7 Keys to Deducting it All » years

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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Q&A: Is it true that in California small business gets tax refund/waiver in its first three years of operation?

Mon, 30 Jul 2012 19:01:27 +0000

Question by Toidi: Is it true that in California small business gets tax refund/waiver in its first three years of operation?
I was told that in California a newly registered small business could get tax refund/waiver in its first three years of operation (if business is not good), is this true or complete BS?

Best answer:

Answer by bostonianinmo
BS legally, though mostly true in a practical sense.

Most new small businesses don’t turn any profit for the first few years. If there’s no profit, there’s nothing to tax.

What do you think? Answer below!

I’m self employed and owe a few years worth of taxes. Can i legally open a small business?

Tue, 17 Apr 2012 18:30:22 +0000

Question by : I’m self employed and owe a few years worth of taxes. Can i legally open a small business?
I have been a tattoo artist for the better part of 10 years now and I have been thinking of opening my own shop recently. rather than being a basement shop operating at my discretion with no license like most basements shops, I’ve decided to make mine a legitimate one. My biggest obstacle right now is the accrued back-owed tax debt I have accumulated over the years. My question is “Can i legally open a small business?”

Best answer:

Answer by Doctor Deth
you already did that (being self employed) and still haven’t paid those taxes – the IRS is going to put a lien on your sooner than later unless you get those paid

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If I have a small home-based business and I have not filed any taxes in 3 years, what are the penalties?

Fri, 16 Dec 2011 11:44:13 +0000

Question by moopoo55: If I have a small home-based business and I have not filed any taxes in 3 years, what are the penalties?
Let’s say that I’ve calculated most of the 2003 year and have concluded that I didn’t owe any taxes for 2003 and 2004 but instead am due a refund.

I’m working to get a good accountant but find that most don’t know about tax shelters, estates, or any of the small business (home based) irs laws.

Please, this is serious. Don’t respond if you don’t have a quality answer for me.

Best answer:

Answer by NotEasilyFooled
The IRS generally does not assess any penalties if you VOLUNTARILY file a late form 1040 tax return AND no tax is due. If you owe tax, however, you can be charged 5% per month.

What do you think? Answer below!

How much would an accountant charge to do 10 years of back taxes for a small business?

Fri, 02 Sep 2011 20:55:56 +0000

Question by msAngelina: How much would an accountant charge to do 10 years of back taxes for a small business?
A family member of mine owns a small business in which he repairs windshields. He has not filed taxes for 10 years and has asked me to help. If we were to take all the paperwork to an accountant, how much would something like that cost?

Best answer:

Answer by becky
Depends on the accountant: how much he/she usually charges, if he/she would be willing/able to give your family member a “bulk discount”, things like that. My best guess… a lot.

Keep in mind, if your family member would have received a refund for any year earlier than 2006, it’s too late to get it – the IRS will only pay back refunds for three years (at this point, 2006-2008; 2006 only until April 15). And if he/she owes for any of those past years, the IRS will likely add interest and/or penalties on top of the tax bill. Not trying to discourage anyone – getting caught up on past-due returns is good – but just to give forewarning.

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Q&A: what happens if you have a loss on your small business taxes more then 3 years?

Mon, 20 Jun 2011 04:53:11 +0000

Question by jennifer r: what happens if you have a loss on your small business taxes more then 3 years?
I have a small internet store and this will be the fourth year I had to claim a loss on my taxes “due to the economy.” I’ve heard you can only claim a loss for 3 years, is that true?

Best answer:

Answer by SmartA$ $
There’s no limit to the number of years you can claim a business loss on your taxes. However as a general rule of thumb, if your business isn’t showing a net profit after 3 years, they will become very suspicious and you become a prime suspect for an in depth audit. If you have good records and can justify every little expense, then you will make it through the audit without too many changes.

What do you think? Answer below!