 Sales tax question??? |
| I have a service business where I purchase the part and pay my vendor the sales tax when I make the purchase. I then charge my customer flat rate for my service. They do not no what I pay for the ... |
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 TAX TAX TAX, Road charges TAX TAX TAX, what next, perahps a Donkey train? |
Blair and Brown take your head out of your ar-e and stop thinking you can tax your way out out problems.
We the tax payers and not the benefit scroungers have had enough.
RIOT RI... |
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 I paid emergency tax in previous job, when left i didn't receive a p60.? |
i have now got another job but because of this i am once again paying emergency tax. i have paid over £1000 in less than 6 months.
What should i do to see if i am entitled to a tax rebate and ... |
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 I have put 3k into my ISA for the year, and as you know you can only save 3k every tax year. So i was wonderin |
what other types of saving acounts could I open with a high percentage rate and no small print.
All good answers apriciated.
Thank You.... |
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 My mother has asked me to find out:? |
If she is a widow, is there any way to avoid inheritance tax -are there any tips you can offer?
Note: Please, no offers of consultations from financial advisers!
Many thanks for ... |
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 When I filled out my 2007 tax return, I forgot to include the info about my student loans. What do I do? |
| When I filled out my tax returns this year, I had not even received the info from my student loans about including it. I totally forgot to even put it in the equation when filling out the turbotax ... |
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 I am not talking about capitol gains tax I am talking about the property taxes you pay every year for the rest |
| of your life I want to continue paying the current assesed value on my current home after I sell and buy a pre existing home I know you can do this my father-in-law did it a couple years ago he has ... |
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 Is redeeming bottle deposits of $2,000 at one time considered income? Will I have to file as income? |
| I have over $2,000 worth of empty cans I plan to redeem for 10 cent deposit in MI. Once I turn them into the distribution center, will I be forced to fill out a tax form and claim this as income?... |
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 My employer went out of business and I haven't got my last check.? |
| I live in Wisconsin and need to know what needs to be done about receiving my last check and how long i should wait to push the subject.She shut down the resturaunt hours after my last shift and i ... |
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 How much will it cost to file my tax return at H@R Block? |
| Hi, I have 3 short simple forms to file Would any one know an estimate on how much it will cost?... |
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 Is Pregnant Woman counted as 2 people for US Income Tax Purposes? |
When calculating income levels for medical, or other government healthcare support a pregnant woman is counted as 2 people.
Does this rule apply in general when preparing income taxes?
... |
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 How much can yuo earn before tax? |
| How much can you earn per annum before u pay tax on your earnings? I am 18 and a ... |
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 If I make $8,000, get a 1099, and am 16 yrs old, do I HAVE to file? |
Additional Details
I just started a new job and my boss told me they would give me a 1099. So I did some figuring, and I am going to come out oweing like $1500 (according to turbotax) ... |
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ae_maldonado | Should I stop havening taxes taken out of my regular payheck if I started my own home based business? |
I just started a home based business that will probably give me tons of deductions for my taxes this year. I also work full time at another job that takes the normal taxes for a single person (1 exemption). Is it safe to have them stop takaing out taxes from my payckeck so I can have that money available to me? |
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Pet Lover
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The answer depends on how many deductions you actually have for your home business. To delete your deductions from your regular pay check may cause you to owe taxes if your home biz deductions are not enough. (Early in you home biz, your deductions may not be enough to pay all your tax.)
I would leave the regular taxes as they are, complete a year with both. At the end of the year, if you owe NO TAX due to your home biz deductions, then you know you did the right thing.
If you owe taxes, then it's a good thing that you paid you job taxes as you went along. (You won't owe as much as you would have if you had deleted your deductions on your regular job)
If you get a REFUND, you will know that it is probably safe to have nothing taken out of your job income.
You should consult your tax preparer before you make a change. |
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financing_loans
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I have my own business as well. Im no accountant, but I do know when I get paid 1099 I have to file quarterly and guess what my taxes are going to be. I dont think it matters if you have them take it out of your paycheck or not, as long as you file your quarterlies. I know there is penalties if you dont. |
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hakker
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I wouldnt. Better to get a little refund than have to pay at the end of the year. |
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acmeraven
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No, no, a thousand times no. In the real world of business you should be expecting a loss for the first two years from business operations; but you might be unlucky and actually make money. Leave things as they are so you are insulated from tax shock. Worst case scenario is that you get a refund when you file for 07, live with it. |
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Judy1
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NO! Those deductions you're counting on might not all be deductible for the current year - if they're startup expenses, you will probably have to capitalize some or most of them - that means the deductions are spread out over multiple years, the number of years depending on what the items are.
If you net anything from your business (and remember that not all expenses might be deductible in the current year) you'll owe self employment taxes on that, as well as income taxes. |
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bostonianinmo
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No, actually you should probably have your W-2 withholdings INCREASED unless you want to make estimated payments using Form 1040ES.
Businesses don't give you tax deductions. You may have business expenses that are deducted from the business income to arrive at net profit but if you show a loss on the business you had better be prepared to prove the actual expenses AND substantiate that you really are in business to generate income. While you can show losses for a while, the IRS won't wait forever for you to start turning a profit before they start digging deeper into your finances. |
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dali333
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i dont recommend it, things may not sort out as planned and you may be stuck with a huge tax bill next april. i recommend waiting it out a year or two to see how your new business sorts itself out.
ps. i would LOVE to get a refund like back in the day....hasnt happened for many years!it hurts less to have it taken out gradually than cough it all up in april |
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shorty
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They can't do that .....you always have to have taxes taken out of your earnings |
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