The Small Business Tax Help Blog

Posts Tagged ‘small business tax guidelines’

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 is the Internet tax law for sales and use for a small Texas business?

If I am renting equipment and shipping it to different states, How do I do this tax free? Where can I find the tax law and guidelines?

Answer: I agree with the first person.

Basically, so far, on the Internet, the precendent is to charge sales tax for sales delivered in Texas if your business is based in Texas. Supposedly, it is the responsibility of the seller, out of state, to pay their own state’s sales tax on their purchases from Texas.

What you also need to be aware of is that if you are a business is Texas and you purchase products out of Texas, say from California, and you get these products sales-tax-free, you are supposed to report it to Texas (and pay sales tax to Texas) for those purchases unless you resell the products and collect sales tax on your item then.

The organization that oversees Texas sales tax is The Comptroller of Public Accounts at http://www.window.state.tx.us/taxinfo/sales

Board decides on 4 percent tax rise, retains all school programs

The Springfield Township School Board adopted a final 2010-2011 budget of $45.4 million Tuesday that will raise property taxes next year by $179.95 for a home assessed at the township average of $165,095. Next year’s millage rate is 28.348.

First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan

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