7 Keys to Deducting it All » question

How to start a business tax question.?

Sat, 16 Mar 2013 16:48:53 +0000

Question by MustangRider: How to start a business tax question.?
I am planning on trying to start a small business, I do not need a loan or anything and I am not sure it is even going to work. How do I or should I get a tax ID number? What amount can I make before I have to get one? I am just not sure I will even make any money so I don’t want to get ahead of myself with a lot of expenses up front.
Sorry I am in USA

Best answer:

Answer by David W
I could help. If I knew which country you were in!

Add your own answer in the comments!

small business tax question?

Wed, 17 Oct 2012 05:50:44 +0000

Question by Israel: small business tax question?
I am a small business owner and now have some back tax issues that the IRS is notifying me about. Does anyone know of a company that specializes in small business tax problems? A lot of the ads I see are for personal taxes.

Best answer:

Answer by Wayne Z
Do not call any of the firms that advertise heavily on TV, radio and the web. They tend to be only good at separating you from your money.

Contact a local CPA or EA and start asking questions.

Add your own answer in the comments!

Small business tax question about a charitable contribution.?

Thu, 28 Jun 2012 18:37:37 +0000

Question by cbsb: Small business tax question about a charitable contribution.?
My husbands business donated to a qualified charity but I cannot find where to enter it in on the schedule C. Do I put it under advertising? I know that is where I put the sponsorship of a sports team. And please do not tell me to ask an accountant we know we will only get about $ 80 back so paying someone $ 400 is not feasable. If you have any answers please let me know.
He donated cash to a qualified organization

Best answer:

Answer by v b
The charitable contribution goes on schedule A, as usual. If you don’t itemize, too bad.

There is no place on schedule C because you don’t get a charitable contribution as a business expense.

Know better? Leave your own answer in the comments!

question about small business and taxes.?

Mon, 25 Jun 2012 13:46:43 +0000

Question by LA B: question about small business and taxes.?
I have been taking pictures for friends… literally just start last week and was Does anyone know when you become a small business and not just someone taking pictures (for a small fee, editing is a lot of work!) for your friends? I don’t want to get into trouble making the transition. I have looked at the State (Tx) Comptroller website but it doesn’t really answer this question. Any help would be really appreciated.

Best answer:

Answer by Judy
As soon as you get paid for your work, you basically are in business. If you make $ 400 or more for the year, you have to file a federal return and report it – under $ 400 total, you don’t.

Add your own answer in the comments!

Help with small business tax question?

Fri, 15 Jun 2012 23:21:03 +0000

Question by someoneelse: Help with small business tax question?
I’m a self employed/independent contractor and I am interested in paying a friend to be my business consultant. I’ve heard that you can pay someone up to $ 600 and not pay taxes on it or maybe just not have to put together a 1099 for them?

I want to find out whether I can write off the money I pay her and up to how much can I write off and so on.

Any help would be really appreciated!

Best answer:

Answer by Helen, EA in PA
If she is a true consultant and NOT an employee, once you pay her $ 600, you MUST issue her a 1099-MISC. HOWEVER, no matter the amount, she must claim it as income.

This would be an expense for you.

Helen, EA in PA

Know better? Leave your own answer in the comments!

Small Business Tax Question?

Wed, 30 May 2012 23:01:24 +0000

Question by e_grabin: Small Business Tax Question?
I purchased into a company called YTB for $ 500.00, and couldn’t keep up with paying the $ 50.00 p/month membership to keep my online travel business. Can I write this off as a loss on my taxes? If so, would I have to file a seperate form for small business? Would I get anything back for this loss? Please anyone help. Thank You!
Because it is publicly traded on the stock market, it is suppose to be considered a company.

Best answer:

Answer by MikeDawg
YTB looks like a scam/MLM/Pyramid to me. . .icky.

Know better? Leave your own answer in the comments!

Q&A: Obamas small business tax plan, question about it?

Thu, 03 May 2012 18:15:08 +0000

Question by punkydoodle218: Obamas small business tax plan, question about it?
Ok I have heard after reading on yahoo answers two different versions of Obama’s tax plan for small businesses. One said that businesses would be taxed on net and the other said on gross, who is right? Thanks

Best answer:

Answer by mbublegirl1
Always gross.

Know better? Leave your own answer in the comments!

Question about minors owning a small business and taxes?

Sun, 22 Apr 2012 13:19:43 +0000

Question by freakyanimeluver: Question about minors owning a small business and taxes?
Me and my friend are both 16. We have been wanting jobs, or some source of income, for the past couple years. There really aren’t a lot of places around us that are willing to hire teens, it’s usually 18 and up. We have decided to make our own business and we plan to do more research on starting a small business over the next couple months. Business is something we are both interested in and plan on making it a career someday, so we are interested in learning a lot about it. We find it extremely fun to learn about. It’s not going to be some huge business that makes lots of money each year, but it’s not exactly going to be as small as like, lets say a lawn mowing or baby sitting business (not interested in doing those.) So i’ve asked my friend about this before but she knows about as much as me, which is little, if we were able to make money lets say 10,000 a year (which we would evenly split) do we have to do anything about taxes? Lets see, tax forms or tax returns or something like that I think they’re called, basically what small business’ do . I’m sorry it’s not a very descriptive question but I don’t know a lot when it comes to this sort of stuff >.> and i’m hoping some of the answers will get us pointed in a good direction to further our research. I’m not sure if this matters, but most of the money we make will be going into our savings accounts…college isn’t that many years off so we want to start saving as soon as we get some money coming in.

Thanks ^^

Best answer:

Answer by Ed Atun
You can legally do this. You have to protect yourself and your customers in 2 ways. You are too young to sign business contracts. So keep all of your “contracts” small handshake deals. Do every bid on a per-job basis. Nothing long term.

You can not incorporate and you can not grow too fast. Accept only cash for all dealings for the first year. Later you can accept checks, but not credit cards until you are 18.

Add your own answer in the comments!

Q&A: I just started a new small business in June of last year,and I have a question regarding my taxes.?

Wed, 29 Feb 2012 17:27:59 +0000

Question by JT289385: I just started a new small business in June of last year,and I have a question regarding my taxes.?
The business I started is a automotive repair shop and after all of my expenses of opening the business I have not made any profit for the year and have paid sales tax on all customer parts that I have purchesed to run the business.What kind of taxes will I be looking at this year when I file?I have a record of all my reciets and customer transactions.

Best answer:

Answer by SuperCactus
If your gross adjusted income is zero… you pay zero. You need the help of a tax preparer to be sure.

Give your answer to this question below!

Q&A: Small business tax question, are the profits of a small business the same as the pay for the owner?

Sun, 05 Feb 2012 17:09:22 +0000

Question by g: Small business tax question, are the profits of a small business the same as the pay for the owner?
I always thought that the profits for the business were technically separte from the actual income for the owner… and are taxed differently…

but it may depend on what kind of business you have set up?

I’m asking because I’ve often heard people basically use “small business profit” and “owner personal income” in conversations as the same thing, bouncing back and forth between the terms, apparently meaning the same thing?

Best answer:

Answer by Judy
Your question is more complex than you realize.

Profits from a sole proprietorship, and most LLC’s, and s-corps, just flow through to the owner’s tax return so are part of their income for tax purposes, even if they leave the money in the business account.

If the business is a c-corp, then anything paid out to the owner as salary or dividends is taxable to the owner, but money can be left in the business.

Give your answer to this question below!