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Search results “Filing taxes for a small business” for the 2013
How to Pay Taxes on Your Small Business
 
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Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/422992-How-to-Pay-Taxes-on-Your-Small-Business Step 1: Make estimated tax payments Make quarterly estimated tax payments to the IRS if your total tax bill in a given year will exceed $500. Estimated tax payments are due 4 times a year on April 15, June 15, September 15, and January 15. Tip Pay self-employment tax if your annual net earnings will be $400 or more. Step 2: File a tax return File an annual income tax return. The form you use will depend on how your business is organized -- whether it is a sole proprietorship, partnership, corporation, or limited liability corporation. Tip Keep tax-related documents for a minimum of 7 years. Step 3: Pay excise tax Pay excise tax if your business engages in qualified activities. For example, excise taxes are levied on certain trucks and buses used on public highways. Step 4: Withhold employment taxes Withhold employment taxes from the salaries of your employees. Employment taxes include withholding, employer matching, and unemployment taxes. Depending on the size of your payroll, employment taxes are due weekly, monthly, or quarterly. Step 5: Pay sales tax Register with your state's tax department and pay sales tax if your business makes a taxable product. Sales taxes are due quarterly or monthly, depending on the rules in your state. Most services are exempt from paying sales taxes. Step 6: Pay additional state and local taxes Pay additional state and local taxes that are applicable to your business. Consult your local government offices or a tax attorney to determine whether you are responsible for additional taxes. Did You Know? In 2008, tax revenues in the United States represented 26.9 percent of the total gross domestic product.
Views: 71192 Howcast
Small Business Tax Tips to Maximize Your Tax Return
 
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Small Business Tax Tips to Maximize Your Tax Return: http://andrewshin.net As millions of small business owners get ready to file their taxes, they will be searching for exemptions that might be possible for their business. Luckily, there are many exemptions and credits that owners can take advantage of. By writing off certain expenses, a business owner can significantly reduce their tax burden and put the extra money towards growing their enterprise. First off, you must understand the difference between a credit and a write off. A credit is a dollar for dollar deduction from your taxable income. An exemption will qualify for only a percentage. Following is some useful small business tax tips that you can apply to help you maximize your tax refund. Auto repairs and mileage (1:20) -- Anyone in business has expenses relating to using a car. Unless your job is done from 100% cyberspace, you have to leave the house to meet with clients, network and pick up supplies. If your job is significantly sales oriented, this mileage can really add up. You can use a standard rate of 55.5 cents per business driven mile. That is not all though. If you use a newer vehicle, you can write off the additional depreciation related to your business expenses. Of course, if you use the car for both business and pleasure, you are only allowed to write off business miles. New business exemption (2:28) -- If you are a starting up a small business you are allowed to deduct up to $5000 for the first year that you are in business. This deduction is for things like supplies, utilities and repairs. This is for start ups only and only applies to the first year of your new business. You can either take the $5000 in a lump deduction, or you must deduct it in equal amounts over a period of 5 years. Bad Debts (3:39) -- If a customer stiffs you over a certain amount, you can claim it as bad debt and write it off. This bad debt deduction is only for products and is not for services. Interest (3:53) -- Most businesses do not start up without a little bit of financing. If you have a loan or credit card that you use, the interest on loans are completely tax deductible. Keep all your receipts in the event you get audited, so you can prove the charges were business related. Advertising and Promotions (4:54) -- Of course, this means big things like commercials, but it also means small things like business cards and stationary. If the item is used to promote your business, then it is tax deductible. The expenses of networking, like attending conferences and taking clients out to lunch are also deductible. If you are doing it to grow your business, then it is a deductible expense. If you started a new business and are getting ready to file your small business tax, your best bet is to talk to a CPA. There are virtually thousands of credits and exemptions that can be claimed for a new business. A CPA will be familiar with those credits and exemptions, so they will be able to maximize your refund. In addition, they will be able to tell you if certain things aren't allowed, of if your claiming expenses that are too high, and they will help you avoid the headache of an audit. To Your Success, Andrew Shin Blog: http://andrewshin.net Facebook: http://www.facebook.com/AndrewShin.Inc Twitter: http://www.twitter.com/AndrewShin7 http://www.youtube.com/watch?v=yqn9WemsOBQ
Views: 24108 imtips101
Tax Write-Offs for the Self-Employed & Business Owner
 
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This video is focused on breaking down all the write offs and deductions that the self-employed person and business owners can and should take advantage of when filing their taxes.
Views: 84058 FreeTaxTips
How to Fill Out Schedule C for Business Taxes
 
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If, after watching the video, you decide you want help filing we are currently accepting new clients. Check out our website, www.cpaonfire.com, or email us directly [email protected] Step by step instructions for filling out Schedule C on tax return. Schedule C is used to report business income or loss. By watching this video you can learn to either fill the form out yourself, or how to better organize your documents for your CPA to fill out. For more tax and accounting information visit our website at www.cpaonfire.com/
Views: 181603 Josh Bauerle
Tax basics for small business - overview
 
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Are you new to small business? Our 'Tax basics for small business' videos are here to help! This series will explain more about how to better manage your tax, super and reporting requirements, including step-by-step instructions and link to resources. This short video helps to explain the differences between 'hobby' and 'business', and how tax applies to different business types. Find more smallbiz tax tips at https://ato.gov.au/taxbasicsvideos.
Small Business Tax Preparation
 
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2012 is over and now it is time to wrap up your year end. It is better to get this done sooner rather than later, but it is always so easy to procrastinate. Why do small business owners procrastinate? Taxes seems to always take too long to do. Taxes are very fun to do. Smalll business owners are worried that they are going to have to pay more than they want to. Sitting down and doing your taxes takes time away from your business. Why should you get your taxes done early? Tax penalties are punitive and can be very high, especially for corporations. Understanding your taxes can help you become more strategic in some of your business decisions. Spend 40 minutes on some best practices to wrap up last year quickly, and set yourself up for success in 2013. This will make your wrap up for 2012 easier and less confusing. Plus it will set you up for 2013. Presented by BDO Accounting in Barrie with Tim Taylor and Marc Graham. Video link: http://youtu.be/vV6yU30KCPg If you like this video, check out: Analyzing Your Numbers: http://youtu.be/7DgZVCWLlHQ Small Business Exit Strategies: http://youtu.be/8EArIgFAJFQ Cold Calling Basics: http://youtu.be/8jJj8aMWbps Marketing Software That Grows Your Business: http://youtu.be/_ZbfOsrWGVY Who To Hire: http://youtu.be/l7Qe0fK-iqY Public Relations 101: http://youtu.be/Py2LSwsEgo4 Writing for the Web: http://youtu.be/L1IKO2_3WxU Starting Up Right : http://youtu.be/lDTKxhtcYcY Let Your Creativity Out: http://youtu.be/6G0ianP7cUM Benchmarking & Performance Management for Small Businesses: http://youtu.be/niYhhUna5CU Steps To a Super Slogan: http://youtu.be/fPUaG2jGluM Ecommerce 101: http://youtu.be/gHxaMsZRS8g Small Business Growth Strategies: http://youtu.be/Ax-gBLQOoiY Branding Basics Your Business Can't Live Without: http://youtu.be/Vs3N_HBoWvo YouTube's Powerful Tricks: http://youtu.be/-3Cd7_qyOTk New Product Development: http://youtu.be/MR-yDPQ0dhg Path of an Author: http://youtu.be/ZR-YK_JDZF4 Sales Storytelling: http://youtu.be/jPuS1Uh072I The HST Lowdown: http://youtu.be/1Ys4WJok60M Will It Fly? The Idea Tester: http://youtu.be/LngiA057LWg Amazing Customer Service: http://youtu.be/KNr8jMc-aJU Social Enterprise & Non Profit 101: http://youtu.be/FCANS_ijSQw Becoming A Networking Guru: http://youtu.be/bLIGCDZa7LA Increasing Your Profitability: http://youtu.be/qdNDNdMFZ-8 Customer Loyalty: http://youtu.be/gcsjHlRwGfs Twitter's Best Kept Secrets: http://youtu.be/sLn4SjBnagg Top 7 Legal Concerns of a Small Business Owner: http://youtu.be/IGjMpM_o-5w Make Your Home Business Fly: http://youtu.be/FHzIj-WhToY How To Use Blogging To Grow Your Business: http://youtu.be/rIh1oiF5XC0 Small Business Tax Preparation: http://youtu.be/vV6yU30KCPg Easy Website Best Practices: http://youtu.be/ecgG-2TWkXc Preparing For Change: http://youtu.be/YOf7U-u9AA0 Scaling A Small Business: http://youtu.be/X9IVgVnGe24 Lead Generation: http://youtu.be/3WrF54TVm9E 4 Conversations of a Leader: http://youtu.be/842ThTKrOJw Recruitment On A Shoestring: http://youtu.be/-t-g4jmCzHg Social SEO: http://youtu.be/m8hk8HVJH6c Build A One Page Business Plan That Pops: http://youtu.be/SdorfO5TLjE Small Business Accounting Basics That Save You Money: http://youtu.be/WQ7udRhEZQM Build Your Financials In Minutes: http://youtu.be/xI2aqeWs5dg Use IT To Ramp Up Your Business: http://youtu.be/Xt3owHIyhOE Get Business With LinkedIn (Really!): http://youtu.be/szYm9QMHbQ0 Get Customers To Pay & Collect When They Don't: http://youtu.be/erxisLE-Zu0 Employee Engagement (The Art of Employee Retention): http://youtu.be/ihQWVjm8EgQ Strategic Planning 2013: http://youtu.be/Fi1CVBpzbvI Market Research: http://youtu.be/WkqaURaG6SE The Top Free & Close To Free Marketing Tools That Work: http://youtu.be/WVUrKl13yuw
Views: 32120 CarlaLANGHORST
Business deductions - Home office expenses: Tax basics for small business
 
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In this video you will learn about what deductions you can claim if you operate your business from home or if you have a home office. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Are you in business?: Tax basics for small business
 
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This video explores the differences between a hobby and a business, how to determine whether you are in business and what it means to be in business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Taxes 101: How to Maximize Your Dining Write-Off
 
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Dining expenses are one of an entrepreneur's best write-offs. Don't be too conservative. If you have a meeting in conjunction with dining that is even remotely related to your business, capture the expense, keep the receipt and take the write-off. This even includes dining by yourself if you are traveling. In this video, I provide a quick summary of everything you need to know about maximizing your dining write-off. For more, visit www.markjkohler.com. Related: Tips for Writeoffs, Obamacare and Keeping the Tax Man at Bay http://www.entrepreneur.com/video/225420 Shaquille O'Neal on What Inspires His Business Decisions http://www.entrepreneur.com/video/226120 Watch more videos at: http://www.entrepreneur.com/video/ Follow Us On Twitter: http://entm.ag/EntTwitter Like Us On Facebook: http://entm.ag/EntFacebook Follow Us On LinkedIn: http://entm.ag/EntLinkedin Add Us To Your Circle on Google Plus: http://entm.ag/EntGoogleplus Subscribe To Our YouTube Channel: http://entm.ag/EntYoutube Buy Mark’s Educations Products Today! Link - http://markjkohler.com/product/ Subscribe now! https://www.youtube.com/subscription_center?add_user=MarkJKohler
Views: 8150 Entrepreneur
Paying your tax: Tax basics for small business
 
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This video explains how to pay your tax and if you are having difficulty paying, the options available to you. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
File your GST/HST Return Online
 
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How to file your GST/HST Return online using the CRA's Netfile system.
Views: 98317 Josh Zweig
Starting your business -- Registering your business: Tax basics for small business
 
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This video looks at the different registration requirements for your business, such as Tax file number, Australian Business Number and goods and services tax. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Introduction to business 2: Income and provisional tax
 
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Just started working for yourself? Find out about income tax and provisional tax the easy way, with this animated video from Inland Revenue.
C-Corporation Income Tax Return = Form 1120 | Regulation | Miles CPA Review ( REG-3 Binder 2 )
 
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http://www.milescpareview.com/ In the above clip watch Varun explaining the S-Corporation Income Tax Return from the REG section of his course material. The Regulation section of the CPA Exam is considered by many to be the second most difficult section, behind FAR. That's why you need Varun to help you PASS!! Watch this topics getting into life as Varun teaches them in his interactive and dynamic style using his "iCPA" delivery model. For further assistance visit us at http://www.milescpareview.com/
Views: 66478 Miles CPAReview
Business deductions: Tax basics for small business
 
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This video explains the expenses you can and can't claim as a deduction in your small business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Small Business Health Care Tax Credit -- Small Business Tax Tip
 
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http://www.nchinc.com/ Are you a small business employer? If you pay premiums for health insurance coverage for your employees, you may be eligible for the Small Business Health Care Tax Credit. The credit is up to 35% of the qualified premiums you pay as an eligible small business. For some employers, an enhanced version of the credit will be effective beginning January 1, 2014. If you're a small business, you'll claim the credit as part of the general business credit on your income tax return. Also, since the credit will be less than the full amount of your premium payments, you may be eligible to claim a business expense deduction for the difference. That's both a credit and a deduction for employee premium payments. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Record Keeping -- Small Business Tax Tip
 
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http://www.nchinc.com/ Organizing your financial records now, will make filling out your tax return easier. It will also help if your return is audited. Now, keep in mind, it doesn't matter what type of record keeping you choose. In fact, you can even use a shoe box. But what does matter is how long you keep certain documents. In general, you need to keep things like tax returns, as well as bills, credit card statements and canceled checks related to your tax returns, for three years. More complicated documents that support stock transactions and your IRA should be kept for at least four years. If you run a business, make sure you keep all these related documents for a minimum of four years. Remember, keeping good tax records is important. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Paying workers - Pay as you go (PAYG) withholding: Tax basics for small business
 
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If you employ a worker or if you are a director of your company, this video explains the pay as you go withholding obligations you have as an employer. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Understanding The 1099 Form for Small Businesses
 
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1099 forms are an important responsibility for small business owners who employ independent contractors or freelancers. SurePayroll makes 1099 processing easy -- but if you don't have SurePayroll this quick slide share will shed some light on the 1099 giving employers and employees some easy insight. For more tax and payroll tips visit: http://blog.surepayroll.com
Views: 13844 SurePayroll Inc.
Tax concessions for small business: Tax basics for small business
 
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In this video you will learn about the various tax concessions available to small business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Annual Filing Requirements For Limited Companies
 
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http://www.setupacompany.co.uk - Running a limited company means you must filing certain documents each year in order to comply with the rules for maintaining your listing. The two main requirements are annual returns and annual accounts. This video looks at both of these requirements and how you can go about completing them.
Views: 6337 SetupaCompany
Home Office Deduction -- Small Business Tax Tip
 
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http://www.nchinc.com/ Deducting the use of a home office has never been easier due to some recent changes at the IRS. If you're eligible for a home office deduction, you can choose a new simplified option that can save you a lot of time. This new option requires less paperwork and record keeping. Instead of basing the home office deduction on your actual expenses, this option allows most taxpayers to simply multiply the square footage of your office by a prescribed rate. The new optional deduction is capped at 1,500 dollars a year, based on five dollars per square foot, for up to three hundred square feet. If you use this method, you cannot depreciate this portion of your home used in your trade or business but, you can still deduct business expenses such as advertising, supplies and wages paid to employees. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Using Outright: Preparing Your Income Tax Filing
 
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This is part 2 of a 2 part webinar series which describes how to use Outright to manage your small business finances and take the pain out of preparing your income tax filing. Outright automates much of the manual work associated with collecting your income and expense transactions and categorizing them into IRS-approved categories. Outright distills the information into a Schedule C Worksheet which corresponds directly to Form 1040 Schedule C which sole proprietors use to report their business income to the IRS. We will also be holding live Q&A on using Outright on March 7 at these two sessions: (1) 10am PT: www2.gotomeeting.com/register/520628218 (2) 1pm PT: www2.gotomeeting.com/register/448420610
Views: 2105 Outright
IRS Expert Shows You Easiest Way To Write Off Your Home Business On Your Taxes
 
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Watch Matthew Lesko get free tax advice from the IRS on the best way to write off your small business on your tax return. You only need 3 easy forms: Form 1040, Form 1040 Schedule C, and Form 1040 Schedule SE.. Call soon if you need help on any tax issue. The closer it gets to tax time the busier they become. I was 12 minutes on hold. But what the heck, a paid professional can cost you hundreds. This is FREE.
Views: 7170 Matthew Lesko
How to Know What's a Business Tax Deduction
 
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Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/410881-How-to-Know-Whats-a-Business-Tax-Deduction Taking tax deductions on business expenses is one of the advantages of being self-employed. As a savvy business owner, you need to know which purchases qualify and which don't. Step 1: Look at Schedule C Keep a copy of the IRS Schedule C form and its instructions handy so you can consult it as needed. If there's a place to report an expense on the Schedule C, it's probably deductible. Tip Keep all of your business purchase receipts to give to your tax preparer, even when in doubt about their deductible status, and keep copies for your personal records. Step 2: Designate home office space Keep your home office separate from your personal living space if you run your business exclusively from home. You can take a deduction for the square footage of your home that is dedicated to business operations. Step 3: Deduct the business portion of shared costs Keep track of expenses shared between your business and personal life, such as gasoline and utilities. As long as you record the portion for business use, you can deduct those expenses. Tip Keep detailed records of the business-related share of expenses used for both your business and personal life, such as car mileage, loan interest payments, and office space. Step 4: Deduct some business food and travel Keep in mind that you can deduct reasonable costs for entertaining business clients, including small gifts, and doing business travel. In most cases this includes the cost of your transportation and meals. Tip Take notes about the business purpose of meals, transportation, and entertainment on your receipts. Things like the client, location, and what was discussed should be noted. Step 5: Understand depreciation Learn when to annually depreciate the value of assets, such as company cars, instead of taking a one-time deduction. This rule often applies to expensive equipment that you expect to use over multiple years. Step 6: Find easily missed deductions Find easily missed deductions, such as advertising expenses, education to improve your job skills, relocating expenses, supplies, postage, and banking fees. Step 7: Be charitable Give money or items to charity and deduct the non-depreciated portion of the donation through your corporation's taxes. You can make the deduction on your personal taxes if your business is an S corporation, partnership, or LLC. Step 8: Deduct professionals' fees Deduct the cost of most common fees you have to pay to professionals for help with running your business, such as lawyers and consultants. Step 9: Get tax advice Seek advice from a tax professional when your taxes get complicated or if you are unsure about a particular expense. Now you have one more incentive to use their services -- knowing that you can take another deduction for it. Did You Know? In 2009, rapper Method Man of the Wu-Tang Clan told reporters he forgot to pay his taxes for several years because he was "too high."
Views: 1219 Howcast
Goods and services tax: Tax basics for small business
 
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Explains how GST works, when you have to register and what you have to do when you are registered for GST. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Legal ways to reduce business taxes in Canada
 
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Reduce your business taxes now. There are many legal ways to reduce your company's tax bill in Canada without breaking the law. Watch this video to find out how. Follow us on Twitter - https://twitter.com/Madan_CA Like us on Facebook - https://www.facebook.com/MadanCharteredAccountant Add us on Google Plus- https://plus.google.com/u/1/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Table Of Contents 00:47 - Incorporate Your Small Business 01:18 - Add Lower Income Spouse As Shareholder 02:01 - Write Off Donations Made To Charities 02:18 - Promote Your Business 02:39 - Multiplying The Small Business Deduction Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 2725 Allan Madan
Case 5 -How to File Return (ITR 4S ) for business income (Websites) (Biswarup)
 
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Here Biswarup write's"really awesome tutorial. Thanks for the tutorial. I have one question i have earned some money from paypal where i have to add paypal money.I also work for a company please help me." Solution-Solved the case by using ITR 4 earlier .However ,this is a classic case to use presumptive income to benefit of section 44AD .What presumptive income means is that we presume the income for business to be at certain levels of gross receipts (Gross receipts = Total receivables without expenses /deductions and adjustments ) Under such presumptive income schemes ,there are various businesses like transport business under section(u/s)44AE where for every heavy weight vehicle income is computed at 5000 Rs per vehicle per month and for every non heavy vehicle income is calculated at 4500 Rs per month. .The sections specify what such business should declare as minimum income .For example ,Shipping business 44B(Limit 7.5% of gross receipts ) , Mineral oils business 44BB(Limit 10%of gross receipts ), Aircrafts business U/s 44BA (Limit 10%of gross receipts ).Such sections specify what the income under heads profits from Business or profession should be .So , incase, gross receipts (Total receivable without taking into account deduction's/expense )is 100 Rs , it mentions what the limit for income should be .For example u/s 44AD , it mentions that the minimum limit should be 8 % , so in case gross receipts for business under section 44AD (businesses other than transport ) is 100 Rs , then applicant hasto declare income atleast as 8 rs and pay tax on this amount .The otjher sections also have such limits .In case applicants declare income less than 8 rs , then he needs to maintain books of account and gets them audited as per section 44AB... This way of taking advantage of this scheme under section 44AD to file returns for payapl income , Blog income , website income is awesome and very easy to do .The government encourage's useof Sahaj (ITR 1 )and Sugan (ITR 4S)because it is hassle free ,doesn 't need book of account's and required audit and very easy to prepare and understand , After Business income is computed , applicant can populate salary income ,house property income , other sources income whatever is applicable so as to calculate gross income to then further calculate tax liability , If TDS deducted matches tax liability , then applicant can generate return in XML format and upload return online and that's it , feel proud of yourself .You can now file returns for your paypal , Goggle Adsense and website income in less than 5 minutes , One thing i mentioned and is important is that ,it is only when income from profession and business exceeds 10 lakh's that the applicant shall have to pay service tax over and above income tax (using separate challan - note that is income tax return - that would be service tax return ),until that it is totally exempt , I think this is country's first live tutorial for subject matter and will inspire many bloggers ,website makers , Paypal earners to now file their returns easily , If you learn from this , please spread knowledge , God bless , Cheers , Amlan Please Check my facebook page www.facebook.com/filingreturnsonline where i keep on adding more stuff and where you would find all the stuff that i have created till date .
Views: 30294 Make Knowledge Free
NYS Sales Tax Starting a Business
 
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A brief video explaining the tax responsibilities when starting a business in New York State.
Views: 29937 NYSTaxDept
Starting a Business- Sole Proprietorship
 
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STARTING A SOLE PROPRIETORSHIP The various different type of business: • Sole Proprietorship, • Partnership or LLP, • Corporation • C Corporation, • S Corporation, • Limited Liability Corporation (LLC). I go into detail on the pro's and con's in my blog post "Which Business Entity To Choose" at christinewilcher.com. In this blog we will focus on a sole proprietorship business. Please check out future blogs for information on starting other types of business entities Step 1: Sole Proprietorship Sole Proprietorship - Usually owned by one person Pro's and Con's when starting a sole proprietorship + Pro's - Con's • The easiest business entity to create • The cheapest business entity to create • The quickest business entity • No protection for your personal assets. • Everything is attached to your personal credit • Greater chance of you being audited • Takes your business out of consideration for some government and business to business contracting • Some may view it as less trust worthy Starting a Sole Proprietorship steps 1. Legally accepted picture ID 2. County Clerk Office address and office hours 3. Determine the new business name 4. Ask for the Sole Proprietor Doing Business As (DBA) business form 5. Fee (in Texas it is less than $20) NOTE: You will be provided a sealed stamped document verifying you have a business (keep this for in a safe place) Step 2: Get your EIN number. Why do you need an EIN number when stating a sole proprietorship? • You will need an employer identification number to do business as any entity other than a sole proprietorship (Sole Proprietors can use their social security number) • The EIN number is how the IRS identifies the business, and is used when filing income tax. • You will need your EIN number • to open your business bank account and • Sign up for DUN and Bradstreet ( to establish your business credit) • Sign up for CCR ( if planning to do government contracting) • NOTE -- U.S. Banks are required to notify the IRS when accounts have cash deposits of 10,000 plus. To find more information check out the Bank Secrecy Act. How much does an EIN number cost? • It is FREE to get an EIN number. Where to Get your EIN number? • To get your Employer Identification Number (EIN) you will need to go to IRS.gov and fill out an SS-4 Form or click the link below and select Apply online now http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online What Information will I need? • You will need to have provide your business type and personal information. • NOTE - Depending on the type of products or services provided you may need to get a sales tax certificate. Check with your state Comptroller's office to get more details. Step 3: Open a Business Bank Account when stating a sole proprietorship • Go to your local bank or credit union and see if they offer business accounts. Otherwise you can inquire at any bank but I go with the bigger banks so I have access to • Chase -- At the time of this video chase has a second chance account which all you to open an account if you have bad credit and • Wells Fargo -which in my opinion offers more services to help small businesses. • TIP- if you have bad credit talk to a friend or relative to see if they will open the business account for you and add you as a signer on the account. It helps if you offer them a small ownership stake. Step 4 : Create a Web Presence You will need: • Web hosting -- Bluehost HostGator Step 5 (Optional): Create a Business Plan For additional information on starting a business consider the following resources: Step by Step manual by Robert Berman The Small Business Start-Up Kit: A Step-by-Step Legal Guide NOTE - I will go more into future blog posts on how to setup an online presence. Disclaimer: I am not an attorney or accountant please seek professional services for additional information. My views do not represent the views of any of the companies or entities listed.
Views: creat4u29
The Need-to-Knows of Income Taxes for Small Businesses
 
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Tax attorney John Weiler joins John Redmann and Shauna Sanford on the Louisiana law talk show "John Redmann: Power of Attorney" to go over some of the basics of income taxes for small businesses. Get more helpful law info and watch past episodes of the show at JohnRedmannPOA.com.
Views: 7119 Matt Stokes
Small Business Tax Service - Taxes for your small business (Austin) (Dallas) (Houston) "Texas"
 
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http://www.TaxElope.com Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Lots of small businesses take advantage of a professional small business tax service to help them remain compliant with all issues in the U.S. tax code and to pay their tax bills correctly and on time. When you're looking around for the best tax service to help your work at home or other small business file annually, here are some popular tips from experienced entrepreneurs. The question is how to do taxes for small business? Well if you are in Texas, (Austin, Dallas, Houston, San Antonio) This can help your business. Knowledge and Experience You want to make sure that your tax preparer or tax service has individuals with a lot of knowledge about the U.S. tax code. Practical experience as a CPA or Enrolled Agent is preferable. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Find Someone like the Tax Elope That You Trust Your tax preparer has to be someone who you trust a good deal. This person not only has access to your Social Security number (unless you have an EIN), but is also privy to a lot more details of your financial life. It can seem intimidating letting someone from the outside into the particulars of your small business, so make sure that that person evokes a feeling of trust before you dig into your annual filing info. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Making Time for You Make sure that the small business tax service you choose has time to take you on as a client. Some smaller tax shops and even a few of the larger ones simply get overworked during the regular taxes and cannot easily accommodate new customers. This can cause problems when you need your taxes done on a specific deadline. Tax Shop Specialization Check whether the shop that you select for your tax preparing is set up to handle your specific type of business. Some tax preparers do better with businesses on the smaller side, and some cater to larger corporation type businesses. If you will be traveling to your tax shop with any frequency, you'll want to pick a location that easy to get to. See if your chosen tax services have offices in your immediate vicinity or somewhere close to your home office. Even though a lot of tax preparation can now be done by fax and over the phone, you may need to visit the shop to sign or for other important elements of preparation. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Small business Tax Service, Small business tax help, tax preparation for business, small business taxes,
Views: 440 Matthew Renteria
Business deductions: Travel expenses: Tax basics for small business
 
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This video explains when you can claim travel expenses in your business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Doing your business overseas: Tax basics for small business
 
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This video explains how tax applies to overseas business transactions. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Tax Saving Tips For Small Business Owners | Sanjiv Gupta CPA
 
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Learn more tax saving tips on http://sanjivcpa.com
Views: 1250 Sanjiv Gupta
Taxes crush small businesses in Italy
 
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Increased taxes due to austerity measures are forcing some small businesses in Italy to close for good.
Views: 1167 CNNMoney
Free IRS 2013 Tax Calander For Small Business
 
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Review of the Free IRS 2013 Tax calender for Small Business & Self Employ The link to get 5 free calenders is http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Calendar-for-Small-Businesses-and-Self-Employed Don't forget to subscribe to my channel
Views: 114 Bill Prater
Selling or closing your business: Tax basics for small business
 
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This video runs through what you need to consider and what you need to do when you sell or close your business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Press Con on Tax filing of self-employed, business & professionals Part 1
 
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The DOF/BIR is embarking on a campaign to enjoin professionals (doctors, lawyers, architects, engineers, artists), the self-employed, and small business owners to file correct taxes, as a huge gap in revenues has been identified as coming from these sectors. As such, may we invite you to a press conference with Finance Secretary Cesar Purisima and BIR Commissioner Kim Henares as they explain the country's fiscal situation and appeal to taxpayers' duty to pay the appropriate taxes. Read more at http://blogwatch.tv/2013/03/bir-calls-on-the-self-employed-small-business-owners-professionals-to-pay-the-correct-taxes/
Views: 213 Blog Watch
Fuel tax credits: Tax basics for small business
 
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This video explains who is eligible to claim fuel tax credits and what to do if you are eligible. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Part 2. Tax Time with Pavel Tishchevskiy. Business Income.  Toronto, Canada.
 
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777 Taxes Inc. Canada. Contact us at: http://777taxes.com or 416-857-7570 Web Video Promotions by InvisionPro (http://invisionpro.com) About 777 Taxes: Our guess is, you did not start your company to become an accountant. And you need not to get a CA designation to succeed in business. We are here to help you with numbers and all that nasty paperwork. 777 Taxes Inc. is a "small business friendly" tax and accounting services company. And that means we love to work with small and medium-sized businesses. Here's what we can do for our clients: - Accounting and bookkeeping services (A to Z); - Tax consulting and tax preparation; - Preparation of Scientific Research & Experimental Development (SR&ED) tax credit claims forms; Additionally, we can: - Represent you before the CRA (Canada Revenue Agency) if needed; -- Resolve all kinds of other business, accounting and tax related problems. -- Work with you to develop your business and improve it; -- Help you develop a comprehensive business plan to obtain a loan; -- Review your investment portfolio and assess the risks; -- Help you promote your business through our network.
Views: 233715 Pavel Tishchevskiy
Paying workers - Payments to contractors: Tax basics for small business
 
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This video explains the tax obligations you may have when you pay a contractor to do work for you in your business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Taxbot - Turn your business expenses into deductions
 
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http://www.SmallBusinessAdvantage.com 888-604-2314 Get Taxbot today and start saving immediately! Are you a business owner perhaps a real estate or insurance agent or a 1099 salesperson or a home based business owner. If you're in the United States or Canada then we can show you how to get free government funding for your business. How? We're going to show you how to save ten thousand dollars on your business taxes this year. Taxbot was founded by Sandy Botkin, a CPA, Tax Attorney and former IRS trainer, and we believe that what you don't know it's costing you big bucks. In our opinion ninety five percent small business owners over pay their taxes every year. Why? You might ask, it's simple, lack of knowledge and tools. There are three things you need to know as a business owner. Number one, there are huge tax benefits available to you. The government wants you to succeed in business and passes good tax laws to help you. Most of you might know about a few deductions but chances are you are severely uneducated on the subject. If you think your accountant takes care of your taxes then I'm talking to you. Number two, there are strict requirements imposed by the IRS and the Canada Revenue Agency when it comes to recording your expenses so that they qualify as deductions. So when does a business expense become a deduction? When it's documented properly. Otherwise there can be strict penalties. Our guess is that almost everyone watching this video is not in compliance. Number three, there is an easy way and a hard way to turn your expenses into deductions. The hard way is tracking mileage with the clipboard or keeping a journal full of expense details. Here's a hint, most accounting software does not protect you against an audit. The easy way is using Taxbot, in just seconds you can capture expenses, store receipts, track mileage and turn them all valuable deductions. We want to invite you to take the thirty-day risk free Taxbot challenge. Over the next thirty days we bet that we can show you how to save five to ten thousand dollars this year. Taxbot is the fusion of simple education and easy to use tools. As part of the challenge we will send you eight, five-minute videos packed full of tax education that will change the way you do business forever. If you want, you can access all forty of our videos online during that trial period. But we're only asking you to commit watching eight videos in thirty days and we will send them directly to your email. You will also get access to Taxbot's easy to use web and mobile apps to help you track all your expenses and turn them into deductions. If you take this thirty-day challenge and don't save at least twenty times your monthly investment or if you're unhappy for any reason, simply call and we will refund your money. What are you waiting for? Take the risk free thirty day challenge and see if we can make your life a lot less taxing.
2014 Tax Tips for Small Business Owners
 
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http://www.MarciaSteele.com Small business tax tips entrepreneurs must take action now to save big $$$ in 2014. Home office deductions can be tricky. Learn what deductions are legal. What you don't know can hurt you.
Views: 2839 Marcia Steele
Maximising Deductions for Small Business Entity Taxpayers - 2013
 
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Business owners should review their tax position and evaluate any year-end strategies that may be available to legitimately reduce tax. Small Business Entities (SBEs) have greater access to year-end tax planning due to particular concessions that only apply to them.
Views: 227 Lewis Accountants
What information do I need in a mileage log? | Why keep a mileage log?
 
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http://www.widgetcpa.com What information do I need to keep in a mileage log? Why keep a mileage log? What does the IRS want to know about the miles I am claiming for business? Find out why it is important to keep a mileage log for your business whether you or are using the standard or the actual mileage deduction for your business taxes. Looking for more tips on starting or running your business from a tax and accounting viewpoint? Learn more by watching Tuesday Tidbits, subscribe today and don't miss another episode! Want to catch up? See more here: http://www.youtube.com/playlist?list=PL_LBqXNZifIj8C8ZGSU43IpWQ-NJEONwO Transcript: Welcome to another edition of Tuesday Tidbits where we make tax and accounting simple. I'm your host Charles D. Shapero, CPA with Widget Bookkeeping & Tax and today we're going to talk about what goes in your mileage log. In order to prove your deduction to the IRS we have to be able to show the IRS a log of your business miles. What we can't prove, we lose. So in a business mileage log, it needs to have several columns, the one that I recommend. It has a date column, it has a destination column to let the IRS know where you went, it also has a business purpose column, so that we can tell the IRS why we incurred this business expense, very important because deductions are not deductions until we can prove it had a business purpose. There is also a column for expenses. So if we are paying tolls, as we're driving to places, we can make notes in the mileage log. Now we talked previously about how we should never pay cash for expenses, a lot of people pay cash for tolls. If you're doing that you're going to need to keep the receipt you get from the toll booth, and write the business purpose right on that receipt. What we'd recomend is to sign up with your states toll provider. For example in Florida, it's called SunPass, it's a little transponder that we put on our car that tracks our tolls as we go through the toll booths. So at the end of every month, we can download the amount of toll expenses we have and we can expense the business ones, and we can ignore the personal ones. Your mileage log is the only way to prove these deductions to the IRS and like I said previously what you can't prove, you lose. So no matter which method you're using: actual expenses or mileage, the mileage log is critical to surviving an audit. This concludes today's Tuesday Tidbits, see you next Tuesday! Widget Bookkeeping & Tax, Know More, Keep More!
Views: 12596 WidgetCPA
Small Business Tax Preparation Calgary - Call Us Now  587-315-5058
 
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Rated A+ by the BBB Business Owners in Calgary like to get more advice from their accountant but are concerned by the hourly consulting fee. We don't have one. All of our answers are included in your membership, so no matter how many times we meet throughout the year you do not pay an hourly fee. This is helpful not only to assist you with changes to your business structure but also for Estate planning or other short and long term needs. Our Business clients also appreciate that we own a software system that tracks all of the relevant changes to the complex tax laws that relate to your business, ensuring that no stone is left unturned guaranteeing you receive the best result possible. Also our team of tax experts will always show you alternative tax returns that will help you stay on track with your business goals and put more money in your pocket. We know how our clients don't like to deal with the CRA relative to reviews and audits and your frustration in trying to get a straight answer from them on the phone. They feel relieved that we handle all of the direct correspondence as well, so they don't have to. We guarantee our work so that you will never pay for legal advice or audit protection as a result of us completing your tax returns. We provide complete protection including any legal fees involved, as well as any penalties that result from an audit. After all, why take the chance of losing the hard earned time and money you put into your business due to errors made on your tax return by your accountant. Lastly, we are not accountants but tax experts. This means you can be rest assured that running your business will be a stress free experience and you can spend your free time on the things that really matter to you. After all, you didn't get in business to be a tax expert! So what are you waiting for? Call us today to book your free 45 minute consultation. Allow us to show you how 'we make life less stressful' and your business more profitable. When you hire an accountant, or better yet, a tax specialist, to do your small business tax preparation, make sure that you are currently using every deduction you can. Deductions are things where the government provides tax benefits. For example, a business can receive a deduction for charitable donations. So, if you donate to a charity, you can get a deduction on your taxes. There are many more deductions available to businesses and it's important to know them all, so that you are provided with the most benefit possible. When you are audited, you will have a tax expert from the CRA come into your business and check the records to account for all of the information you provided on your taxes. When you hire a tax professional you are sure that everything is ready, and together, in the case of an audit. This is because they know how important it is that you are paying the right amount of taxes and understand the dangers of not doing it right. Having a tax expert on your side will help prevent an audit, and in our case, represent you during the audit process.
Views: 7508 MarketingMobile1
New Tax Law Impacts Small Business Investors and Stockholders
 
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Many startup entrepreneurs and investors in the state of California are now starting to receive big bills in the mail for back taxes that they never expected to owe. In late December, California's Franchise Tax Board eliminated a deduction that had been available since 1993. This tax break was available to people who made money from selling stock they'd held in California-based small businesses for at least five years, as long as they reinvested their gains in other small businesses in the state. Essentially, it encouraged many people to repeatedly invest in small businesses — potentially a big deal for entrepreneurs and angel investors. Learn more here: http://goo.gl/ZX69F Subscribe to TechCrunch TV: http://goo.gl/eg167
Views: 193 TechCrunch
Paying workers - Fringe benefits tax: Tax basics for small business
 
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Learn how to determine if you have a fringe benefits tax obligation in your business and what you need to do to meet that obligation. The video also explains what salary sacrifice arrangements are. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Instructions for a Texas DBA
 
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Filing a business name in Texas can be a simple process. Fill out an assumed name certificate form (DBA), sign it in front of a notary and then file it in the county clerk's office of the county that your business is based in. If you have questions, you can call your county clerk, your local SBDC or give us a call! We're here to help. West Texas A&M Small Business Development Center 701 S. Taylor Ste 118 Amarillo, TX 79101 806-372-5151 www.wtsbdc.com