The Small Business Tax Help Blog

Posts Tagged ‘tax’

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Question: What do I do if i didn’t file my Small Business Taxes on time?

I just started a cleaning service, I sub contract for several companies. I didn’t meet the deadline for filing my taxes, what can I do?

Answer: File for an extension, gives you more time.

2009: Top 10 stories for an unforgettable year

Everything seemed to hit in the fan in 2009. National headlines were dominated with a presidential inauguration, the recession, health care, disease, wars, publicity stunts, scandals and explosive underwear.

Tax Deduction Tips for Businesses : Filling Taxes with Installment Sales

Question: EIN (employee identification number)?

we are 6 partners, planning to open investment club using one EIN. We want to invest in stocks, unfortunately the EIN number is going to be under one persons name. How do we trust this person with our money since the EIN number will be under his name? once we open, do we have the same right as to make decisions ?

Answer: Form a partnership.

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National Trust mit neuer Repräsentanz

Wilfried Klöpping übernimmt die Vertretung des National Trust for Scotland (NTS) für Deutschland, Österreich und die Schweiz. Seit Anfang September ist Klöpping mit seiner Firma WK Pro Tour als deutschsprachiger Repräsentant für den NTS tätig.

SammY Rc & Trust No 1 - Wieder mal ein verdammter Sonntag

Question: Does/When an employer would need to have a FEIN or EIN?

FEIN: Federal Employer Identification Number
EIN: Employer Identification Number
They are the same thing.

When you become an employer, must you obtain a FEIN or EIN as a person must obtain a social security number?

or

there are only a few situation when you need it so getting it is not that necessary?

Please help. I own a small business and we are thinking of hiring people so I am preparing all the necessary steps.

Thanks so much.

Answer: You must receive an EIN before hiring anyone.

Judge blocks most of state's illegal-immigration law

This undated photo taken from video and provided by KSAZ-TV FOX 10, shows U.S. District Judge Susan Bolton on the bench in Phoenix, Ariz. Bolton, a former state court judge appointed to the federal bench in 2000 by President Bill Clinton, will decide whether to block Arizona's sweeping new immigration law, which requires police, while enforcing other laws, to question a person's immigration ...

The Blasters / "4-11-44" on Art Fein's Poker Party

Determine business struct partnership, or corporation Evaluate your personal budget Write a business plan Write a marketing plan. Locate financing. Create a list of startup supplies with budget. Set up a system for accounting and payroll. Apply for business license, fed tax ID, fictitious business name. Select a location and set up shop. Order signage Obtain business tools computer, printer, fax, postage, office supplies, and fixtures Order business stationery business cards, letterhead, brochures Obtain inventory.

Create an operations and employee manual. Hire employees. Set a launch date. Plan a grand opening event. Send announcements to everyone you know. Send press releases. Turn on the OPEN sign Revisit your business plan and update often. Evaluate your marketing strategy often.

Prepare a realistic business plan. Think of this as your business road map. Define exactly where you want to get to with your business and then you can effectively map out your path towards achieving your goals! By creating a detailed business plan you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.

Your business plan should encompass the financial considerations of starting your small or home based business Do you have the capital required Do you need to raise additional funds Who are you going to approach for finance Who do you trust for advice And don’t forget to open a business bank account Consider the legal implications of becoming a business owner and proprietor.

Are you better off as a sole trader, a limited company or are you considering a partnership? Make sure you consider all the angles and protect yourself and your assets personally from the outset. Anything you bring to the business has to be itemized, valued even if you’re a sole trader. And make sure you are professionally covered with the appropriate business indemnity insurances. Get your family and friends behind you from the get-go.

Make sure your family and friends are fully understanding and supportive of your ideas to venture into small business startup. Do they understand the level of commitment you will have to show for on-going and long-term success? Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too. Protect your family, protect your business. If, God forbid, something were to happen to your health, how would your business survive, how would your family cope? Consider insurances from health, critical illness and income protection insurance to life insurance and consider your pension and long-term financial security.

Face those ‘taxing’ questions from the start. Your small or home-based business has to consider its taxation situation. Do you need to register your business for sales tax purposes have you informed your tax office of your business’s inauguration? Do you have a good tax professional lined up to guide and assist you? The bottom line when it comes to taxation is that from the outset you need to make sure your papers and books are in order, this will save you time, money and heart ache in the long run.

Prepare realistic and achievable goals and targets for your first year. Do not expect to conquer the world with your first year’s business returns. Starting a business is a life changing undertaking and one you must be patient with. The rewards are there, but make sure you set yourself achievable targets when you reach them they will give you the confidence and satisfaction to set new goals and to continue building your business’ success.

Sports, economy, elections to be big news

All eyes will be on the new Freight House District, where the owners of Aces Ballpark expect to open several restaurants and bars in time for the Reno Aces’ opening game April 8. Next to the ballpark, plans call for an upscale Mexican restaurant and bar, a beer garden serving pizza, an industrial loft bar featuring live music and outdoor seating and a sports bar.

Start Your “Self Employed Business” Through Internet

Question: why are my estimated federal taxes equal to my to total liability for 2008?

I owe 1690 dollars to fed but turbo ax creates 4 vouchers for 1693 – I thought it would be 1690 divided by 4? Seems strange- any advice

Answer: If it's kicking out 4 vouchers for $1,693 then your tax liability must be $6,772. Don't confuse your tax liability with what you have to pay when you file! They are usually MUCH different!

Most tax pros and most tax software will kick out estimated payment vouchers for an amout equal to your tax liability automatically. That way you avoid any chance of penalties or interest next year since you will have paid in 100% of the PRIOR year's tax liability, one of the 3 Safe Harbor exceptions to the penalties and interest for underpayment of estimtated taxes.

This also operates on the assumption that you'll probably earn about the same amount in the next year as you did the prior year. If your income should jump upwards more than expected you may wish to bump up the amounts of your payments or just salt the money away for filing time, since you won't have to pay any underpayment penalties.

What's New in Tax Season 2010

FORT LAUDERDALE, Fla. - Last year, millions of Americans received unemployment checks. Which makes for millions of people with some tax-free income. Congress made the first $2,400 of unemployment benefits exempt from federal income tax for last year.