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How does a small business checking affect my tax filing if at all?

Mon, 15 Oct 2012 15:19:55 +0000

Question by Josephine F: How does a small business checking affect my tax filing if at all?
Hi, I have a small business, very small, I am a floral designer and event planner, I’m only doing about 8-15 weddings a year rite now, will grow in the future. I am DBA and have my tax ID number. I am hoping to open a new checking account to keep these funds apart from normal household funds, just to keep track.

If I open a small business account, does this affect how my taxes are filed? I live in Michigan if that helps.

Best answer:

Answer by Doctor Deth
the checking acct is irrelevant.Just make sure you claim all the income on a schedule C with your 1040

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I worked all year and in dec 2011 opened a small business what type of tax filing should i use?

Thu, 23 Aug 2012 19:40:20 +0000

Question by : I worked all year and in dec 2011 opened a small business what type of tax filing should i use?
i opened a small business dec 2011 and also worked all year do i file a business tax or 1040ez

Best answer:

Answer by spicertax
Attach Schedule C to your 1040. That schedule is used by sole proprietors.

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Q&A: New small business, tips on filing taxes?

Tue, 07 Aug 2012 19:29:30 +0000

Question by luluchicmakeup: New small business, tips on filing taxes?
My husband started a very small landscaping business this year (it is a side job–he has full time employment elsewhere). He has no employees, no business i.d., but he has a dba account in his ss# that all monies in & out for the business go through. How do I file taxes? What about his truck and equiptment (all of which we already had when he started the business)? TIA

Best answer:

Answer by ??
I think that this website will definitely help ; http://www.bankrate.com/brm/itax/news/20040130a1.asp

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what form can I file to protect myself from my husbannd not filing taxes on time. he is a small business owner

Sun, 01 Jul 2012 23:32:09 +0000

Question by sunridertravel: what form can I file to protect myself from my husbannd not filing taxes on time. he is a small business owner
my husband owns his own business and is up to his ears and past with all kinds of debts, including taxes. I heard there is a form I (his wife) can file that says I have no control or knowledge of how he is conducting his business. Any advise would be greatly appreciated. Time is important. thank you.

Best answer:

Answer by SweetBrunette
Yes, there is filing taxes separated from the husband and informing that you have no control or knowledge of how he is conducting his business.
Fill the 1040 Form and follow the direction to be clear about separating tax file not joint file with your husband.

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filing taxes on small business?

Sun, 03 Jun 2012 04:03:05 +0000

Question by Ray S: filing taxes on small business?
have small business, had no money coming in, but had money going out, should i file tax return?

Best answer:

Answer by Charles G
If the loss is something that can be carried to next year, and if you plan to continue your business next year, I would.

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Would filing taxes help me get a small business loan if I have no credit?

Mon, 21 May 2012 08:42:48 +0000

Question by candice: Would filing taxes help me get a small business loan if I have no credit?
Im 15 and have a thriving business that brings me 2k a week. I cannot get a bank account or even a register a business name with the county clerks office until im 18. Would it benefit me any to file taxes and then when im 18, show the bank 3 years of taxes? Would the bank even care, since I have no credit or cosigners? Should I just hoard the money that would be taxes and ask the bank for a secured loan?

Best answer:

Answer by msc
If you have that much income, you’re required to file and pay taxes anyway. And yes, having 3 years of tax history when you turn 18 would be excellent, as long as those taxes are filed under your own name and social security number, rather than your parents.

I’m not saying you’ll be able to get a loan, but it will definitely help. Saving money to open a secured credit card would also be good, because that should instantly give you a credit score.

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Q&A: First time small business filing taxes & 401K.?

Wed, 02 May 2012 03:34:45 +0000

Question by I’m @ level 5!: First time small business filing taxes & 401K.?
Hi:

I am an artist and I will be filing my taxes for my personal business this year. I am thinking about setting up a small 401K plan this year til the end of the year and so forth. Since this is my first time actually claiming my business (with EIN number and everything) and I am in the red this year (everything costs so much), will starting a 401K this year hurt me. Also if I receive grants, I know I will have to claim them in my taxes but will they hurt me as well.

Thanks
It is a sole proprietors

Best answer:

Answer by tro
You need to investigate what the requirements are for a 401(1)K as an employer
if this is your start up business and you are the only one it it, it very likely does not comply with the needed requirements
you really didn’t need an EIN number unless you plan to pay employees or incorporate(which is unwise at this stage)

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Need advice on filing small business taxes. Section 179?

Fri, 24 Feb 2012 21:58:06 +0000

Question by EvoX: Need advice on filing small business taxes. Section 179?
So I started working on opening an online store at the end of 2008. I did not make any income yet, but I do have expenses like computer, printer, and other miscellaneous items that relate specifically to the business. I entered with the mindset that I would give it an honest year of trying to make a profit, and if I could not get things working I would stop the business after the year. While doing my taxes online it asks if I would like to deduct the full amount for this year or spread it out within the next few years. Since there is a possibility that the business might be canceled after 2009, Im not sure what type of deduction I should take, or if I shouldn’t deduct anything for the business at all. I mean, if I deduct all my expenses and before the end 2009 I stop the business, will this be an issue when I do my taxes next year for 2009? I would appreciate any advice you guys can give me. Thanks.
So since I did not make any profit last year, does that mean I cannot take any deductions for the expenses that I had?

Best answer:

Answer by Ghost of Zeuz
Take the deduction now if you have other income to offset against it.

Essentially, capital expenditures are supposed to be amortized over the life of the capital. BUT, the IRS allows a portion of them to be expensed in the year they are incurred via the Sec 179 deduction.

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Filing taxes for a small business?

Mon, 26 Dec 2011 02:07:47 +0000

Question by Shay nay nay: Filing taxes for a small business?
I started a small business in 2007 and earned a little over 10k in gross income. Do I have until April 15th to file taxes for my small business just like my personal filings?

Best answer:

Answer by russianator
yes…..unless you want to get bu*t rapped in prison

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How do I go about filing taxes for a small cleaning business?

Fri, 11 Nov 2011 06:28:07 +0000

Question by maidsrus02: How do I go about filing taxes for a small cleaning business?
I own and operate a home/office cleaning small business. I don’t make that much,…but, I’m sure I have to pay taxes on what I have deposited in the bank. Plz, does anyone know how I go about it? I have not kept track of mileage or supplies.

Best answer:

Answer by anonimitie
I assume you didn’t incorporate or anything. The income will be associated with your social security number. Just declare the income on your usual taxes.

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