The Small Business Tax Help Blog

Posts Tagged ‘taxes’

Question: Will I be exempt from federal withholding now that I’m married?

My employer needs me to fill out a new W4 by Saturday and I’m not sure what to do. I haven’t done my taxes for 2008 yet, so I’m not sure of what to fill in. I got married in 2008, my husband is a full-time student and also works full time, I go to school part-time and have a lot of student loans and also work full-time. Together, we make $91,000 before taxes. Last year both of us were exempt from all withholding and if we were filing separately we would be again. Can anyone help? Thanks!!!!
The majority of married people filing taxes benefit from filing jointly, so we’ll be doing that. We’d lose money if we filed separately because of education and student loan credits.

Answer: So file separately. There is a “Married filing separately” option, you know.

You probably won’t know if you’re both fully exempt still until you fill out the forms though.

IRS reveals dirty dozen tax scams

12 ways to get in deep trouble with the IRS

itinagent.com | Non-Resident Tax Filing Deadlines | USA, Accounting

Question: Unsecured Property Tax in California??? Is this legal?

I have a small business. I recently received a tax statement assessed by my county for “unsecured property tax”, which includes tax on just about anything I use for my business. When I read this I could just not believe it. Is this legal? How can they tax me on my property, like my desk, or my car that I use for personal use and work? Isn’t it enough that I paid taxes on all that stuff when I BOUGHT it, and the fact that I pay income taxes as well? Where do they get this stuff????
I guess what I wanted to know is- How far have we gotten away from the constitution of the United States here? I mean, when the government can tax me on a desk not only when I buy it but for years after I buy it, isn’t that really kinda wrong? Next thing you know, they’ll be taxing me every time I fart…a “Fart Tax”. I mean, get real! Taxing me on “stuff” that I own, just because I have it? Cummon!

Answer: It’s a Personal Property Tax. At least in CA it’s only levied on businesses. Move to MO and see what they do here. Cars, boats, trailers, campers, airplanes, cattle, hogs, sheep, farm machinery, tractors, brush hogs, etc., yadda yadda are all subject to personal property taxes here.

FYI, The Constitution explicitly grants the right to levy taxes to the government. Virtually every state constitution grants the state government the same right in one form or another. If you don’t like your state’s taxes, contact your elected representatives or move to a more tax-friendly state for your situation.

Business networking calendar of events

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Roni DeutchYour Personal Income Taxes Return Professionals in Pasadena CA 91107

Question: Do LLC in Texas have to pay Self-Employment Tax?Can you give me a credible source from where i can confirm?

I am planning to start a Financial Consulting firm in Dallas in the state of texas. I was thinking about starting my firm as LLC. I was researching about it and on the internet, at some places it said that LLC has to pay self-employment tax and at some other places it said that it does not pay self-employment tax? Can you help me with that? If possible can u give me a credible source from where i can confirm that.

Answer: If an LLC elects to be taxed as a corporation, it would pay corporation income tax. Salary paid to the member would be a deduction. If it is a single member LLC that does not elect to be taxed as a corporation, the income would be reported on the single members income tax return as self-employment income subject to self-employment tax.

John Bullis: IRS will audit more rental real estate returns

If you have real estate property that is rented, you should be aware that IRS has been urged to increase the examinations of rental real estate.

Ch. 5 LLC State Tax & UI

Question: how do I get a resale EIN # & get all nexeccsary docs to start my company?

I have applied for a tax id # via IRS.gov. I am going to buy wholesale & resell as retail. How do I incorporate properly within state & federal guidelines. I also need a resale EIN #. How do I get that? I made the first step now I need to take the next steps. Thanks

Answer: The EIN is an employer id number, it has nothing to do with buying at wholesale.

You’ll need a resale permit issued by your state. Completely different.

IRS offerings for small business

The IRS just sent out a news release with information about tools and resources for small business.

Rachel Carson event (end)

Question: i want to apply for a Business Tax id but wondering if it will be connected to my personal credit?

Answer: Usually not.

Most Japan voters want new PM, approve quake tax

Kan criticised in parliament for disaster response. 18 Apr 2011 8:54 PM

Does a small business need a tax ID number?