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If you have small business expenses but no income will you get a tax return?
Wiki User
∙ 9y ago
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
Wiki User
∙ 9y ago
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Sample of income and expenditure accounts small business?
Some examples of income and subscription payments. An example of expenditures include lease payments and payroll. Income and expenses varies depending on the type of business.
What is low margin business?
The profit is small. The expenses are slightly less than the gross income. Restaurants and grocery stores work on a small margin, but make up for it with a large sales volume.
As a small business owner should your corporation own your house so as to legally protect it and is the corporation owning it the only way that the business can pay association dues and property tax?
Your business corporation should NOT own your house. Such ownership would give your business creditors access to your home equity. Also keep in mind that you cannot create business deductions out of personal expenses merely by having your business own your personal property. On the other hand, if you do use personal property for business purposes, youi can rent such property to your business. You would then have to include such rent as personal income, complete a Schedule E tax form on your personal return, and claim such expenses against the income as the IRS allows. IN the case of a home, for example, if you use 25% of it for a business office or a carpentry shop, you would then be entitled to deduct 25% of the properties expenses against your rental income, including depreciation. It's complicated. Hire a local CPA.
What Federal Tax forms do you file as a small business owner?
In regard to payroll taxes, a small business files IRS forms 940 and 941 weekly, monthly and/or quarterly, depending on the amount of your payroll. You would also file annual W-2's and a W-3. In regard to income taxes, it depends on the nature of the business entity. If you were operating as an individual, you could report your business income and expenses on Schedule C of your personal tax return. For farming operations, you would use Schedule F. If you were considered self-employed, you might also have to file Schedule SE. If the business is incorporated, you would file a form 1120. If the corporation filed for Subchapter S status, where the profit or loss flows through to your personal return, you would file an 1120S (and a Schedule K with your personal return). Schedule E of your personal return is for Supplemental Income, and there could be a number of other supporting forms that you are also required to file.
What are the sundry expenses?
Sundry expenses means many of small business day to day expenses which cannot be put into specific expense head.
Consider that you have a small business. If you have a revenue income of Php50,000 and operating expenses of Php10,000, and interest income 0f Php5,000.00 and interest expense of Php2,000.00, how much is your net operating expense?
Consider that you have a small business. If you have a revenue income of Php50,000 and operating expenses of Php10,000, and interest income 0f Php5,000.00 and interest expense of Php2,000.00, how much is your net operating expense? What can you say about the financial position of your small business. Reason out.
Sample of income and expenditure accounts small business?
Some examples of income and subscription payments. An example of expenditures include lease payments and payroll. Income and expenses varies depending on the type of business.
What types of taxes paid are not allowable deductions on your tax return?
Federal income taxes are not deductible on your federal or state income tax return. http://small-business-tax-info.com
Should I use my federal tax return to start up a small business?
It would be beneficial as you would not have to pay out of your pocket for start up expenses. It will not interfere with your current expenses and/or budget.
What is low margin business?
The profit is small. The expenses are slightly less than the gross income. Restaurants and grocery stores work on a small margin, but make up for it with a large sales volume.
What was the average income for small business owners in 2006?
According to Salary.com, the average income of a small business owner as of 2006 was $233,600.
As a small business owner should your corporation own your house so as to legally protect it and is the corporation owning it the only way that the business can pay association dues and property tax?
Your business corporation should NOT own your house. Such ownership would give your business creditors access to your home equity. Also keep in mind that you cannot create business deductions out of personal expenses merely by having your business own your personal property. On the other hand, if you do use personal property for business purposes, youi can rent such property to your business. You would then have to include such rent as personal income, complete a Schedule E tax form on your personal return, and claim such expenses against the income as the IRS allows. IN the case of a home, for example, if you use 25% of it for a business office or a carpentry shop, you would then be entitled to deduct 25% of the properties expenses against your rental income, including depreciation. It's complicated. Hire a local CPA.
What Federal Tax forms do you file as a small business owner?
In regard to payroll taxes, a small business files IRS forms 940 and 941 weekly, monthly and/or quarterly, depending on the amount of your payroll. You would also file annual W-2's and a W-3. In regard to income taxes, it depends on the nature of the business entity. If you were operating as an individual, you could report your business income and expenses on Schedule C of your personal tax return. For farming operations, you would use Schedule F. If you were considered self-employed, you might also have to file Schedule SE. If the business is incorporated, you would file a form 1120. If the corporation filed for Subchapter S status, where the profit or loss flows through to your personal return, you would file an 1120S (and a Schedule K with your personal return). Schedule E of your personal return is for Supplemental Income, and there could be a number of other supporting forms that you are also required to file.
How can you get a grant to open a small business?
Before you start your business, know how much it will cost to startup and maintaining the business. Learn the common business expenses to help estimate what your expenses could be. Once you know your business expenses, you can better estimate your business revenue. You can find capital for your small business through financial institutes with lines of credit, loans, and leases. Get a government-guaranteed small business loan from The Small Business Administration if you do not qualify else-where Best of luck, Rebecca The Microsoft SMB Outreach Team
What are the sundry expenses?
Sundry expenses means many of small business day to day expenses which cannot be put into specific expense head.
What tax form should an LLC owned by a husband and wife file to report income and expenses?
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
What kind of tax credit can I get for my small business?
The IRS provides a list of Business Tax Credit forms at www.irs.gov/businesses/small/article/0,,id=99839,00.html The legal webpage Nolo offers some top tax deductions for small businesses as - auto expenses, utilities, advertising, office supplies, repairs, education expenses, outstanding debts for goods sold, entertaining, travel, new equipment, interest, moving expenses, software, charity contributions, and taxes. Business.gov also offers a list of Small Business deductions at www.business.gov/finance/taxes/business-income/tax-deductions.html
