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Where can I learn about small business taxes?
I’m looking for some resources online guides, books I can get from the library, IRS publications, etc. that contain information on filing taxes for a small business, so I know what to expect come tax season. Any suggestions?
Do I / How do I file small business taxes?
Well, here’s the situation. I opened up a small shop repairing cellphones a few months ago in New York City. I do repairs maybe 95 % of the time, and very rarely do I sell a few cellphone batteries or some other parts every month. The totally amount on the actual sales are around maybe 100 bucks a month at most.I’ve heard all kinds of things that people tell me on what types of taxes I need to file. So, here’s the questions.1 Do I need to file taxes on the incoming from repairs also?2 If yes, what type of tax and how often do I need to do it Quarterly or annually ?3 Other than these, anything else I need to watch out for?
How to keep track of small business taxes?
My bf is starting a business this year. I have several questions if anyone knows the answers to.1 He is starting a vinyl sign business and makes decals for peoples cars, boats, lighted signs, business cards, etc and will also be selling small decals in his shop. How would he mark the materials vinyl he needs to buy, on his taxes? Like, he needs to buy the vinyl to cut out and sell directly to customers and or apply them him self as a service. Does he need to do inventory? That part really confuses me.2 He is opening his shop in March. So he’s not in business officially until then. Can he still write off his dental insurance from the beginning of this year? Or would he have to wait until March to record it as an expense for his 1040. The same for his cell phone bill?3 Also, he has been spending money on fixtures and building materials for his new shop. He’s used our personal checking account to purchase these things and the account is only in my name. Does that matter when he goes to do his taxes and if he gets audited? He will being going in tomorrow to start his new business checking account.4 He will be using the mileage deduction on his tax forms for his car. Can he include the mileage it takes to get to the shop from home? Can he include the mileage it takes to go to Lowes and get more office supplies? And when recording mileage in his log book should he only write down the ones for business use? On the vehicle log book we bought it has a column for personal use and business use. Thank you very much. The taxes on this is really making me nervous and I’m trying to learn as much about it as I can.
Do I file small business taxes if I sell on ebay?
I’ve sold over $1000 on ebay on small household items I no longer needed. But now I’m looking at all the tax information they are sending out and I’m not sure what I should be filling out. I don’t have a business license, so how am I a small business? Or do I even need to file at all since I barely made a penny profit on any of it? And since the money all went into my husband’s bank account, do I need to file for myself or just for him?
Can i pay my state and federal small business taxes without a cpa?
Do I have to pay small business taxes no matter my profits?
So I’m sorry if this is a dumb question, but I am a brand new small business owner. Our business is just getting off of the ground and we will probably just break even this year make no profit, or very little. Is there a set price that we have to pay no matter what? How is it determined how much we have to pay? Thank you very much, and information helps
SC small business tax help?
So my husband started an online business which he has made NO money on In fact he’s spent more money than he even would have made. So, he finally gave up with it. Well we’re in SC and apparently he was having to go online to file a return each month to state what his earnings were. Well, he failed to do it in June or July and we got a bill in the mail from the IRS for $1300 Will be able to get out of this? It was an honest mistake and I’m not sure how to handle all of it. We were never notified that he missed the filing and they added a penalty on there that was larger than the proposed assesment
Small business tax question?
I run a small business out of my home by professionally enhancing and restoring photos. I collect taxes but for my state , which is Florida. If I have a client out of state, say New York, is the tax waived or do they have to pay NY taxe rates? Any info would be great. Thank you in advance.
How are small businesses taxed on government grants?
If my business receives a conditional grant for land from the US government, what can I expect on the tax end? How should those taxes reported in financial statements?Links and or IRS codes are appreciated
Is software purchased for a small business tax deductable?
I’m planning on purchasing some design software at the end of the year. Close to $5k. The plan is to use it to design some projects I have interest in bringing to market and offering design services to people on the side to bring in some income. Is this software tax deductable tax write off? If not, under what circumstances would I be able to deduct the cost of software from my taxes?
Shopping for a great small business tax accountant — good questions to ask? Things to…?
…consider?Assume we’d need to start with the basics.
A small business tax question?
I think it is legal if a Canadian incorporated business Canada inc has an address in Montreal, but does business in Ontario for example. If this is legal, then is the rent that the company pays for a manager who manages their business in Ontario tax deductible?
Small business & tax in ontario?
In Ontario, Canada what is the minimum yearly amount of income a small business can make before it has to start claiming it on taxes and charge HST?
Small business tax from new client?
Say i’m paid 5k from a client and I have to pay my own salary and my business partners.Do I split the 5k into 2500 and 2500 then take the federal and state tax out. Or do I have to take business tax out first leaving appox. 3500 then take federal and state out of the 3500?
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