7 Keys to Deducting it All » taxes

Can you file taxes separately even if you are still married and have not filed for legal separation in Calif?

Sun, 19 May 2013 17:46:24 +0000

Question by Carmen L C: Can you file taxes separately even if you are still married and have not filed for legal separation in Calif?
I have a friend who has a small business, they are still married and have not filed any legal separation papers much less started their divorce. She wants to file separate taxes as he has a small business and as head of household; can she?
They stopped living together after August 2008. They own 2 homes and she wasn’t working for part of the year. She also cannot NOR did not provide half or any financial support their 2 children much less the upkeep of the primary residence. This was all paid for by him.

Best answer:

Answer by v b
When did they stop living together?

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What is the maximum allowed by a business before having to file for taxes 2012?

Thu, 16 May 2013 12:52:30 +0000

Question by Dj Press Play: What is the maximum allowed by a business before having to file for taxes 2012?
I am a new small business owner and I am the only employee and I venot even paid myself yet from the business income. I would like to know what is the max allowed made by a starting company before I would need to file taxes as a business.

Best answer:

Answer by Cathi K
$ 400 if it is your only income, $ 1 if you have other income. SE taxes apply when your profit is $ 400 or more.

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How much do you have to make to claim on taxes?

Mon, 13 May 2013 08:39:41 +0000

Question by purpleraingemini: How much do you have to make to claim on taxes?
I have a small business but was told that if I didn’t make more than $ 500 I didn’t have to claim it on my taxes…? Anyone know if this is true?

Best answer:

Answer by Wayne Z
If it is your only income, the filing requirement is only $ 400.

If it is in addition to other income, you must include everything.

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Does a tax service office owned by one person with all the licenses to prepare taxes needs an EIN?

Sun, 12 May 2013 09:32:41 +0000

Question by wvera15: Does a tax service office owned by one person with all the licenses to prepare taxes needs an EIN?
I’m planning to start a mobile tax service office. I’m from CA. I have the CTEC license, PTIN number,insurance and I will get my EFIN for the e-file. The IRS website is not that clear in this issue. This small business will be owne by one person and won’t have any employee. Do I need the EIN?

Best answer:

Answer by knowitall
It was my experience that in order to open a checking account in my business name I had to have an EIN. One person, no employees.

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Why wont Obama agree to raising taxes on the millionaires after he campaigned on the very same issue?

Mon, 06 May 2013 22:14:00 +0000

Question by Michelle: Why wont Obama agree to raising taxes on the millionaires after he campaigned on the very same issue?
For the past 2 years Obama has campaigned on raising taxes on the millionaires. GOP proposed doing just that with keeping all tax rates the same for everyone except those making over $ 1 million per year. This would protect all lower/middle class incomes as well as 98% of small business. Now Obama and democrats OPPOSE this after spending 2 years calling for it.

Best answer:

Answer by Richard B
????
what are you talking about

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How do 1099 employees pay little to no taxes?

Sun, 05 May 2013 07:59:26 +0000

Question by ConnorWilhem3: How do 1099 employees pay little to no taxes?
I hope people read this part too:

How do they “pay” themselves a lower salary for tax purposes? I’ve heard that start a small business corp and then pay themselves a low salary. Then somehow they pay little to no taxes…
What types of write-offs are enough to create little to no profit?

Best answer:

Answer by ralph
Corporations have different tax rates than individuals.

Also, if you are 1099ed you can write off your expenses and an employee can not.

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Q&A: how does a small busines pay taxes on foregin income?

Fri, 03 May 2013 17:54:26 +0000

Question by luckytauro: how does a small busines pay taxes on foregin income?
This is a two part question since my business is International (meaning I am paid by a foreign country and I also pay contractors that are not US citizen and do not live in the US)

I am running a small Business that is fully paid by a European company and I’m wondering if i’m paying taxes on the Gross Income? Or only only on the Profits
Ex: my small business is paid 10,000 USD out of which I pay for my overhead of say 9,000 USD making my profit of 1,000 USD. So do I pay taxes on the 10K or only on the 1K?

Do I need to pay any tax or collect any tax for any of my contractors? I imagine not, since by definition, contractors report their own taxes.

Best answer:

Answer by Jennifer
You pay taxes on the 1k, but you will need to list the 10k as gross income, then deduct the 9k. Your tax preparer will be able to sort this out easily. Regarding collecting taxes for your contractors, you are correct, you will not need to collect taxes for them, but you will need to send a 1099 form at the end of the year.

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Q&A: How come foreigners that come here to the US and open a business, they do not have to pay taxes for 7 years?

Sat, 27 Apr 2013 07:58:03 +0000

Question by I’m as cool as ice cubes: How come foreigners that come here to the US and open a business, they do not have to pay taxes for 7 years?
How come I have to pay taxes on my small business but these smucks that come over here that start a business do not have to pay taxes for 7 YEARS, yeas that right 7 years they do not have to pay taxes….and then after those 7 years are up they switch the business over to there childrens or cousins name and they dont have to pay for 7 more years…what the phuck is up with that?????

Best answer:

Answer by Bill O
call it a loophole in our federal accounting laws & regulations. maybe it’s an incentive for foreigners to invest in our country.

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Will Obama raising taxes on my employer be good or bad for me?

Mon, 08 Apr 2013 02:44:37 +0000

Question by US Government: Will Obama raising taxes on my employer be good or bad for me?
I read Obama’s budget and plan to raise taxes and I have reservations.
It’s a small business and we are already undermanned so I’m nervous about losing my job.
Thanks.

Best answer:

Answer by thepewterguy
Ummm Watch your paycheck… then get back to us next month on what you found…

† FNS †

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How to file business and personal taxes jointly online?

Thu, 04 Apr 2013 21:50:58 +0000

Question by Jason: How to file business and personal taxes jointly online?
I own a small business that is seasonal and I operate during the summer. During the winter I work a seasonal hourly job.What process should I use to I file taxes jointly online? What is the best service to use to use to do this in terms of ease of use and cost? I would like to get the maximum refund on my personal taxes while citing deductions from my small business.

Best answer:

Answer by Dave
Is your business a sole proprietorship? If so, then you are self-employed in addition to your seasonal hourly job. There is no separate “business return.” Everything goes on your 1040 plus required schedules.

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