The Small Business Tax Help Blog

Posts Tagged ‘taxes’

Question: Employment and Support Allowance?

II am 56 years old no mortgage and no children at home. I had a heart attack april 20 2009 and after a week in hospital phoned Employment and Support allowance to tell them I was off work and not receiving Statutory sick pay from my employer. I am a coach driver and automatically lost my licence to drive coaches and my job. After 50 minutes on phone and sending in proof etc i was informed that I am entitled to £27.87 per week. My wife works part time 16 hrs a week and takes home £403.36 per month. Over the last three years my average pay has been £14,000 per Annam which I have paid tax and insurance on. This amount seems very low can anyone tell me if it is correct. When I phoned The Employment Support office there attitude was take it or leave it and that’s all I will get £27.87 per week.

Answer: It does seem very low, it's not even up to the JSA amount.
Take all your paperwork to CAB, they will see if it's correct.
Good luck.

Budget forecast: Michigan faces $1.58 billion deficit, $263 per student funding cut in 2011

Some West Michigan Republicans say it might be time to make changes in taxes and public employee healthcare, but caution that election year posturing might make potentially unpopular moves impossible.

Self Employment IRS Income Tax Rate Information & Help 2009, 2010.mov

Question: Is my Federal Tax ID/ EIN number the same tax number that I need to purchase goods for my Business Tax-free?

I am a small new startup. Is my Federal Tax ID/ EIN number the same tax number that I need to purchase inventory & supplies for my business without paying the sales tax? Or is there another number/ ID for needed that?

Answer: You need your Sales and Use Tax. Go to www.sunbiz.org and apply online. It's free. I have my wholesale license and pay no taxes at all.

Web.com Reports Fourth Quarter and Full Year 2009 Financial Results

JACKSONVILLE, Fla. -- Web.com Group, Inc. , a leading provider of online marketing for small and medium-sized businesses, today announced results for the fourth quarter and full year ended December 31, 2009. 

Informal Learning in 10 minutes

Question: NYS Earned Income Credit Question?

In 2006 , I made income as a self-employed day care provider. I qualified for EIC. I received my Federal refund but was sent a letter from New York State asking for additional proof with regard to my dependents AND for proof showing that I earned what was stated. I sent in all documentation including receipts and records showing the amounts I was paid in cash. After review by the state, I received my state refund that was owed to me.

My question is, I am filing as a self-employed day care provider again. My income hasn’t changed much… increase of several hundred dollars in 2007. Will I have to go through the same process of having my state refund withheld and sending in the same proof again for my income or since I already went through that process before for the same business and was approved, I won’t have to bother with sending in the info this year? TIA.

Answer: Sorry but there is really no way to know if you will have to provide the information again. It will probably depend on how sophisticated the NYS reporting system is but I suspect that if you came up on their radar screen before you likely will again. I would have all the information together and ready to go so you can send it as soon as they ask.

Food Bank Offers Free Tax Help As Uncle Sam Offers Sizable Tax Credit

Officials are letting city residents know that the Food Bank For New York City is offering free help on filing taxes, and that New Yorkers who made less than $48,000 last year are eligible for the Earned Income Tax Credit.

Mayor Bloomberg Launches the $aveNYC Account

IN BRIEF

Nye County Public Works Department will hold the 2010/2011 fiscal year Roads Workshop at 6 p.m., Feb. 25. All petitions received before Oct. 31, 2009, will be considered for the 2010/2011 chip seal season.

Question: when selling a business to someone do they keep same tax id or apply for a new one?

I am selling a small business and was wondering if they apply for a new tax id number or do we trsansfer ours to them?

Answer: Depends on if the individual(s) are buying the entity which owns the business or if they are buying the assets of the business.

Specifically, if you own a corporation which owns a business, you may sell your interest (your shares) in the company. If the buyer is buying those shares, they are simply buying your corporation and thus will keep the same tax id (EIN#). But coupled with that, the buyers are now "burdened" with all rights and obligations of the corporation, which is not always good.

Hopefully, the buyer(s) are forming a new entity (corporation, llc, partnership) in which they are buying your business' assets and starting fresh. This "fresh start" will include applying for a New EIN#.

Best advice I can give you is to check with your accountant/CPA. Good luck!!

Aspen Insurance Holdings Reports Results for Fourth Quarter and Twelve Months of 2009

HAMILTON, Bermuda----Aspen Insurance Holdings Limited today reported a net profit after tax for 2009 of $473.9 million or an operating profit of $5.16 per diluted ordinary share and net profit after tax for the fourth quarter of 2009 of $126.3 million or an operating profit of $1.44 per diluted ordinary share.

2 President Barack Obama State of the Union 2010 - 2 of 7