7 Keys to Deducting it All » business

How to start a small business?

Sat, 18 May 2013 04:41:10 +0000

Question by Christopher Teran: How to start a small business?
I want to start a small business of selling purses, and some clothing creations of my mom.
Do I need to register a logo and name of a company or is it possible to sell stuff on a website like ebay?
thanks for your help.

Best answer:

Answer by Jessica R
you could put your items on ebay! or use FACEBOOK:) Around my area where I live they have different ‘yard sale’ type a groups and you can post pics of items you have and spread the word about your own business!!! it really does work! I make and sell tamales on there and around my town:) good luck:))))

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What is the maximum allowed by a business before having to file for taxes 2012?

Thu, 16 May 2013 12:52:30 +0000

Question by Dj Press Play: What is the maximum allowed by a business before having to file for taxes 2012?
I am a new small business owner and I am the only employee and I venot even paid myself yet from the business income. I would like to know what is the max allowed made by a starting company before I would need to file taxes as a business.

Best answer:

Answer by Cathi K
$ 400 if it is your only income, $ 1 if you have other income. SE taxes apply when your profit is $ 400 or more.

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How much of your business expense is tax deductible?

Tue, 14 May 2013 23:11:21 +0000

Question by thisen: How much of your business expense is tax deductible?
Hi,

Last year, I setup a sole-proprietorship small business (I have a full time job). I spent close to $ 10,000 on setting up the business. And I have not made any profit (yet). Can I deduct all of $ 10,000 or is there a limit on how much of it is tax deductible?
I haven’t had any income from my business. I am open for business (it’s a website) for about a month now.

Best answer:

Answer by the tax lady
Have you had ANY income?

Start up costs cannot be deducted/amortized until you open for business.

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Trying to start a small business to help poor people?

Thu, 02 May 2013 02:52:55 +0000

Question by MzKb61: Trying to start a small business to help poor people?
I would like to start a small business that help needy people such a clothing, furniture, children clothing, men, women, teens and etc. Where can I get donations to start this business?

Best answer:

Answer by Bizowner
The first step is to file nonprofit articles of incorporation with the proper state agency, making sure to include the required clauses to ensure your nonprofit will later qualify for tax-exempt status. In some states, you may need additional approvals from specific state departments. In New York, for example, several state agencies must approve of the business purpose of the nonprofit. This requires additional time and fees.

Then, you must apply for tax-exempt status with the IRS, completing Form 1023, which can be a lengthy process. In addition, a few states also require some paperwork to be filed in order to receive tax-exempt status; check with local authorities.

Because the nonprofit is a corporation, it must comply with all the usual corporate formalities–holding annual meetings of directors and members, adopting bylaws, recording of the meetings minutes. It also needs to acquire a federal tax ID number from the IRS by filing Form SS-4. Some states may require a state tax identification number; check with local taxing authorities.

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Q&A: Tax purpose wise is it ok to set the end of my small business year to the end of December?

Tue, 30 Apr 2013 14:41:05 +0000

Question by dmolnar1990: Tax purpose wise is it ok to set the end of my small business year to the end of December?
Tax purpose wise is it ok to set the end of my small business year to the end of December? Any negatives or benefits?

Best answer:

Answer by acmeraven
It will make your life quite a bit simpler and avoid several layers of confusion.

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i want to start a small business but I am 16?

Sun, 28 Apr 2013 22:05:26 +0000

Question by char: i want to start a small business but I am 16?
Though I am already working,I think it would be cool to start a small business, but i dont know if it is possible because I am only 16. I kind of want to open a small delivery business or comic store, but I think I need a business permit or license to do that. If I could ever manage such a feat, would i have to pay taxes? How would I order the stuff? How would I write checks to my employees? What would be the negative affects of this?, other than school because I am doing very good in school.

Best answer:

Answer by Kev
the princes trust is for 16 to 25 year olds.

They will be really helpful trust me. check them out:-

http://www.princes-trust.org.uk/need_help/courses.aspx

give them a ring and get on a course.

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Q&A: How come foreigners that come here to the US and open a business, they do not have to pay taxes for 7 years?

Sat, 27 Apr 2013 07:58:03 +0000

Question by I’m as cool as ice cubes: How come foreigners that come here to the US and open a business, they do not have to pay taxes for 7 years?
How come I have to pay taxes on my small business but these smucks that come over here that start a business do not have to pay taxes for 7 YEARS, yeas that right 7 years they do not have to pay taxes….and then after those 7 years are up they switch the business over to there childrens or cousins name and they dont have to pay for 7 more years…what the phuck is up with that?????

Best answer:

Answer by Bill O
call it a loophole in our federal accounting laws & regulations. maybe it’s an incentive for foreigners to invest in our country.

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What are the pros and con of incorporating my small business instead of remaining a sole proprietor?

Thu, 25 Apr 2013 17:59:51 +0000

Question by james b: What are the pros and con of incorporating my small business instead of remaining a sole proprietor?
I am approaching 62 years of age, my son is in college. I have a small janitorial business that my wife and I work part time along with three part time employees. I also work part time three days a week as a building inspector for the city. I am considering taking social security at age 62. I know I am allowed to earn 12,000 per year with out paying back taxes. I have felt it best to get the business out of my name and receive a small check. Have my son operate the business and keep my part time salary low. Are is it best to continue as sole proprietor and pay taxes on net profit.

Best answer:

Answer by EVPJTX
The main reason to incorporate is to protect yourself and your personal assets from liabilities. Janatorial business has its fair share of liabilities in case a client claims something is stolen or broken and the replacement or defense costs exceed your insurance. Also, if the business suddenly loses money (i.e. you or your wife suffer sudden health problems and can’t work, etc. – a factor to consider at age 62)- your personal money will be protected from being used to collect the business debts. This is valuable to you in your older age as losing personal assets because of a busines event at 62 may be difficult to recover from, especially if the loss is because of the failing health of you or your spouse. But, you are right, the downside is you and your son will have to pay corporate taxes so you will pay more to Uncle Sam by incorporating. There may be a way to structure your business as a “partnership” with your son whereby you are not entitled to the profits, you recieve a salary, without incorporating and paying the double tax. Check with a business law attorney to find out how that would take place. Otherwise, I favor the LLC option.

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how to start a small business with no money?

Wed, 24 Apr 2013 02:49:08 +0000

Question by redone: how to start a small business with no money?
Its been a dream of mine to open up a little coffee shop. I don’t have much money, just a creative mind. I know I wont make millions but I am sure I will make money off of it. How does one start a small business with no money? Where can I get help starting?

Best answer:

Answer by Glauxen
1.No money
2.Dream of mine
3.Little Coffee shop

i have no confidence in your business but you can go to a bank or an investor for the money.

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how do i start a small business?

Mon, 22 Apr 2013 12:40:08 +0000

Question by yvonne81686: how do i start a small business?
I would like to start my own small business, involving drawing, like tattooing, designing t-shirts, or dancing.

Best answer:

Answer by cblrdy
Figure out a name, go to the town hall and get a business license, find affordable insurance that covers whatever your landlord requires. Nothing complicated at all. Just remember to do your state and federal taxes on time. A quick books program can cover all of your paperwork needs, learn it well and it will serve you well and remember to back it up. Other than that you’re all set except for the part where you need to bring in customers, so make your appearance something you would walk in to.

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