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Q&A: What to know about taxes regarding small businesses.?

Tue, 23 Oct 2012 15:21:04 +0000

Question by Andrew M: What to know about taxes regarding small businesses.?
I’m running several small businesses online. I’m 20 and I’d like to know what I should know about taxes and what things I should be keeping track of. I want to know more about all of the different forms as well (i.e. W2, etc. etc.) Thank you!

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If I wanted to start a small videography business, what do I need to know about taxes and liscenses?

Wed, 01 Aug 2012 09:22:38 +0000

Question by lilchikka2005: If I wanted to start a small videography business, what do I need to know about taxes and liscenses?
Do I have to tell the irs or whoever that i’m starting a business.. or do I have to even if im not making much money? Is there a certain amount that has to be reached before I have to file taxes for my business revenue?

Also do I have to have a liscense of some sort. P.s this is out of a home, not an office..

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Answer by Omaha
Find a lawyer and an accountant that you can trust. This is simple stuff, but its worth spending a couple hundred bucks to have everything done right. Its also worth cultivating a relationship with those professionals, as they will serve as a key point of networking for your business.

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Q&A: What do I need to know about taxes for a small home business?

Thu, 10 May 2012 03:42:09 +0000

Question by The Naughty Librarian: What do I need to know about taxes for a small home business?
Would this just be part of my individual taxes? How would I claim my income? Gross or net? etc…

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Answer by Mathew
Most home based businesses use Schedule C to report the income and expenses from their activity. You are taxed on the net.

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Q&A: Does anyone know how to file taxes when working 1 part-time job and also owning a small business?

Sat, 14 Apr 2012 12:54:37 +0000

Question by : Does anyone know how to file taxes when working 1 part-time job and also owning a small business? Filing taxes doing one or the other isn’t that complicated, but how would you file taxes when you have … Continue reading →

Q&A: Would anyone here know the average business small business total tax bill as a percent of revenue?

Thu, 16 Feb 2012 21:58:46 +0000

Question by Purge DC!: Would anyone here know the average business small business total tax bill as a percent of revenue?
Would anyone here to know a rough ballpark figure for the total tax bill for an average small business if you considered all taxes the business has to pay as a percent of revenue?

Would you know what that percentage would be if you included income taxes employees paid?

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Answer by Susie T
I only know that corporate income tax rates are up to 35%, which Republicans are always complaining about; but the ACTUAL rate paid is about 11% of income. This is from the 1040 tax booklet the IRS sends out each year. The amount paid by corporations has consistently gone down over the years, and the amount paid by individuals has gone up.

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How do you know what taxes to pay for your small business?

Sun, 06 Nov 2011 11:13:33 +0000

Question by Mayra: How do you know what taxes to pay for your small business?
My dad just started a small trucking business (1 employee) and I use to work at the bank so i know that business have to pay a TT&L every month. But how do i know how much taxes we should pay? Should i ask the bank we finance with or what?? HELP!!

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Answer by statue
You would be smart to get a CPA. Most CPA’s will teach you how to fill out your quarterly and anual tax statments.

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Q&A: What goverment programs are available to start a small business? I know taxes have gone up this pass year and

Sun, 16 Oct 2011 16:02:18 +0000

Question by Demetrious: What goverment programs are available to start a small business? I know taxes have gone up this pass year and
some businesses have closed. How can I get the most out of owning a business when filing my taxes?
Thanks,
Demetrious

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Answer by Sharyl
To get help from the government, you have to know what kind of help you need. Are you opening a retail store or a construction business. Exactly what do you need? A building? Operating capital? Get a good idea of what you need, then you can find aid to get it. It would start with the Small Business Administration. They can help with business plans and loan applications. They can also provide insight and classes about different taxes you will be facing as an employer and business owner.

Grants are harder to obtain without a track record, but there are options available.

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Q&A: I have a small business, does anybody know of a good website service to help me with taxes?

Sat, 03 Sep 2011 10:43:49 +0000

Question by Stacey: I have a small business, does anybody know of a good website service to help me with taxes?
I need help with taxes for my small business, does anyone know of a good site online that is reputable that can take you through the process step by step?

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Answer by Feeling Mutual
Yes, try turbotax

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Does anyone know how much H&R block will charge to file taxes for a VER SMALL business? Does anyone file?

Mon, 25 Jul 2011 09:57:25 +0000

Question by EvelynR: Does anyone know how much H&R block will charge to file taxes for a VER SMALL business? Does anyone file?
their own business taxes? What do you do?

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Answer by numbercruncher
If you have a business, then you need a CPA.

I know it seems scary that they might be expensive, but they probably charge as much or less than H&R Block.

The side benefit is that you then get a good advisor for yuor business and personal decision making. H&R Block will complete the forms, but you really need to plan (failing to plan is planning to fail).

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