The Small Business Tax Help Blog

Posts Tagged ‘tax-schedule’

Question: Business Income Tax?

Hi
I started a small business in 2006. H&R block filled out a Schedule C for me. However in 2007, my business made no revenue($0) and there are 3 expenses only. Business License Fee-$100, and two ebay fees $20

So my business had a net loss of -$120.

My question is do i have to fill out a Schedule C even though i had a loss and if i have to, will having a loss help me get a deduction?

Answer: If you file Schedule C, you should be able to have a deduction of $120 against your other income sources.

Business News

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Question: Sales Tax Deduction…Schedule C?

Hey everyone,

I am a self-employed contractor and have the ability to either charge and pay sales tax directly from my clients to the State (Texas) or have my contracting company pay the sales tax under there business.

Is there any benefit as far as tax deductions go for me to collect and pay the sales tax directly to the state? If there is a tax deduction benefit, then can I use this deduction if I file a Schedule C?

Answer: On sales tax, whatever you take in gets paid to the state, so it’s a wash, with no tax advantages or consequences to you. Do whatever is easiest.

You actually don’t show sales tax collected or paid out on schedule C, but if you did, the deduction would just equal the income, so wouldn’t change totals.

Deducting bad debt on taxes

Q: My daughter and her husband are filing for bankruptcy protection. Years ago, we loaned them $10,000. Can we get any tax benefit for this bad debt? A: Since this was a personal loan and not related to your business, it is considered to be a nonbusiness loan for tax purposes.

How to Avoid an IRS Tax Audit : How to Report Business Losses on Schedule C Tax Form

IRS gets a cut of cruise ship winnings

You can’t get away from giving Uncle Sam a taste when you’re lucky at gambling.

Recovery: Making Work Pay – Working Couples – September 2009