7 Keys to Deducting it All » profit

if i show more of a loss than profit for a small business, will i get money back when i file taxes?

Sun, 08 Jul 2012 09:17:18 +0000

Question by MondayMorningMan: if i show more of a loss than profit for a small business, will i get money back when i file taxes?
also. if my small business is a side thing, and i have a current job, will i get money back from the taxes at my job?

Best answer:

Answer by DEBORAH F
You can subtract your business loss from your job income to determine your total income. Your income tax will be less than it would have been for the job alone. But the lower income will affect a bunch of other tax credits. Especially if you have kids, some credits might go up and some might go down. Depends how much you make.

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How do I file for taxes on a not for profit small business?

Fri, 01 Jun 2012 13:28:27 +0000

Question by Ray K: How do I file for taxes on a not for profit small business?
I have a small business where I make personalized products and sell them to help a person in need. I only keep a portion of the money to my expenses and the rest of the money goes to that person.
I was doing this for fun at first but it has become such a help to others I need to do it the right way.
Jackie Keys

Best answer:

Answer by Pete N
If you aren’t in business to make a profit, then the hobby loss rules apply. You report the income from your hobby on form 1040 “other income” and the expenses go on schedule A if you itemize. If you don’t itemize, you aren’t able to claim deductions against your hobby income. See below for more details

http://www.doug-tax.com/printer.iml?ArticleID=357

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Do you understand that a small business does not pay income taxes, the net profit is taxed by who gets paid?

Tue, 24 Apr 2012 03:26:55 +0000

Question by King of CNN: Do you understand that a small business does not pay income taxes, the net profit is taxed by who gets paid?
The owner takes some, he gives some to employees, each of them must file their income taxes seperatelly. that means joe the plumber filed but was unable to pay $ 1200 owed and will be adding interest until he earns more money to pay that amount. Nothing unusual or criminal, standard practice. You would likely find millions more plumbers, electrictians, roofers, etc. in the same position at any given time.

Best answer:

Answer by Xbox Widow
Finally someone out there who knows how to read and understand Obama’s plan! I’m going to reference this every time someone screams “joe the plumber”

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How much do you have to earn in profit in a small business to report it on your taxes?

Wed, 30 Nov 2011 11:21:11 +0000

Question by Christy: How much do you have to earn in profit in a small business to report it on your taxes?
I’ve been selling some of my crafts recently (a little here and there to friends), and I don’t want to get in trouble for making money and not reporting it. I’ve been thinking about starting a small business for my crafts and I want to know if there is a minimum amount of profit that must be made to be required to file taxes on it. Any advice??

Best answer:

Answer by Gerald S
$ 600

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Do you still have to pay taxes on a small business that made no profit?

Fri, 09 Sep 2011 20:04:38 +0000

Question by hotdish82: Do you still have to pay taxes on a small business that made no profit?
If you purchase a tax id number for a small business but the small business never gets started and makes no profit, do you still have to pay taxes on the small business?

Best answer:

Answer by taxtools
If there’s no income, then no.

TaxRef

http://www.pdftax.com/

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Q&A: With small business taxes do I put income as the total amount of money I’ve gotten or total profit?

Wed, 15 Jun 2011 11:13:48 +0000

Question by Jake C: With small business taxes do I put income as the total amount of money I’ve gotten or total profit?
I started a small business in 08 selling/repairing computers. So if I received $ 5,000 over the course of the year but $ 3,000 was used to actually buy parts to resell do I say my income from the business was $ 5,000 or $ 2,000? I would think I would put down $ 2,000 since that’s what I made in profit but I want to make sure I do this right.

Best answer:

Answer by artillerygirl01
if you are trying to figure the amount of money the business made to prepare a tax return, then the amount you use is your gross sales or gross receipts. (In your scenario its $ 5000). You don’t neccesarily pay taxes on that amount, but rather you use that amount to calculate your net income.

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