The Small Business Tax Help Blog

Posts Tagged ‘reference’

Question: Lives in NH work in MA, was self employed for 3 months, do I still put that income in for MA state return?

I made $22000 in self employment, my office was located at home in NH. Do I still report that income on my MA tax return? I’m doing my taxes online with turbotax and it automatically enter the income in my MA, is ok if I delete it?

Answer: You most likely need to do an apportionment schedule of some sort for MA since you are a non-resident. For individuals, the formula is usually something like – how much did you make in our state vs. how much did you make everywhere. Many states compute your tax as if 100% of your income was from their state and then multiplies by the ratio above. This is their way of getting your income into a higher tax bracket.

So, if TurboTax is indeed sourcing the self-employment income to MA, you need to change that. I am not sure if you can just delete it since it may delete it from your Federal and NH returns. Any tax software that allows for multiple state filings requires you to indicate where the income should be sourced. This may just be a case where it was accidently coded as MA. Check that to be sure. If it is already correctly sourced to NH, you may need to call TurboTax support to find the work around.

Transamerica Study Illuminates Severe Impact of Unemployment on Displaced Workers’ Retirement Outlook

A new study released today by the non-profit Transamerica Center for Retirement Studies® illuminates how unemployment and underemployment can impact the retirement outlook of displaced American workers.

Ryan Sheffield Tax Tips: Small Business, Self Employment, 1099 Income

Question: Why is the New York Post saying Obama taxes are killing small business?

http://www.nypost.com/p/news/business/small_biz_big_tax_Tm9zntbp2I339WyBwwOgzK

Answer: This is somewhat a source of concern, especially for small business owners. Most of us have had a struggle surviving the last 2 or 3 years and have no resources left for more expense. Our products and services have limits on what we can charge in the market. If we charge more, foreign products will take the market share so it leaves us 2 choices. The first is to start laying off people who are not key to our operation. This is hard, because as they depend on us for their paycheck, we depend on them to take excessive burdens from the more key people who will be less productive. Either way it will only prolong the eventuality of closing the doors. The second is to immediately lay everyone off, close the doors and save what few resources there are left. We, the small businesses of the US are collectively the largest employer in the country. We are responsible for 50 to 55% of the jobs in the country. If we fail, so does the economy. Once we are gone unemployment will reach staggering levels leaving the only recourse of nationalizing the economy for survival of the country. In the lefts desire to kill trickle down economics, they are replacing it with trickle up poverty. We, the small businesses are drowning, meanwhile Obama and the Congress have thrown us a cement life jacket.

Hometownstations.com-WLIO- Lima, OH News Weather SportsSenate takes up bill repealing $2B oil tax breaks

WASHINGTON (AP) – The Senate is taking up a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government’s ability to borrow.

Pay News Network: Taxing of Cell Phone Use, Small Business Payroll and other tax tips

Question: Incorporating in United States.?

Hi,
Ours is an outsourcing consulting firm. registered in UK and India.
I want to incorporate my company in US now, without visiting United States. have been searching internet from 5-6 months but i guess its kind of impossible for any non-resident alien or an overseas clients.

These are the services i am looking for
Company Formation (preferably LLC)
EIN
Business Checking A/c
Virtual Office with mail forwarding.

I dont want to spend much my budget for all these is not more than $500. (I spent $400 for UK company and it has all these services)

IS THERE ANY ONE WHO IS LISTENING AND CAN HELP?

Answer: Try the state of Deleware.

http://www.delaware.gov/egov/portal.nsf/portal/Business

Good luck.

Bank of America News Portal Now Available From Leading News Service

Major News Aggregator Puts Sites on Bank of America WASHINGTON, May 26, 2011 /PRNewswire/ — Finding news about Bank of America is now a lot easier. EIN News has been a world leader in industry news for the last 15 years. Now its network includes a specialized news portal covering Bank of America. The Internet news aggregation industry is becoming more specialized. David Rothstein , CEO of EIN …

Search for companies on LinkedIn

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 on State Tax refund?

In 2009 I paid 1000.00 in estimated taxes for 2009 tax year. I itemized my 2009 Federal return and claimed (deducted) that 1000.00. In March of 2010 I completed my 2009 state return and paid an additional 1300.00 to the state. I later discovered that I had made a mistake and filed an amended state return, the result of which was that the state returned (refunded?) 1200.
Should I expect a 1099-G for the 1200?
If I do get a 1099-G why should that be considered as income for my 2010 Federal return?

Answer: Yes.

What Happens When the Incentives Expire?

Wind projects, along with other renewable energy technologies, have benefitted in a variety of ways from federal incentive programs. The Section 1603 cash grant program, the Department of Energy Section 1705 Loan Guarantee program and the Bonus Depreciation schedule are among the federal programs that are scheduled to expire by the end of 2012. The Production Tax Credit (PTC) and Investment Tax …

Obogey – Obama Golf Game by iOwnTheWorld.com