7 Keys to Deducting it All » time

How would being self employed and working part time effect my return?

Wed, 17 Apr 2013 17:56:16 +0000

Question by Cindy: How would being self employed and working part time effect my return?
I have three kids and am a single parent. I make decent money so I get a good tax return. I’m thinking about taking on a part time job and supplementing my income wth a small business. Would this kill my tax return? I usually pay the maximum taxes through out the year.

Best answer:

Answer by Bostonian In MO
What do you mean by “I get a good tax return?” A tax return is the forms and schedules that you file with the IRS. It lists your income, exemptions, deductions, payments, credits, tax liability and determines if you still owe tax or are getting a refund.

If you start a part-time business, you’ll pay taxes on the income that you earn. As long as tax rates are less than 100%, and they always will be, you will be better off at the end of the year with the extra income than you would have been without the extra income. That will be true even if you have to cut a check to the IRS instead of getting a refund.

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what form can I file to protect myself from my husbannd not filing taxes on time. he is a small business owner

Sun, 01 Jul 2012 23:32:09 +0000

Question by sunridertravel: what form can I file to protect myself from my husbannd not filing taxes on time. he is a small business owner
my husband owns his own business and is up to his ears and past with all kinds of debts, including taxes. I heard there is a form I (his wife) can file that says I have no control or knowledge of how he is conducting his business. Any advise would be greatly appreciated. Time is important. thank you.

Best answer:

Answer by SweetBrunette
Yes, there is filing taxes separated from the husband and informing that you have no control or knowledge of how he is conducting his business.
Fill the 1040 Form and follow the direction to be clear about separating tax file not joint file with your husband.

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Q&A: First time small business filing taxes & 401K.?

Wed, 02 May 2012 03:34:45 +0000

Question by I’m @ level 5!: First time small business filing taxes & 401K.?
Hi:

I am an artist and I will be filing my taxes for my personal business this year. I am thinking about setting up a small 401K plan this year til the end of the year and so forth. Since this is my first time actually claiming my business (with EIN number and everything) and I am in the red this year (everything costs so much), will starting a 401K this year hurt me. Also if I receive grants, I know I will have to claim them in my taxes but will they hurt me as well.

Thanks
It is a sole proprietors

Best answer:

Answer by tro
You need to investigate what the requirements are for a 401(1)K as an employer
if this is your start up business and you are the only one it it, it very likely does not comply with the needed requirements
you really didn’t need an EIN number unless you plan to pay employees or incorporate(which is unwise at this stage)

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I have a small business and i think its time to file taxes. What do i do?

Fri, 06 Apr 2012 12:58:45 +0000

Question by Simon J: I have a small business and i think its time to file taxes. What do i do?
I have a small business (DBA) and i think its time to file taxes. I havent sold anything yet and wont start selling anything until next week, so what is the easiest way to file my taxes?

Thanks,
Simon

Best answer:

Answer by Dr. Deth
if you just started the business in 2007, your first tax return isn’t due until April 15, 2008 – make estimated quarterly payments if you feel you are making a profit (before paying yourself) – go to www.irs.gov for publications, instructions and tax forms- for small businesses

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advice me, if i want to file taxes for my small business for 1st time, should i do it after april 16?

Thu, 02 Feb 2012 13:04:04 +0000

Question by j3z7kd1j09aj: advice me, if i want to file taxes for my small business for 1st time, should i do it after april 16?
should i wait till i finish filling 2006 return? and then start to file my taxes for my small business?

Best answer:

Answer by dizneyfreak1
Are you a corp.? If so the return is due the 15th day of the 3rd month (e.g., calendar year are due March 15th). We ALWAYS file extension on corp returns – due Sept 15th.

If you are a Schedule C business, it is filed with your personal return which is due April 17, 2007

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If my business donates time to a non-profit, can I do that work in my home office and still claim on taxes?

Tue, 22 Nov 2011 12:50:47 +0000

Question by April R: If my business donates time to a non-profit, can I do that work in my home office and still claim on taxes?
I am claiming a home office on my small business taxes. Since that space must be ONLY used for my business to qualify as a tax-exemption, if my business donates time to a non-profit, can I do that work in my home office and still be able to count it as a home office tax exemption?
Including keeping files and paperwork in my home office, for that non-profit work.

Best answer:

Answer by BOW DOWN! I AM YOUR GOD NOW!
You better believe it, Baby!

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I’m a small business doing taxes and accounting for the first time, who do I talk to?

Sun, 17 Jul 2011 09:53:50 +0000

Question by questioning: I’m a small business doing taxes and accounting for the first time, who do I talk to?
I started a sole proprietorship in September.

My business records are stored in 2 different programs and I have a file with a handful of receipts. Plus I have 3 W-2s from previous employers.

I need to have someone do my taxes and set up Quickbooks for me. Is there one type of business that can do that or do I need to talk to a tax person and a accounting person?

Of course I’m looking for the most cost effective way to accomplish this.

Best answer:

Answer by Tina B
Call around to smaller type accounting services instead of chain services.

Many smaller accounting companies use quickbooks as their software. They can input your information or transfer your files to their computer and also generate your tax return.

When you call the local companies ask them if they use quickbooks.

If your Quickbooks software is set up correctly for your business, your year end taxes are actuall a breeze.

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What do I do if i didn’t file my small business taxes on time?

Sun, 26 Jun 2011 14:45:59 +0000

Question by akalouwho: What do I do if i didn’t file my small business taxes on time?
I just started a cleaning service, I sub contract for several companies. I didn’t meet the deadline for filing my taxes, what can I do?

Best answer:

Answer by lala
File for an extension, gives you more time.

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