The Small Business Tax Help Blog

Posts Tagged ‘taxes’

Question: Will Self-employment tax be considered as a tax liability for proposed rebates.?

Will the IRS figure the rebates due a person using just a federal tax liability? or will self-employement tax be consider in the calculation?

Answer: They will just use regular income tax liability. Not other taxes like SE tax.

Home-Based Business Meals and Entertainment Tax Deductions

Question: Why does my tax return go down when I enter a second W-2?

I entered my first W-2 and my wages were 27.5k with 2.9k federal withheld. I got an estimated tax return and then entered my second W-2 ( I am a restaurant manager and got shifted temporarily) which made 2.9k with 350.00 federal withheld. Both federal amounts are roughly the same %, around 11, so why did my estimated return go from 650 to 500 after entering the second? Something similar happened to me last year.

Answer: Because your whole exemption and standard deduction were already taken out from the first W-2, so there was nothing left for the second one and it was ALL taxed.

The refund amount means nothing at all until all of your info is entered. It’s only what you would get if you didn’t have anything more to enter.

Rice and Curry (Black And Yellow Remix) Parody LOL (Indian Version)

Getting to Know Your Taxes: Credits for Children

Question: Tax filing and business questions?

If you sell something and you make only $10 for a whole year, do you have to report that?
Self-employed tax starts when you make $400, right? What happens if you only make (1) $5 sale and (1) $10 sale for the WHOLE year? (especially if it’s your mother or friend)
Does that still have to be reported to the IRS?

I don’t really understand when you have to start paying taxes. Is it $400 for a month or for the whole year?
~ Does it count as a “business” if you make less then $20 a year?
~ Is it a business if you sell handmade items on Artfire?
~ Is it a business if you are only selling items you make and not working at any other job? Or is that considered a hobby?
so….I don’t have to file taxes for the $15 I got from my mom, right?

Answer: If you make less than $400 for the YEAR, no you don’t have to file a return or pay tax.

IRS Tax Questions Answered LIVE – Metro Detroit – Part 5

Question: has anyone ever worked for SNOW GO LLC? If so, does anyone have their EIN number?

this company went out of business and i am trying to file my income tax and cant do it without their employer identification number. can anyone help??

Answer: It should be on your W2, which they legally need to give you whether they’ve gone out of business since your employment or not.

Investing & Money Management : Building Corporate Credit Without Using Personal Credit