The Small Business Tax Help Blog

Posts Tagged ‘small’

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Every single small and home-based business owner can easily save thousands of dollars each year in tax savings alone. “You have got to be cRaZy not to have one” says me.

Congress passed legislation that allows HUGE tax savings to encourage your success. They’ll even let you take tax deductions on losses from your home-based business, year after year, as long as you are actively and legitimately pursuing to make a profit.

Individuals who run a part-time or full-time home-based business qualify for a greater range of tax deductions than any other category of taxpayer! Even the super-rich can’t get the tax savings that YOU can get, simply by managing a home business that in all actuality may only take a small amount of your time to run. You could be saving yourself a lot of cabbage!

Did you know that in most cases the majority of wealthy individuals, along with the “rich and famous,” pay less than 15% in taxes, while the “average North American” pays upwards of 50% in Federal, State and Social Security Taxes? (This infuriates me!)

However, did you know that 70% of the job growth is coming from small businesses? Yeah that’s right! People are starting to catch on and the home-based business, industry has never seen such highs! People are really starting to take advantage of these tax savings and that’s always fantastic to see! Power to the people!

For the most part people, just like yourself are overpaying their taxes by thousands of dollars, or more, every year, and they don’t even realize it! Get this, the average tax payer actually believes that getting a refund from the IRS is a good thing!

The fact of the matter is, if you are getting a refund every year you are actually giving Uncle Sam an interest-free loan. Yep! He gets to keep your hard earned money (tax refund) throughout the year and can use it for whatever the legislators feels fit to do with it. This is money you could be putting back in YOUR own pocket to help YOU build and grow YOUR own home-based business! These are YOUR tax savings people, wake up! Stop complaining and do something about it!

I’m sorry…I’m screaming at the computer now, I’m just trying to get my point across here, actually NO, I’m not sorry. Can you tell I’m passionate about this? I’m not an overly religious person but this quote just seems fitting. “God Helps Those Who Help Themselves”

In order to ensure that you don’t miss some large tax deductions that could save you a great deal of money, it is wise to consult with an income tax professional so that you don’t miss any of commonly missed tax deductions.

Go get what is rightfully yours….Tax Savings!

Five ways to save time and money on your taxes

(ARA) – The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return. “That’s too much time and too much money,” says Gary Lundberg, product management director for CompleteTax (www.CompleteTax.com), an online income tax preparation program.

Tax Deduction Tips & Advice : How to Claim a Gas Mileage Deduction for a Small Business

Arizona GOP lawmakers propose sweeping tax cuts

Arizona House Republicans on Tuesday proposed a sweeping package of tax cuts aimed at helping businesses, with Speaker Kirk Adams saying the incentives are needed to spur economic development and add high-paying jobs in the state.

Nova Scotia Liberal Leader Stephen McNeil on Small Business Tax Cuts

Question: If I want prices to go down should I vote for Obama or McCain?

If want everything from food to clothes to cars to go down in price, who should I vote for?

McCain plans to lower Business Taxes, but Obama plans to RAISE Business Taxes….alot…so much that Business Taxes in the United States will surely be the highest in the world (they’re already in the two top).

So what will make businesses possibly lower their prices with Obama’s higher taxes?
To poster “sweetcan”: Why?
To poster “Surak”: It is not a lie that Obama plans to raise taxes on business. And HOW will those higher taxes make prices go lower?

Answer: Prices will go up with Obama. His plan is to put more taxes on corporations. Corporations do not truly pay tax. They pass this along to you and I and we pay it. This is not about a political party, this is just economic fact.

Fort Bend County, Texas Provides Premier Place to Relocate, Open a Business

SUGAR LAND, Texas----Despite a national economic downturn, Fort Bend County, Texas continues to provide a premier place to relocate or open a new business. Most recently, Forbes ranked Fort Bend County number one on its “Best Places To Get Ahead” list, based on counties who experienced the most income and job growth over the past few years.

California Gets a Budget

Question: Any benefits to registering a small business or DBA as opposed to selling cash under the table?

I make crafts and gifts and sell at flea markets, craft shows, etc for straight cash. I am wondering if there is any benefit to registering as a business and getting tax breaks or just sticking to the cash in hand

Answer: Their are several important benefits to creating an LLC (Limited Liability Corporation).

An LLC would most likely be your best alternative if you decided to go legit. It is perfect for individual owner-operators and does not require the creation of a board of directors as you would if you created the standard incorporation (a business name with 'inc.' on the end of it.)

An LLC protects your personal assets from any lawsuits to your business. Imagine if a craft item you sold had a small piece that a two-year-old child pulled off and tried to swallow. The child ends up in the hospital with brain damage from a lack of oxygen for too long before help could arrive. The parents hire a lawyer who will try his best to rake you over the coals. Even one lawsuit could completely bankrupt you and leave you homeless.

However, if you were protected by an LLC, the only assets that could be attached in a lawsuit are those of your business. You could live in a million dollar mansion in Manhattan and no lawyer or judge could touch it. Yes, it would most likely mean you lose your business, but better to lose that than everything else you own as well. It's much easier to start another business.

If you incorporate under an LLC and also set up a business bank account (it's important that you keep your personal banking separate from your business banking for tax purposes), you would be in position to apply for loans under your business, loans for expansion of your current business or for the creation of a completely new business at a different location. Small businesses cannot thrive without enough cashflow to handle the requirements of the business, employees, advertising, merchandise and materials, lighting, anything to do with your business.

And I have heard (don't know for sure) that your personal credit does not effect your business credit, which is an even bigger plus.

Experts: Tax breaks often not a major factor

Thomas F. Kirk, president and CEO of Hanger Orthopedic of Bethesda, in a statement this week thanked the state of Texas and the city of Austin for helping his company decide to move to Austin this year.

Tax breaks for small business...

Weekly Wisdom Roundup #60 (Weekly Readings For Smarter Types)

By Miguel Barbosa. If you like this roundup kindly include a reference to this post. Thanks Read more » »

Lakeway Custom Homes For Sale on Lake Travis