The Small Business Tax Help Blog

Posts Tagged ‘money’

The Cost Of Confusion

As Sherlock Holmes might have remarked, it’s the dog that didn’t bark.As we write on these pages again and again, costs have a huge impact on investment performance. So why, then, doesn’t fund …

myERP: For Small Business; Relies on Google Apps

Question: 47% of Americans don’t pay income tax. How come?

http://www.businessinsider.com/coincidence-47-of-americans-dont-pay-income-tax-45-think-tax-is-just-fine-2010-4

How many of you fall into this category?

How many percent of these do you think make very little (under 20,000). How many percent of these make a good amount and just have good accountants helping write everything off?

A friend of mine once told me that if you have a small business and make more than $250,000, you must be making 10 times that amount, because of all the accounting tricks you can do to write off your income as a small business owner and just keeping everything as cash.

Answer: Well, never trust a statistic but let’s break down the questions. Think about how many poor people there are that earn less than $9,350 (the standard deduction plus one personal exemption). This includes children and adults. All those people don’t pay tax.

Now look at all the cash basis workers in the world. I know a lot of them. They don’t pay tax.

Yes, you can write off a lot of things as a business owner. Both legitimately and illegitimately. However, playing with the IRS is like playing a game of Russian roulette with your bank account. If you are misplacing items in your tax returns and are audited, they will find it. The chamber with the bullet comes around eventually and you will be audited. In any case, these business owners don’t pay tax for as long as they aren’t audited… In any case, these guys/gals don’t pay tax for awhile.

Then look at the people that work the system… One guy I know keeps his income at or below the limit that allows for him to maximize all the refundable credits. That way he doesn’t have to work to much and Uncle Sam (you and I) still pay his ass. GOD BLESS AMERICA!

Lastly, a good accountant isn’t really “good.” They usually suck! Guess who will have to pay the penalties and fees when you get audited? Not the accountant. Can you sue him? Yes, but you will lose! At most, you can recover the cost of his/her fees, but not what you owe the IRS. Just remember, you are signing off on your tax return. He just is admitting to “preparing” them for you. They are all your numbers, not his/hers.

TAKE CARE

Gov. Haley Barbour previews his 2012 campaign in Iowa, Illinois and California

Republican from Mississippi tests the political waters across the Midwest and on the West Coast.

Tax bill -Unemployment Ext -Roseville Galleria Mall up to old tricks AGAIN !

Tax season brings a few changes in Abilene

When earnings increase, so does the income tax.For at least a few Abilene filers, that lesson will become apparent this year after many saw a dip in 2009 earnings, said Rhonda Johnson, a certified public accountant with Davis Kinard & Co. in Abilene.

Senate Passes Small-Business Aid Bill

Question: Please suggest a topic for my project, please, I beg you all:)?

Please help. Give me some ideas for my culminating activity, please:)?
For my culminating activity, I am to prepare for the following scenario: you are applying for a student grant given to students who wish to start up their own summer business.

Your culminating activity is made up of the following:

A two page report outlining the details of your summer business. Include information about the name of your business, the type of business, and the details about the business (What is the purpose of the business? What is your target market? What materials/inventory do you need to get started? How much money do you require for startup? Where is the business located? How many people will be working? How much money do you expect to earn during the summer? etc.etc.). Include appropriate charts/graphs, for example showing your projected revenues and expenses.

Answer: I think that I would go with Lawn Care.
Name of business -(insert your name) Lawn Care
Type of business-basic lawn care, pull weeds, mow lawn, rake leaves, plant flowers, ect
Purpose of the business- is affordable lawn care for the person who is too busy to get to it themselves
Target Market- homeowners
What materials/inventory you need-rake, hoe, shovel, work gloves, old clothes, work shoes/boots, weed wacker, lawn mower push/rider, wheel barrel, ect
How much money do you require for startup? Depends do you have these items if not go to store and write down the price of items and list this in your report.
Where is the business located? State where you are willing to go to do this lawn care…..ie 20 mile radius from your house.
How many people will be working? Yourself or maybe you and a friend?
How much money do you expect to earn during the summer? I would say that you could probably earn 500 for the summer.
Your expenses would be gas and if you had to purchase any equipment
In your report I would attach a sample flyer that you would post around the neighborhood ie store, park, gas station, hand out to friends and family give to parents to hand out at work. I would include your prices on the flyer.
Hope this helps.

BTN’s 2011 Corporate Travel Index

Average 2010 negotiated corporate hotel rates and January 2011 food prices each softened a bit from the previous year’s levels, allowing business travelers some expense-report relief before potential price hikes take hold, according to Business Travel News’ 2011 Corporate Travel Index, the annual examination of the daily costs to stay in a hotel, eat three meals and rent a car in 200 U.S. and …

Nuskin Business Scam or Opportunity?

Question: Independent contractor – tax question?

I am a 19 year old dependent earning money as an independent contractor (no business expenses) in Florida. I have no other source of income. If I plan might earn more than $400 by December 31st, when should I send in a tax form sch C or C-EZ? One of the quarterly due dates for taxes is June 15. If I haven’t made $400 by then, can I wait to send in my form until the next due date, September 15, in case I don’t hit the $400 mark? Also, I know I’d owe 15.3% of my income. Would I send in about 4% of my estimated annual income each quarter? Thank you!

Answer: You don’t file the Schedule C or C-EZ until you file your year-end tax return. You are not required to make Estimated Tax Payments unless your balance due when you file your year-end return is $1000 or more. At this point I would recommend you plan on owing a little when you file your return but not make any estimated payments.

Mithras Inv.Trst PLC – Annual Financial Report

Mithras Inv.Trst PLC – Annual Financial Report

Assessing the Economic Impact of the Recovery Act