, here, courtesy of the IRS media office, are some ways to avoid mistakes that could lead to an audit or even penalties and delays in processing:

Lorrie Janatopoulos Post DNT Forum.wmv