The Small Business Tax Help Blog

Posts Tagged ‘taxes’

Question: How to register Website as a small business, for tax write offs etc. (Canada)?

I run mainly a YouTube Channel, I’m a YouTube partner so I get paid. I’d like to know how I could set this up as a legitimate business.

I would like to be able to write off some of the many expenses as a reviewer, like the cost of the product (if i bought it, sometimes I get things free from companies.) ,cost of Giveaways etc. And I’d also like to be able to Pay myself a set salary, for the hours worked, and then to write off a loss, if there is one.

Currently My channel’s small, but I hope to grow to at least 100,000 subscribers, and beyond.

Answer: There’s nothing special you need to do. Just keep track of your business expenses, then file the appropriate self-employed schedule with your 2010 expenses.

There’s no such thing as registering a website as a small business. You register the website. You track the expenses, and claim them when you file your tax return.

Legal tax havens

No Swiss account? These tax shelters are OK by the IRS and accessible to most taxpayers.

Tax Write Offs For Your Home-Based Business

Fitch Rates Rancho California Water District Financing Auth, CA’s Rev Bonds ‘AA+’; Outlook Stable

NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned the following ratings to the Rancho California Water District Financing Authority, CA’s (the district) revenue bonds: –Fixed-rate revenue bonds, series 2010A (Taxable Build America Bonds) ‘AA+’; –Fixed-rate revenue bonds, series 2010B ‘AA+’. The district expects to sell approximately $101 million in a combination of taxable Build America …

Comptroller Thompson on UBT reform

Question: Question regarding Federal Withholding and Refund?

Last year my employer withheld about $1000 for Federal Income Tax. However, I also refinanced my house, which I thought would give me a bigger tax break (i.e. greater morgage interest = larger refund). Yet I am finding with TurboTax, no matter how I input the numbers, the max I get back is $1000. Is this correct? My friend, who is married with 2 dependents, says she gets a lot more back then what is withheld from her paycheck. Where am I going wrong? Thanks in advance!

Answer: Deductions and most credits will only take your taxes owed down to zero, which would mean you’d get back everything that was withheld, but not more.

It is possible for some people to get more through something called a refundable credit. The most common of these is the EIC or earned income credit. Eligiblilty for that depends on the number of children. With no children, your income can’t be over around $12,000. With one or more qualifying children, it can be in the $30’s. If you don’t have eligible kids and your friend does, or if your income is over $38K if you do have kids, that would explain the difference – you would not get EIC.

Deadline for tax extensions is Oct. 15

Taxpayers who requested an extension on their 2009 returns have less than 10 days to file with the Internal Revenue Service, according to James C Dupree, IRS Field Media Relations

Basic Explanation of W-4 tax Form : What is the Purpose of a W-4 Tax Form?

Question: Does unemployment benefits count as earn income credit?

I will apply for social security retirement benefits soon. I lost my job in Aug09 and have been collecting UI benefits since then. Now I am wondering whether UI benefits can count as earn income credit or not? (we need to have at least 40 points for retirement). please advise.

Answer: No; Unemployment Benefits, although included as taxable income, are not “Earned Income”. Therefore, they cannot count toward your earned income credit.

Any income you earned from your job before becoming unemployed would, however, qualify.

2010 Arizona 8th U.S. House race: In Giffords vs. Kelly, fangs are bared and accusations fly

The battle for Arizona’s 8th District U.S. House seat pits two-term incumbent Democrat Gabrielle “Gabby” Giffords against political newcomer Jesse Kelly who staged an upset against a seasoned politician in the Republican primary race. Strong sentiment has been unleashed on both sides, with Giffords calling Kelly a dangerous ideologue who wants to eliminate Social Security and the minimum wage …

Unemployment Resources

Question: How do i get a fed tax id number for a business in calif???

Answer: I agree that you go to http://www.IRS.gov and that you have to fill out the form SS-4, but you can do this electronically by going here: https://sa.www4.irs.gov/sa_vign/newFormSS4.do

You can also determine whether you need an EIN or not by going here: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Hope that helps!

Fitch Rates New York City’s $1.3B GOs ‘AA’; Outlook Stable

NEW YORK–(BUSINESS WIRE)–Fitch Ratings assigns an ‘AA’ rating to the following New York City general obligation (GO) bonds: –$650 million taxable bonds, fiscal 2011 series C-1 (Build America Bonds); –$150 million taxable bonds, fiscal 2011 series C-2; –$30 million tax-exempt bonds, fiscal 2011 series D; –$470 million tax-exempt bonds, fiscal 2011 series E. The subseries C-2 bonds will be …

Business Laws : How to Form a Partnership