The Small Business Tax Help Blog

Posts Tagged ‘tax’

To run any business is an attractive project but to rise funds for establishing it require efforts. Most of the time, we have seen that small business starts without any funds. They do not have funds for the latest equipments and therefore are not able to make it even through the first few years of operation. As first few years of any business are crucial for its owner, one can only make through if there is a full proof business plan with a good cash flow.

The best possible way is an equipment leasing finance company. Internet is the tool that is at your disposal every time. There are thousands of companies that provide equipment leasing, used medical equipments and computer equipment leasing. Research well and shop around to get the best deal. Before plunging into the deal makes sure that the company you have chosen provides financing for your industry.

The different types of finance provided by equipment leasing finance company are lease, structured finance and loans. In this article we will be dealing with five types of finance leasing and rest of them in part 2 of this article:-

1) Capital Lease or Finance Lease: It is a type of lease that is used for commercial arrangements. Sometimes referred to as a conditional sales contract. It combines some of the benefits of leasing with those of ownership. This lease allows acquiring full ownership of the equipment at the end of the lease. The terms and conditions for the acquisition of the equipment exist in the agreement itself.

2) Conditional Sales Lease: It is non- true lease where after paying certain amount to the manufacturer, lessee acquires the equipment for a shorter duration of its economic life. Certain amount of interest is also associated with it. The equipment can be purchased after the lease ends for paying a nominal value.

3) Tax Lease or True Lease: This type is lease is valuable for companies that are vulnerable to technological obsolescence, such as computers. It has lower monthly payments that can be claimed as tax deductions. At the end of the lease, you can purchase it, continue the lease or return it to the lesser.

4) Operating Lease: This type of lease allows the lessee to have the right to use the equipment without any right to own it. If you want to have the ownership at the end of the lease, the terms and risk involved are much which wouldn’t be acceptable. But it provides greater flexibility as well as cut down the expenses of the running business.

5) Municipal Lease: This type of lease allows the municipal funded equipment to be owned for certain duration by the state government or a company. It is a financial agreement between the both parties.

Obama’s Ill-Advised Small-Business Tax Cuts

The president’s plan will actually deter businesses from growing and succeeding.

Small Business Tax Advice – Travel Expenses & Retirement Contributions – Part 9 of 10

Hume, Battles weary over permanent property tax caps

Gibson County’s two state lawmakers aren’t crazy about the idea of permanently adopting property tax caps with an amendment to the state’s constitution.

Tax Deduction | Tax Filing Tips For Faster And Easier Filing By Drew Miles

Question: I have used an accountant to run my payroll last yr. I dont want to use one this yr. I am a single member LLC?

I want to earn Socialy security credits, Hence want to run a payroll anually. I pay estimated tax. Can I run my own annual payroll? I want to run it manually. No s/w please. If I know the Medicare, SS, FUTA tax percentage guidelines, Can I do it myself? pls explain with an example. Assume my gross salary is $4000. Can you break it down and let me know my net Income. Thanks in advance

Answer: Of course you can run your own payroll..however, make sure you know the proper percentages to take out for, state taxes, federal taxes, and the meanie of all...workmans comp...Me being a licensed paint incorporation, small time but incorporated none the less I prerfer to be incorporated versus LLC....Incorporation..which you only need yourself to do so, has a few other benefits over LLC..make sure if you file for incorporation, to turn around and file afterwards within a few weeks allowed, what is called a s-2 incorporation...this is a seperate motion to file once yyou get your tax id number, and the taxes you pay will be cut in half this way...Depending on the nature of your buisness..I find it is cheaper and safer to do what is called "sub contracting" to other licensed contractors that are workmans comp exempt and have to carry thier own general liability..It cost me simply around 300.00 to incorporate, get my counties occupational permits, pay for my tax exempt for 2 years..and start my general liability which covered 300k in liability..This was for the state of Florida.. If you need further help with this..feel free to e mail me and I will discuss further...I have helped many people get incorporated usually for around 100.00 to do the leg work,,,can have you incorporated within 2 to 5 days... I will give you instructions how to via e mail/messenger for free..only if I do the actual work is it at a cost..Workmans comp is the worst part of deductions that will cost you..whatever each employee has to pay in out of his check you have to match that ammount for every employee..workmans comp exempt sub contractors are responsible for thier own taxes etc..simply mail them a 1099 zt the end of the year

Why so few people pay income tax

Those who do not pay income tax aren't required to because Congress uses the tax system to deliver social benefits.

Tips from the IRS - 2008 tax return--don't miss out on free money!

Question: How much of your moving expenses are tax deductible?

And what is deductible? Gas, mileage, hotel, truck rental, supplies, food, airfare? I moved due to job relocation, however my employer did not help with the move. I’d like to claim the expenses on my taxes.

Answer: The actual costs of moving you and your belongings are fully deductible. This would include your airfare, truck rental or movers, moving supplies, etc. If you are driving the moving truck yourself (i.e. U-Haul), then the gas and mileage incurred on the rental would be fully deductible as expenses related to shipment of household goods. The hotel related to the move would also be deductible, but meals would not be. Also note, if you are moving by car (i.e. driving), you can either deduct actual auto expenses (gasoline and oil), but you cannot deduct any repairs or depreciation on the vehicle. You can opt to deduct a standard mileage rate as well, but this rate is lower than the standard mileage rate used for business use of a car.

Moving expenses are reported on Form 3903 and are deducted from your gross income as an adjustment for adjusted gross income. They are not deducted as an itemized deduction and as such, does not require that you itemize in order to get the tax benefit of it.

Dealing with storms' aftermath

What you need to know to handle storm damage, or to prevent it from happening in the first place.

Home Base Business Tax Deductions 100% Deductible Expenses

Question: Receive SSA benefit and am full retirement age. Continue working. Will SSA benefit increase above annual COLA?

Benefits have not been increased above annual COLA. Wondering why, since I continue to work and pay FICA and Self-employment taxes.

Answer: If you continue working after you start receiving Social Security, then your benefit is recalculated each year to take into account your earnings for the year. Depending on the complicated weighted averages for your income over your top 35 earning years, if your recalculated benefit is larger, then you will get the larger benefit.

This larger benefit would by default be more than you would get by not working and only getting COLA increases. So yes, what you are asking is possible.

Lower Taxes Are Always in Season

What you can do now to reduce your taxes.

Ch. 6 Workers Compensation Insurance