Taxes Business

should i file my business and personal income taxes seperately for the irs?

mcomv.com — Sat, 18 Feb 2012 08:42:38 +0000

Question by phil d: should i file my business and personal income taxes seperately for the irs?
i had a regular job the first part of the year, so there are regular 1040ez taxes to be filed as usual. but also i started a small home based LLC late in the year. the business hasn’t made much money yet, but there are already alot of materials, expenses, etc to write off for 2007…..i was told that my business was small enough to use the regular forms for income tax but i could use some advice……thanks!

Best answer:

Answer by Traci
My parents did. I think you should too. So… Yes.

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How easy are taxes to fill out?

mcomv.com — Tue, 14 Feb 2012 22:46:31 +0000

Question by hartsxthree: How easy are taxes to fill out?
I have always had my brother-in-law do my taxes. I was wondering how hard it is to prepare taxes. I own my house and have 2 kids, 1 of which is getting social security. I’m just wondering if I could do them myself. What software or website is the easiest to use?

Best answer:

Answer by Mrs Fulton
handrblock.com
taxcut.com

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Why are big businesses not paying taxes; yet, they are passing on their business taxes to the consumers?

mcomv.com — Mon, 13 Feb 2012 14:56:24 +0000

Question by MomsD: Why are big businesses not paying taxes; yet, they are passing on their business taxes to the consumers?
By this it is meant they do not pay the various excise, federal, state and local taxes assessed by these entities as part of their doing business, but instead, they tack these taxes onto consumer billings, why is this allowed by the various governments? At the same time they are allowed various operational cost write-offs against their business income, but the consumer is not granted the same privilege of writing off these business taxes being charged to them, as if they are operating a business which is not true.

Best answer:

Answer by blktan24
what taxes do they pass to you through “consumer billings?” are you referring to sales tax? they give that the the state quarterly and that is not a tax that is talked about when paying no tax. it is almost always no INCOME tax.

you don’t understand the tax code at all.

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When filling out tax forms for your employer, what number do you claim to have more taxes withheld?

mcomv.com — Thu, 09 Feb 2012 08:18:05 +0000

Question by shylee2482: When filling out tax forms for your employer, what number do you claim to have more taxes withheld?
If you have more tax withhelf, you get a refund during income tax season. If you get more money on your paycheck you end up paying taxes. I don’t want that to happen to me so on my VA tax forms, what do I claim?

Best answer:

Answer by ~girlfriday~
The smaller the number, such as zero, the MORE taxes/withholding are taken out. The bigger the number, the LESS taxes/withholding are taken out. I always claim zero in order not to owe taxes come tax time. My paycheck is smaller, but it is better than having to come up with money to pay taxes in April!

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Business and Personal Taxes for a LLC Partnership?

mcomv.com — Wed, 08 Feb 2012 05:46:09 +0000

Question by cleaningdirtbanditsllc: Business and Personal Taxes for a LLC Partnership?
Myself and my partner Jenny started an LLC Partnership in October of 07. For taxes do I file my personal taxes first then file my business taxes or how would I or we do this. We both own 50% of the business. Please help. Thank you
Another thing is should we both go in and do our taxes together?

Best answer:

Answer by Tom Z
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it “passes through” any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return.

The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners therefore once you have the K-1 you do not have to file at the same time as your partner.

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How many taxes are on your cell phone bill?

mcomv.com — Mon, 06 Feb 2012 03:00:16 +0000

Question by canam: How many taxes are on your cell phone bill?
I live in NY state. My cell phone bill contains state tax, federal tax, county tax and school tax. What taxes are on your cell phone bill?
Wiz-we have real estate tax in NY state too, Along with taxes on just about everything you can think of. State tax, county tax, city tax, and if you die in NY state, even with a will, the state will get a big hunk of your estate. And still the state is broke and wanting more taxes.

Best answer:

Answer by Dave M
all of them.

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What taxes does my state take out, and what taxes does the federal government take out?

mcomv.com — Sun, 05 Feb 2012 23:06:57 +0000

Question by mfisch: What taxes does my state take out, and what taxes does the federal government take out?
Does the Federal government just take income tax from us? Is it state or federal government that takes FICA? IS FICA=Social Security tax? I just dont know besides these what type of taxes there are. Can somebody list them according to their state or federal government slot? thanks!

Best answer:

Answer by Baddog
It will say on the pay stub how much you paid in taxes. FICA is social security.
Google should be able to find a site that has it broke down by state. There are a few states with no income tax like Florida.

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Who knew that more talk about raising business taxes would tank the market?

mcomv.com — Sun, 05 Feb 2012 21:37:49 +0000

Question by mw99nd: Who knew that more talk about raising business taxes would tank the market?
I guess our nation no longer wants to be #2 for the highest effective business tax rate, now we are going for the gold…. I don’t mean to repeat myself, but this Congress and President do not know what caused the Great Depression to be exended.

Best answer:

Answer by dlk
Nope they don’t. I actually am fearing for this Country of ours with all these economic mis steps that both our Politicians and our President are doing.

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What are the various taxes taken out of a typical paycheck?

mcomv.com — Sun, 29 Jan 2012 02:51:20 +0000

Question by Bizzy B.: What are the various taxes taken out of a typical paycheck?
What are the various taxes that are taken out of a typical paycheck? Income tax, social security tax, etc. Are any of them optional? I have limited experience with this.

Best answer:

Answer by Maggie G
Typically, the will take out for Federal tax, FICA(Social Security) and State tax. Depending on where you live, the may take out a local or county tax.

Your have no choice about FICA.

For Fed and state taxes, the amount they take out is dependent on how you fill out your W2 and state tax forms. It is possible to claim exempt under certain circumstances, which will tell your employer to not withhold any money for these taxes. But if you do this, you need to know that if you don’t have federal or state taxes taken out of your check, you will be liable for the full amount owed to the IRS and state when you file your taxes for the year. You could also owe penalties for owing too much.

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What forms do I have to fill out for taxes if I make over $600 doing surveys for 1 company?

mcomv.com — Sun, 22 Jan 2012 06:33:13 +0000

Question by Wonderer Mario Fan: What forms do I have to fill out for taxes if I make over 0 doing surveys for 1 company?
Hello there,

This is the first I have ever really had to think about taxes and never exactly expected to make over $ 600 with one company doing surveys online. I am within $ 140 of breaking over the tax limit and I believe I will get a 1099 form if/when I do.

I will probably just stop doing the surveys so I dont have to pay out taxes and such, but I might as well ask because it will happen eventually.

I googled around and ended up getting more confused than when I started. I seen we would be considered self employed and have to pay 15%. That is understandable, but than seen would have to file federal income tax, possibly state income tax, and pay into ssi and medicaid if make over $ 400 combined regardless?

What on earth? I am in NJ and would appreciate any information you can give on this situation. I don’t want to get thrown in federal prison for tax evasion down the line because I was unaware.

Thanks for any useful information you can give.
1099C I am aware of but what about federal and state income tax and paying into ssi that I seen?
I see you expanded what you said orginally about me being able to write it off. I do not have another job at this time. I in fact have yet to have a job in my life which is why I have these questions.

I guess I should really get in touch with H&R block about this. If I get sent the 1099 form do I just hold onto it until I have to file with the IRS? And again what of paying into SSI if you make over $ 400 period?

Thanks for the reply and any more info

Best answer:

Answer by sortaclarksville
Schedule C on your federal. Simple, easy form. Just keep up with your “expense” to use as deductions to get it back under $ 600 and you will not owe anything. Internet service can partly be written off since that is required for you to do the surveys. You can’t write off 100% of it because I’m sure that’s not the only time you use it, but…

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