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Heavy taxing of small business will keep unemployment high so why does Obama want to do this?

Thu, 19 Apr 2012 08:16:41 +0000

Question by Geofrey R: Heavy taxing of small business will keep unemployment high so why does Obama want to do this?
Less tax on small business means they will hire more and taxes will be paid by these people and generate more money for the govt and economy. This is basic stuff, so what is Obama’s problem?

Best answer:

Answer by Me
Its just stubborn stupidity to raise taxes during a recession.

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Q&A: I started a small at home business last year, do I have to file this under my personal taxes?

Sat, 07 Jan 2012 21:43:54 +0000

Question by Hollywood: I started a small at home business last year, do I have to file this under my personal taxes?
I will be filing my business taxes seperately but wanted to know if I needed to file it under my personal taxes too?

Best answer:

Answer by RANDALL M
If you are operating as a sole proprietor, You will use a schedule C which will be attached to your 1040.

If you are a Subchapter S corp, you will file that separately but will generate a K-1 that will be used to file your 1040.

If you are a C corp, it will file by itself and you will report any W-2 income or 1099 dividends you receive from it on your personal 1040.

If you are an LLC, you have already decided the business form you should use to file.

Hope this helps, good luck with that.

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Read this about small business taxes and see if you will agree…?

Mon, 31 Oct 2011 01:24:28 +0000

Question by momview: Read this about small business taxes and see if you will agree…?
…why does everyone speak about higher taxes being forced on the small business owner, when it is said that taxes will go up for the person’s/business making $ 250 or more yearly. There are not many small businesses making that, if they are their probably not a small business any longer they have been able to grow their business into a larger one; thanks to the consumers in America.

what are you saying Judy? what’s your point, are you in agreement and if not why?
..top contributor v b, now here you go, what are you talking about. Just make your point, what you’re saying doesn’t make since at all…

Best answer:

Answer by Judy
Well, first of all that $ 250K limit was campaign speech, not an actual amount. A president can suggest, but can’t make the tax law even if he or she wanted to, only Congress can.

And many small businesses make that much, and employ maybe 100 people or less. A small business isn’t just one where only the owner works.

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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

Best answer:

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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Small Business Taxes Filed last year, no earnings this year.?

Thu, 08 Sep 2011 06:15:05 +0000

Question by V: Small Business Taxes Filed last year, no earnings this year.?
Last year (2007) I did some freelance video work and earned enough that I had to file as a small business with Turbo Tax Small Business. This year I only had a full time salaried job and did not work any freelance. Do I have to keep filing my small business records and say I earned $ 0 for 2008? The small business is a sole proprietorship and I took some business deductions if that matters.

Best answer:

Answer by Jss
No, if you do not have income and expenses, then you do not need to file schedule C or C-EZ.
Read http://taxipay.blogspot.com/2008/04/list-of-articles.html

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How do I file taxes for a small business I started this year?

Thu, 04 Aug 2011 00:24:38 +0000

Question by Shay nay nay: How do I file taxes for a small business I started this year?
I have a small business set up as a general partnership and we have 2 employees. We are not using any kind of 3rd party administrator for payroll or tax reporting services. We are just keeping tight records of our income, business expenses and payroll. Can we file taxes for this busines at the end of the year along with our personal filings or should we be doing something different? Also, we have not been withholding any taxes from our employees payroll as we plan to issue them a 1099 at year end. Does this sound ok?

Best answer:

Answer by wartz
It sounds not OK.

My canned explanation to clueless independent contractors seems to get posted every day: You sound like a clueless employer who will be at the wrong end of a payroll tax audit the first time one of you “employees” files an unemployment insurance claim. The IRS 20 factors test determine if the person is an employee or not, The fact they agreed to be treated as independent contractors is irrelevant.

Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. If the employee is required to show up for work–personally–at a particular time, punch the clock, use the employers equipment and are paid an hourly rate, hes are an employee. If you didn’t understand the difference when you posed your question, I would be even more convinced that they are employees. What is your preference, Slotted or Phillips?

Complete an IRS Form SS-8 to get an official ruling on your status. This will help determine their status before it gets out of hand and you have to pay both sides of their withholding and an allowance for withheld income tax.

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