7 Keys to Deducting it All » work

How do business write offs work?

Fri, 24 May 2013 12:43:40 +0000

Question by truthstar: How do business write offs work?
We are a small business who’re in our first year. We do not have to pay taxes through a program locally, so we’ve been collecting for ourselves. We want to purchase an iPad as a register solution but were curious if we could “write it” off on our taxes for 2012 if I purchase it by tomorrow.

Best answer:

Answer by kemperk
study setting up a Research and Development operation CONCURRENT with your company and
all your expenses are write-offs

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When applying for social sec. do I have to claim dividends from a small business that I don’t work for?

Fri, 15 Mar 2013 02:30:11 +0000

Question by emb120: When applying for social sec. do I have to claim dividends from a small business that I don’t work for?
When applying for social security benefits, is it necessary to claim unexpected corporate divends as income? I don’t work for this small business, but I do own 49% of it.

Best answer:

Answer by Becky D
yes that is part of your income

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How can you as an employee verify that the small business owner you work for is actually paying taxes?

Wed, 22 Aug 2012 04:58:00 +0000

Question by tmellen58: How can you as an employee verify that the small business owner you work for is actually paying taxes?
If the employer has been taking out taxes out of your check weekly(federal,state,social security) how can you be sure he is actually paying in and not pocketing the amount he takes from your pay?

Best answer:

Answer by Bruce
You can’t.

The IRS has ways to figure that out.

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Q&A: Starting small business.. need general info on my taxes and how employee taxes work for me?

Tue, 12 Jun 2012 18:37:04 +0000

Question by Ty S: Starting small business.. need general info on my taxes and how employee taxes work for me?
i’m going to be working the place by myself for the first month but after that i need an employee. who do i talk to about getting w2′s for them and paying taxes on them?

Best answer:

Answer by T
Go to the IRS website. They have quite a bit of information on this subject. Pull the Circular E and its supplement, They will explain ‘who’ is an employee and how payments should be handled.

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84% of Americans work for small businesses, so why does Obama want to raise taxes on 1 million small business?

Fri, 20 Jan 2012 16:58:05 +0000

Question by ,539,684,631,121 Clinton Debt: 84% of Americans work for small businesses, so why does Obama want to raise taxes on 1 million small business?
Not spelling, ran out of characters. These are the facts. A small business by rule is a company that has less than 500 employees.
You people don’t get it. The $ 250,000 is for personal income taxes. Obama want to raise many other business taxes. I will find it, but 1 time I came up with over 40 Taxes I pay a year.

Best answer:

Answer by Walter D
Small businesses tend to make less than $ 250,000 net. Hence yor question is erroneous.

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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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When and how does small business taxing work?

Sun, 20 Nov 2011 21:04:54 +0000

Question by business owner 589: When and how does small business taxing work?
Background info–I started my business in June, during the month of June I didn’t not receive any revenue–but I paid out of pocket for all business expenses personally.

Then starting in July I was paid. But didn’t not have my LLC set up.

In August I got my LLC set up and have a bank account with the company.

According to my accountant, she says I should do my taxes as a sole prop–meaning i need to pay now, for three months and don’t count in June and then track back at the end of the year. But this is making me pay more taxes now, which I really don’t want to–as those were all expenses I can take off my bottom line or maybe I can say i paid myself back in July. Meaning only do taxes for July Aug and Sept.

Any advice?

Best answer:

Answer by Dr. Deth
what taxes are you talking about? estimated income taxes are only paid quarterly. and before you were an LLC any income and expense would be reported on your a schedule C for your 1040, so your income will be reduced there for your June & July expenses. You may owe an estimated 1040 tax payment for the June – July net income

Are you paying official payroll to yourself thru the LLC? if yes, then you have payroll taxes for fed and state that need to be paid probably monthly to start

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Small Business loss. Taxes. How does it work?

Sat, 19 Nov 2011 06:26:43 +0000

Question by Bob Jackson: Small Business loss. Taxes. How does it work?
I have operated an LLC for 1 year now an d I’m getting ready to file with HR Block premium. My business expenses total over $ 20,000 dollars. The business made about $ 6000. I work and have a daughter also and made over $ 11,000 there. How will this be treated, what will happen. Will I get a refund…money back from my loss….please explain. Thanks!!

Best answer:

Answer by Bash Limpbutt’s Oozing Cyst©
Not nearly enough information to say. Without knowing what the expenses were for it’s not possible to determine if you have a taxable profit or loss for 2010 from the information provided.

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