The Small Business Tax Help Blog

Posts Tagged ‘reference’

Question: Unsecured Property Tax in California??? Is this legal?

I have a small business. I recently received a tax statement assessed by my county for “unsecured property tax”, which includes tax on just about anything I use for my business. When I read this I could just not believe it. Is this legal? How can they tax me on my property, like my desk, or my car that I use for personal use and work? Isn’t it enough that I paid taxes on all that stuff when I BOUGHT it, and the fact that I pay income taxes as well? Where do they get this stuff????
I guess what I wanted to know is- How far have we gotten away from the constitution of the United States here? I mean, when the government can tax me on a desk not only when I buy it but for years after I buy it, isn’t that really kinda wrong? Next thing you know, they’ll be taxing me every time I fart…a “Fart Tax”. I mean, get real! Taxing me on “stuff” that I own, just because I have it? Cummon!

Answer: It’s a Personal Property Tax. At least in CA it’s only levied on businesses. Move to MO and see what they do here. Cars, boats, trailers, campers, airplanes, cattle, hogs, sheep, farm machinery, tractors, brush hogs, etc., yadda yadda are all subject to personal property taxes here.

FYI, The Constitution explicitly grants the right to levy taxes to the government. Virtually every state constitution grants the state government the same right in one form or another. If you don’t like your state’s taxes, contact your elected representatives or move to a more tax-friendly state for your situation.

Business networking calendar of events

BizTalk Blender, The Ultimate Networking Event: A unique structured networking event and a cost effective and fun way to meet new clients and expand your business. When: 6-7:30 p.m. Thursday. Where: Access Pass & Design, 1410 Greg St., No. 412, Sparks. Cost: $15 advance (by noon Sept. 9), $30 at the door. Details: 775-852-5020 or info@aliceheiman.com.

Roni DeutchYour Personal Income Taxes Return Professionals in Pasadena CA 91107

Question: Do LLC in Texas have to pay Self-Employment Tax?Can you give me a credible source from where i can confirm?

I am planning to start a Financial Consulting firm in Dallas in the state of texas. I was thinking about starting my firm as LLC. I was researching about it and on the internet, at some places it said that LLC has to pay self-employment tax and at some other places it said that it does not pay self-employment tax? Can you help me with that? If possible can u give me a credible source from where i can confirm that.

Answer: If an LLC elects to be taxed as a corporation, it would pay corporation income tax. Salary paid to the member would be a deduction. If it is a single member LLC that does not elect to be taxed as a corporation, the income would be reported on the single members income tax return as self-employment income subject to self-employment tax.

John Bullis: IRS will audit more rental real estate returns

If you have real estate property that is rented, you should be aware that IRS has been urged to increase the examinations of rental real estate.

Ch. 5 LLC State Tax & UI

Question: File tax return question?

I’m going to file U.S tax for 2007 under the resident alien category. As I moved back to Canada, do I need to file income tax for 2008 if I still have a saving account in U.S that may generate some interest this year. If anyone knows, please reply. Thanks.

P.S: The estimate interest may be less than $50.

Answer: I would think not…

$50 less $3,400 exemption leaves no taxable income…

The IRS may get your 1099-INT but if there are no W-2 wages or 1099 payments, then I would assume they would ignore it…

Manulife reports 2010 results under International Financial Reporting Standards

PSE: MFC

England Uprising – 500000 Protest Tax Dodgers – Democracy NOW!

Question: Tax Professionals, so confused about quarterly taxes…?

I get a 1099 from my job and I’m not sure if I qualify to pay estimated quarterly taxes or self-employment taxes (even though I work for an organization. I don’t own my own business) for this current tax year, 2009. I work a part time job and make very little money. My employer said they MIGHT only be able to keep me on ’til June. I might be working there again in September though. I’m not sure if I’m going to be working in the summer, it could go either way…If I don’t work in the summer, I definitely won’t owe $1000 in taxes for the year. Because I wouldn’t know if I’d owe more than a $1000 for the year until after June, should I file quarterly’s or completely wait ’til next tax year to file taxes…?

Answer: Go ahead and file your quarterly Estimated Tax Payments. Your future sounds uncertain. Therefore, you can avoid penalties.

Nation’s jobless rate drops to 8.8%

WASHINGTON — Employers added a robust 216,000 jobs in March as the unemployment rate dipped to 8.8 percent, the government said today in a better-than-expected report that showed the U.S. economic recovery is overcoming the headwinds from rising food and fuel prices.

Self Employed Get UnFAIR Tax Break in 2009 When Opening A Solo 401k

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