The Small Business Tax Help Blog

Posts Tagged ‘small business tax guide’

Question: where can I get a payroll tax deduction guide for Ill?

I’m starting a small business & need a payroll tax guide to pay salaries. I remember having a book when I did payroll at another job. I need to know where I can purchase one for the state of Illinois.

Answer: www.iltax.com

Wonkbook: Assessing FinReg; Goldman suit settled; oil gusher stopped

Good day for the Obama administration yesterday: FinReg found final approval in the Senate (hope you’re ready to start talking Basel III, now), Goldman Sachs settled the SEC’s civil suit against it for a lot of money and a statement of “regret,” and BP has successfully stopped the oil well from leaking three months after it started.

Economic Survival Guide- Small Business Stimulus Capital Presentation

Question: What do I need to do, tax wise, when I’m running an eBay business?

I want to set up an eBay business with one or two friends.

I don’t really get what I have to do with taxes or anything and now I’ve just read about some employers thing.

I don’t get what I have to do, could sombody explain?
(I’ve not done any of this tax stuff before, so please make it an idiots guide)
From what I’ve got so far, I think I’m sort of getting it.

Do I just tell the government how much I make (or calculate something), then give them (they take, whatever) the money?

Also, what do I have to do with my friends involved? I think I’ll take in the money then divide it between all of us. Do they count as employees and do I have to do anything extra if they do?
I’m not sure how I forgot this, but does age matter? My friend(s) and I are all umm… 13-19 ish.

Does that make a difference?

I know I’ll find out when I talk to some people about it. Can I even do an eBay business at 14(ish)?

Answer: Just keep track of all of your sales, and at the end of the year claim them as ordinary income. It shouldn’t be hard, just set aside around 25% of your income for tax purpose… Also remember if its less than $10,000… The IRS will never find out… So if that happens just keep that 25% and put it back into your business.
Good luck!

Planet Election Guide: A pass on the property tax increase, this time.

While a measure asking voters to help pay for road repairs is a good idea, it comes at a time when raising taxes on Telluride’s business owners could serve as a death sentence.

small business guide to healthcare reform bill