Your Questions About How To Do Business Taxes Online
Helen asks…
I need help to report business cash investment on form 4562?
I am a new business owner and doing tax online. I complete all tools and equipment depreciation, but I do not know where to put the business cash investment, so that I can begin doing amortization calculation. Please help me, anyone out there.Or, advise me on what form and line should I report it, though.
Jere answers:
Cash invested in to a business is not deductible.
You really should see a professional. The headaches from doing your return incorrectly in the first year will have ripple effects in future years.
Joseph asks…
What tax forms do I need to fill out for my Online Business?
I started an online business (sole proprietorship) late last year (2012). I have nexus in only one state (Utah) and made only 1 sale in that state. I was sent the TC-63M forms for utah sales tax. I normally do my personal taxes through tax act. Should I do my business taxes separately? What forms do I need to complete federal tax for my business? My business had about $1000 in sales, but none of that was actually profit, as much went into buying supply and startup costs such as a business license, advertising, etc.
Clearly I need to do a lot more research on the subject of business taxes, but if anyone can help me with some quick answers it would be greatly appreciated!
Thank you!
Jere answers:
Personal and business income tax will be one return – form 1040, schedule C or C-EZ, and schedule SE.
Startup costs are amortized across several years, not just all deducted the first year.
Sales tax return is separate, and probably more frequent that annual.
James asks…
Can I File Taxes Online With Form 4852?
My previous employer went out of business and did not send me a W2. I had the IRS snail mail me a 4852 but now I would like to file taxes online instead. Is it possible to file online if you don’t have a W2 or does it even matter, since it’s all being done online anyway? I can’t find any relevant information on the IRS site, and I’m rather ignorant about taxes and have never done my own taxes.
Jere answers:
You’ll have to file that by mail.
Mandy asks…
Does a business that is registered considered a business already or when they open for business?
I’m a little unsure, say I register online for my lounge and decide to form a LLC. Does my business go into effect right away tax wise or when I have my grand opening. Also where would I find info about paying business taxes?
Jere answers:
It will go live tax wise when you register your business not when you have the grand opening, becasue before the grand opening you will have been doing things behind the scenes
also try business link
http://www.businesslink.gov.uk/bdotg/action/home
and direct gov for more info on taxes
Also HMRC look at them!!
Paul asks…
What form do I need to request from Vendors I spent more than $600 with for tax purposes?
I opened a little art gallery/boutique this past year and this is the first year I am filing small business taxes since opening the retail location ( I was strictly online before selling only handmade items I made myself). The majority of the items I’m selling are handmade by local artists and myself, but I did buy additional stock wholesale from a few vendors. I know that if I spent more than $600 with a particular vendor I am supposed to request a form from them that I will use during tax filing. What is this form?
Jere answers:
You need to send IRS Form W-9 – Request for Taxpayer ID. The vendor will return the form with their federal tax id, and they will specify whether or not they are exempt from withholding. If they are not exempt, then you will need to send them a 1099 in January for your total annual purchases.
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