The Small Business Tax Help Blog

Posts Tagged ‘tips’

Question: Have you ever ran a business at a paper loss as a personal tax shelter?

Tell me what benefits you derived.

Answer: You would be a dumb@$$ not to do it.

Profit Loss Reports, Printing Income Tax and Sales Tax Reports

Question: I lost my job last June and since then I have only received ‘contribution based’ JSA for the maximum 182 days.?

My wife is now the only income provider and earns 14200k p.a. If our circumstances do not change as we move into the new tax year will she be entitled to working tax credits. My earnings prior to me to losing my job were approx 7000k for the 2008/2009 tax year. Any guidance and support in dealing with this would be greatly received. Thanks..

Answer: think they base there calculation on the p60 you should both have with earnings on it for that year,if you go on direct gov uk they have a tax credit calculator on it .should give you a rough idea of what you should be entitled to

Schauer Champions Tax Breaks for Struggling Workers

HMRC Guide: Self-Employed Childminders

Question: Forms to file with my taxes….?

I completed my taxes today and TaxAct printed the following:
Form 1040
Schedule C “Profit or Loss from Business”
Self-Employment Tax
Tuition and Fees Deduction

Ok I know I have to file 1040 and Schedule C, but I’m not sure about the other two… should I file them too….?

Thanks…

Answer: You need to file both.

The self employment tax form printed out because you received a 1099 and are filing a schedule C. The Self Employment Tax Form calculates the amount of Social Security Tax that your employer would have paid into your SSN.

Tuition and fees Deduction means that you are trying to write off the amount you paid for your tuition in college. If you do not include that form your deduction will be disallowed.

Don’t forget to staple your 1099 to your 1040. And if necessary your state form as well.

Categories

When the mayor talks, Joseph R. Fusco Jr. listens. Again a candidate for Rome’s top elected job, Fusco was in the audience and taking notes when Mayor James F. Brown delivered his eighth State of the City message on May 24.

Tips for Filing Taxes : Real Property Taxes

Question: What steps do I need to take to start a small massage business going to other peoples homes in Pennsylvania?

I have already done the schooling and have been doing massage for 7 years but never had my own business. What c=kind of steps do I have to take. Can I just start going to people’s homes and then just keep records when it comes to tax time enter my earnings and pay taxes on them? Not sure where to start. I am legitimate so no smart remarks please. I only plan on Massaging women bc sometimes men usually tend to put you in awkward situations. I have been through too much of that in the past. The only way I would massage a man is if his wife or significant other would be in the home. Thanks for your time!

Answer: Get a business license and advertise.
A simple monetary book to keep track of payments, expenses.
Keep track of mileage, gas, tires, oil and repairs for deductions. Keep your reciepts.
I would avoid using an internet connected computer to record activities and money. You could also partner up with a man and hit clients homes at the same time thus avoiding embarrassing situations and other hazardous environments. Also include in your ads, “Satisfaction. Not happy endings” or something similar that shows a quality of service.

Mosney PLC – Interim Management Statement

Mosney PLC – Interim Management Statement

1st HST Forum in Dawson Creek: David Robertson on BC’s Tax Sovereignty under the HST