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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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If my corporation has no income and has some expenses, do I need to file a tax return?

Fri, 10 May 2013 03:53:48 +0000

Question by Kiran C: If my corporation has no income and has some expenses, do I need to file a tax return?
I have a small business that I started in 2007. There will be no income until April 2008. The tax year will be calendar and the accounting system is cash. I have expenses for 2007. Am I required to file a federal tax return? Can I carry over the expenses to the 2008 returns? What are the benefits of carrying the expenses to 2008?

Best answer:

Answer by Rising Star
You’re not required to file, but reporting the expenses alone will help you to get some deductions for this year.

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How do I file a correction to my 2006 tax return?

Fri, 12 Apr 2013 21:51:08 +0000

Question by RyanP: How do I file a correction to my 2006 tax return?
We have a small business and file a Form 1065. We just realized that last year we forgot to deduct property taxes for a property we own. Is there a way to file a correction or deduct that expense this year? If so, does it have to be done on this year’s return or separately? Thanks!

Best answer:

Answer by J
You would file an amended (or corrected) return for both Federal and State returns — even for your business.

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How to file business and personal taxes jointly online?

Thu, 04 Apr 2013 21:50:58 +0000

Question by Jason: How to file business and personal taxes jointly online?
I own a small business that is seasonal and I operate during the summer. During the winter I work a seasonal hourly job.What process should I use to I file taxes jointly online? What is the best service to use to use to do this in terms of ease of use and cost? I would like to get the maximum refund on my personal taxes while citing deductions from my small business.

Best answer:

Answer by Dave
Is your business a sole proprietorship? If so, then you are self-employed in addition to your seasonal hourly job. There is no separate “business return.” Everything goes on your 1040 plus required schedules.

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How to file Doing Business As with the gov? better do it myself or pay other company?

Tue, 05 Mar 2013 11:51:15 +0000

Question by Ituyeh: How to file Doing Business As with the gov? better do it myself or pay other company?
I’m planning to register a small business with the government to get a tax ID. I’m trying to find some info how to file DBA (Doing Business As), but the only info I found is that many companies offer to do it for a fee.

Would it be better to file this myself or pay some company to do it? how hard/complicated is the process? The fees I see is around 100 bucks. Is this good deal or a rip off?

Thanks.

Best answer:

Answer by jim_elkins
You can not get a tax ID (EIN) with a DBA. DBA means DOING BUSINESS AS and all your taxes are paid in your name usinge your social security number.

Even if you are one person working for yourself, you should incorporate (become a registered company) (1) to protect your personal assets in the envent you should have to declare bankrupsy or if someone files a law suite against you, and (2) to take advantage of certain tax benefits.

Go to the Secretary of State’s office in the state where you live and do some research on the types of corporate entitites (company, LLC (limited liability corporation), etc).

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Can I file my personal taxes separate from my business taxes?

Wed, 26 Sep 2012 09:58:31 +0000

Question by DW: Can I file my personal taxes separate from my business taxes?
I have (2) W2′s and some other miscellaneous income from checking accounts, etc. and have a 1099-misc for my small business. Can I file my small business at H&R Block and file my personal taxes online? Please let me know if this is possible. THANKS!

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Q&A: If you own a small business, do you have to file two sets of tax returns?

Sun, 16 Sep 2012 19:31:28 +0000

Question by EdgeNinja: If you own a small business, do you have to file two sets of tax returns?
I’m trying to start my own small business. I know that owning a business requires you to file quarterly tax returns, but my friend claims that in addition to business tax returns, you’re also required to file the regular annual personal tax return as well. Is this true or not?

Best answer:

Answer by griffin_art_design
You do file for yourself (personal) and your business. It’s not as hard as it seams though. You can use a site like www.turbotax.com that will handle both of them easily for you.

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Can I file my personal taxes separate from my business taxes?

Fri, 31 Aug 2012 19:32:26 +0000

Question by DW: Can I file my personal taxes separate from my business taxes?
I have a small business and receive a 1099-misc for this from another company that subcontracts us out. Therefore, I do not have a LLC, sole priortieor, etc. I just do jobs for this other company.
I also have (2) W2′s and some other miscellaneous income from checking accounts, etc. Can I file my small business at H&R Block and file my personal taxes online? Please let me know if this is possible. THANKS!

Best answer:

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Q&A: Does a U.S. small business have to file taxes in Canada for a small amount of income earned in Canada?

Mon, 20 Aug 2012 14:27:32 +0000

Question by DFK: Does a U.S. small business have to file taxes in Canada for a small amount of income earned in Canada?
I am in a touring band, that is set up as an LLC. We played three shows in Canada in 2011, earning very little money (less than $ 500 combined). I just received a T4A-NR form from one of the promoters, and I don’t really know what to do with it…any help would be amazing.

Thanks!

Best answer:

Answer by neoplop
Yes, you must file and pay taxes in Canada for and Canadian-earned income.

An LLC is taxed in Canada as a Corporation, so you would need to file a non-resident Corporate return, form T2.

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/menu-eng.html

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How do I file for an extension for my taxes if I own a small business?

Wed, 15 Aug 2012 19:51:47 +0000

Question by workin7-2-4: How do I file for an extension for my taxes if I own a small business? Best answer: Answer by The Big Eeasy go to IRS.gov and print out an extension form (it an 8280 or something … Continue reading →