7 Keys to Deducting it All » people

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: How do people falsify their taxes if they own a store or small business?

Sun, 14 Oct 2012 00:43:03 +0000

Question by John: How do people falsify their taxes if they own a store or small business? Especially businesses that rely on cash. Best answer: Answer by loo ki8you might want an accountant for that Add your own answer in … Continue reading →

Can a small business hired people and claim their income as 1099 misc for 3 months before paying taxes?

Tue, 09 Oct 2012 05:56:44 +0000

Question by beaver_lotsof: Can a small business hired people and claim their income as 1099 misc for 3 months before paying taxes?
I just found out my son is working and the employer isn’t taking out any taxes from his paycheck. When ask about it the employer said if he works for them for 3 months then they’ll start taking taxs, until then he’ll get a 1099 misc form at the end of the year. Is this legal? The state is Georgia.

Best answer:

Answer by Judy
No, not legal. If the person is an employee, they are an employee from day 1.

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Why do people just assume that giving corporations and small business tax cuts will increase jobs.?

Mon, 30 Apr 2012 13:14:43 +0000

Question by C-Los: Why do people just assume that giving corporations and small business tax cuts will increase jobs.?
Isn’t it up to the company or small business to decide whether or not they want to expand or create new jobs? If a corporation decides to use extra money from the government on dividends instead of investing back into the business wouldn’t that defeat the purpose, or if small business owners pockets the money instead of expanding their business. I have to believe that not all small business owners use the extra cash to expand.

Best answer:

Answer by honest1
Because we are supposed to believe they have Americas best interests at heart…………………Like we’re supposed to believe it about politicians!

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If i own a small business what do i collect from people in taxes?

Sun, 26 Feb 2012 12:33:32 +0000

Question by George W: If i own a small business what do i collect from people in taxes?
If i own a small business, how do i know what % to charge my customers in tax, and also where do i send that money and how often? What forms are there for this?

Thanks.
Do i send in the forms/payment every month? quarter? year?

Best answer:

Answer by shiprepairwoman
When you get a state business license they will start sending you the tax forms. The city might have B&O tax too.
In my state each little place has a different rate you need to contract your state or the CPA firm you are using.

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Q&A: If you ran a small business, would you want to hire people if the government taxes you on NO profits?

Fri, 10 Feb 2012 12:28:24 +0000

Question by -Mewtwo-: If you ran a small business, would you want to hire people if the government taxes you on NO profits?
If you own a small business and want to hire people but new tax comes in stating you must pay a percentage on all your sales, profit or not, would that make you want to hire people or call it quits?
Lets say you ran a family business or a startup, profits were negative, does more taxes really make sense?

Best answer:

Answer by Stickboy
No, taxes on income is extortion.

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How do people with a small business apply to do taxes? UK?

Sun, 23 Oct 2011 01:20:54 +0000

Question by ALTA: How do people with a small business apply to do taxes? UK?
I have a small removals business that I started with someone in the last few months, only two vans and it is going well. But How do I sort tax?
Interesting site Alexi Rox

Best answer:

Answer by Petrusclavus
If you are working close together both of you should register for self assesment – the offical time limit is three months and one week to register from start up.
You should also create a partnership account – separate bank account and records.
Now the partnership trades and keep records – the profit is passed to the partners in the agreed shares.
Each of the partners submits a simple tax return and gets a tax bill.
Setting up is easy – just phone or write to HMRC. Check out the direct.gov.uk site for guidance.

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Q&A: Why does John McCain repeatedly lie about Obama raising taxes on small business people?

Fri, 21 Oct 2011 12:51:55 +0000

Question by rage_against_the_mccain2: Why does John McCain repeatedly lie about Obama raising taxes on small business people?

http://www.factcheck.org/elections-2008/mccains_small-business_bunk.html

Best answer:

Answer by jawa12
No Lie

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How many people will be laid off if the Libs get their way and raises taxes on small business owners?

Sat, 17 Sep 2011 20:24:24 +0000

Question by demhater: How many people will be laid off if the Libs get their way and raises taxes on small business owners?
Most small business owners fall into the 250K group because they file individually with their businesses making up the bulk of the 250K.

Best answer:

Answer by Mr. Wolf © maybe I am a Muslim
You have been lied to. Most small business owners do not fall into the 250K group but you know what they say “some people like being lied to”

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