The Small Business Tax Help Blog

Posts Tagged ‘small business’

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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: Small Business Question?

I have recently started a small furniture business. I, of course, purchase items at wholesale from a wholesaler/distributor. My dilemma is…I have no idea on how to mark-up or price the items for retail sale. For example, one of my tables is listed at $42 for me.. What do I price it at for the public? Do i need to include taxes, inflation, etc? I have no ideal. Thanks for your help in advance…

Answer: That guys right i would just do it double, sometimes i like to add up a few dollers to cover the shipping especially if you have to put an item down at half off you dont want to be in the negative. You dont add the tax on untill you ring them up. I know a retail store near me sometimes marks hers up 2.5-3 times more example: you $42 public x2 =$84 or $42×2.5=$105 its all up to you!! Just remember if another store sells the same thing near you, i reccomend matching their price or going lower. Best of luck

High Court Refuses To Hear Plano Religious Case & Midday Roundup

The U.S. Supreme Court today refused to hear an appeal from some Texas parents who wanted to stop their school district from regulating when students can pass out religious-themed material to classmates.

Question 4.wmv

Question: Do you think McCain people will bother to look at how Obama voted for small Business Tax relief?

Here is a link to see how Obama and McCain both voted on a Bill to give tax relief to small businesses:

H.R. 976 (Small Business Tax Relief Act of 2007 )
Measure Title: A bill to amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00285

Also note how Senator Biden voted.
oldmarine: I just learned what rem_ means in urban dictionary. too funny. lol

Answer: Yeah, McCain voted for it and Obama voted against it…didn’t read it did you James….REMF!

Police Enter Cuisers in Competition

Rolling out with sport and style, members of the South Charleston Police Department want to prove they have the best fleet around.

Tax Code Complexities for Small Businesses – 8

Question: Anyone else think Obama will have a hard getting the money he needs to support all his new policies?

Funny thing about rich people and smart business owners…they didn’t get where they are by making stupid decisions. When you have money you can afford the best accountants who figure out the best way to hide their money from the tax collectors. Latest word is a lot of small business owners are planning to put enough money into tax exempt municipal bonds to keep them under 250k. This is great for the infrastructure of our cities but it doesn’t help to pay for Obama’s new policies. I believe the same thing that happened with Bill Clinton will happen to Obama. He will realize that he is not getting enough money from the rich to support his policy so he will have to raise taxes on all of us. I don’t know if it will happen in his first 3 months as president like Clinton but it inevitably will happen. I’m not totally against his proposed policies but there is no way he is going to get all the money he needs from only 5% of the people.

Answer: I suspect that’s why most of them go into politics; they get a hard thinking about all the money.

Should Anacostia Businesses Get Steep, Long-Term Tax Abatements?

Councilmember Marion Barry wants to make it easier to open a business in Anacostia. To do that, he’s proposed a bill that would slash taxes for 20 years on businesses within a 1,500-foot radius of the Anacostia metro station: Making sit-down restaurants (not fast-food restaurants) exempt from 50 percent of sales taxes, freezing property taxes at approximately 2010 levels, and cutting income …

Rep. Pascrell speaks on the Small Business and Infrastructure Jobs Tax Act of 2010

Question: What computer software would best help me to manage the finances of my very small business?

I run a private counseling practice, so I don’t have any inventory or employees to manage. I don’t even need to send invoices most of the time. I operate the business as a sole propriator, and I include the business income on my personal tax returns. I just need to keep track of my income and expenses and plan my taxes. What software would be best for this? The software also needs to be affordable.

I have thought to use Quickbooks, or maybe Quicken since my business is very simple. But if I chose Quicken, which version would be best? Or would another program be better?

Answer: Sounds like Quickbooks, the smallest version they have. I use Quickbooks online, but it is because I’m a consultant that is always at my client’s place of business. I can send invoices, run credit cards, access my client data anywhere there is an internet connection.

Small business owners need a crash course in taxes

Estimated taxes. Self-employment taxes. Tax accounts. These are words that quickly enter the vocabulary of people who have been laid off and are making the transition to working for themselves.

Small Business Income Tax Planning & Preparation 2009, 2010.mov