If you have small business expenses but no income will you get a tax return?
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?
1 person found this useful
Answer . \nYour income tax refund can be decreased by what is commonly called an offset.This can occur if you have outstanding federal or even some state debt(s). .Having worked in tax preparation for many years I have seen offsets occur for various reasons. The most common reasons for a federal… tax refund offset are child support arrearage,unpaid federal tax debt and outstanding student loan debt.What is important to note is that a third party known as Federal Management System(FMS) handles the offset,not the IRS.The IRS in most cases will not provide a reason or any information about the debt/offset and will refer directly to FMS. (MORE)
Answer . If I understand what you are asking, your question is in regards to C corporations or LLCs which have elected to be taxed as C corporations, and which use the accrual method of accounting.. The income tax expense for the period would be listed as an expense on the income statement. The …amount of unpaid income tax would be listed as a liability on the balance sheet as income tax payable (or some similar name). (MORE)
Generally, "churches" are exempt.. But, all "religious organizations" must file Form 990 or Form 990-EZ unless their annual gross receipts do not normally exceed $25,000.. The IRS publishes a handy "Tax Guide for Churches and Religious Organizations" available in PDF format at the following site: … http://www.irs.gov/pub/irs-pdf/p1828.pdf (MORE)
Income Tax Returns in India are to be filed through Income Tax Return(ITR) Forms and different forms are applicable different categiries of Income Tax Assessees depending upon their nature ITR1 salary and interest income individuals ITR2 individuals and HUF not having business income ITR3 (individua…ls & HUF) partners in firm and not having proprietory concern ITR4 individuals and HUF having proprietory business ITR5 FIRMS, AOP and BOI incl FBT(Fringe Benefit Tax) ITR6 for Companies otherthan climing exmt U/s 11 ITR7 for return under 139-4A, 4B, 4C, 4D ITR8 return of Fringe Benefits You can file your return both manually and online. Online Filing of Income tax return is preferred by general public because you get early Income Tax refunds and is more convenient. From AY 2012-2013, all individuals whose income is more than Rs 10 lakh need to file Income tax return electronically. (MORE)
If you owe back taxes , or owe the social security, have a judgment aginest you the taxes can be garnished.
If you have NO income, then no.. ANSWER: . If you are subject to the Personal Income Tax Law and liable for a tax then yes you do have to file a valid return, even if no income was earned. Income is what is used to measure how much is owed and the tax collections agencies can not know how much yo…u owe or even that you don't owe until you have filed the necessary forms informing them of your no income status. Don't take anybodies word on this. Not mine, not TaxmanAE's, read the law yourself. You are presumed to know the law and since it is your tax liability in question it is you that is expected to know the law and you won't be able to argue that an incompetent tax expert gave you bad advise in a tax court later and God forbid in a criminal court even later. Learn the law! (MORE)
As it is a income tax, the most straightforward way is to reduce your income. Invest some of it into expanding your business and finish all pending payments. However, given that a company needs to show temporal income growth, a reasonable share of income still has to be taxed.
Hi frnds, for individual whose income is more than 110000(2008-09,fiscal period) for women 1450000 must file income tax form by 31 july(for audit 31oct) . for not filling return may penalty of 5000. THANKS
Income averaging was repealed in 1986 for all but farmers and fishermen, plus a specific type for lump sum distributions.
Under obamas tax plan if you are a small business owener and grossover 250000 do you pay taxes that or your Owen income under 250000?
I haven't seen details on Obama's tax plan. Increasing the maximum tax rate is actually historically a good thing, but only if the bracket is raised so that only the really wealthy pay that maximum rate.. Barack Obama has stated numerous times that only the taxes of those making over $250,000 a yea…r will go up. Joe Biden has said $150,000. Either way, the taxes will be paid on whatever your INCOME is, not the gross of your business. (MORE)
Coverage for loss of income and extra expenses necessary to continue operating following a covered loss.
Can credit card companies that take you to civil court garnish your wages or income tax return if you lose in the lawsuit
To claim medical expenses, you must itemize and it must be more than 7.5% of your AGI, which is a high threshold! But lots of things, including insurance premiums may be able to qualify. If you itemize your deductions on Form 1040, Schedule A , you may be able to deduct expenses you paid that ye…ar for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body. The cost of drugs is deductible only for drugs that require a prescription, except for insulin. Medical expenses include fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners. Also included are payments for hospital services, qualified long-term care services, nursing services, and laboratory fees. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts you paid for participating in a smoking-cessation program and for drugs prescribed to alleviate nicotine withdrawal. However, you may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription. You may deduct the cost of participating in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician. You may not deduct the cost of purchasing diet food items. In addition, you may include expenses for admission and transportation to a medical conference relating to the chronic disease of yourself, your spouse, or your dependent (if the costs are primarily for and essential to the medical care). However, you may not deduct the costs for meals and lodging while attending the medical conference. The cost of items such as false teeth, prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf are deductible medical expenses. You may not deduct funeral or burial expenses, health club dues, over-the-counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees. You may include in medical expenses the incidental cost of meals and lodging charged by the hospital or similar institution if your main reason for being there is to receive medical care. You can only include the medical expenses you paid during the year, regardless of when the services were provided . Your total medical expenses for the year must be reduced by any reimbursement. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital. You may include qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a multiple support agreement. If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child. You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person didn't meet the gross income or joint return test. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You do this calculation on Form 1040 Schedule A in computing the amount deductible. Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. You may not deduct insurance premiums paid by an employer-sponsored health insurance plan (cafeteria plan) unless the premiums are included in Box 1 of your Form W-2 (PDF). If you are self-employed and have a net profit for the year, or if you are a partner in a partnership or a shareholder in an S corporation, you may be able to deduct, as an adjustment to income, 100% of the amount you pay for medical insurance for yourself and your spouse and dependents. You can include the remaining premiums with your other medical expenses as an itemized deduction. You cannot take the special 100% deduction for any month in which you are eligible to participate in any subsidized health plan maintained by your employer or your spouse's employer. (MORE)
A return is something everyone with income (and even those without should) files.. A tax refund is absolutely dependent on if more money was paid in (through payroll withholding or estimated payments ever quarter - as required) compared to what the return shows as actually being owed after all acco…unting. Many people get refunds....many people have to pay additional tax. (MORE)
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Gross income. General definition. Gross income means all income from whatever source derived unless excluded by law. Section 22 GROSS INCOME: (a): Gross income includes* gains, profits, and income derived from salaries, wages, or compensation for personal service...
Like everyone else...either by hand, or with a software program, or using one of the thousands on thousands of businesses that do this for clients....you prepare it and file it.
It is entirely situational and depends on many, many factors...like if your an employee or not (W-2 or 1099). What your employer provides and if you get reimbursed at all (and how) for it...many industries have fairly common guidelines that make certain things deductible, where others have others.. … Frankly, most "standard" employees, just going in and doing a job and getting paid don't have any unreimbursed work expenses that would qualify. The most common would be clothing, like a uniform, that is required and cannot be worn otherwise (a suit wouldn't qualify, nor would jeans...even if only used at work). (MORE)
You file a return, you get a refund...maybe.. File and claim if you have it comiong. It's all or nothing though
I am not absolutely certain what you mean. You cannot file a joint federal return with your boyfriend unless you are of the opposite sex and legally married in your state. If your boyfriend has sufficient income to require filing, he must file his own tax return. You may be able to claim yo…ur boyfriend as a dependent on your federal return if he lives with you. Under certain circumstances, he may be what is known as a "qualifying relative." The confusing part about this is that a qualifying relative does not have to actually be related to you. It's a long involved topic. See Publication 501, beginning on page 11: http://www.irs.gov/pub/irs-pdf/p501.pdf (MORE)
If you use the records to assist in your medical care, it seems like a reasonable deduction. If you are getting the records just because you are curious to see what's in them or for some non-medical purpose, then it might be a stretch to claim a deduction.
Only if you work in two different locations. You can deduct the expenses of getting between the locations, but not the expenses of getting to and from home.
The IRS will just mail it back to you (or mail you a substitute form) and ask you to sign and send it back to them.
Federal income tax returns need to be filed by April 15. Most state tax returns also need to be filed by April 15 with a few exceptions. If you have not yet filed your tax return for 2008 or an earlier years, just do it now even though it's late. If any penalty applies, it will only get worse the… longer you wait. (MORE)
To get a copy of your federal income tax return, submit Form 4506 together with the current fee: http://www.irs.gov/pub/irs-pdf/f4506.pdf However, all the information you need might be contained in a transcript of your tax account which is currently free. The fastest way to get it is to call 1-…800-829-1040. If you don't want to call, you can submit Form 4506-T: http://www.irs.gov/pub/irs-pdf/f4506.pdf Contact your state tax department to get a copy of your state tax return. (MORE)
Yes..absolutely...and prove it...and for many other reasons, like being able to use the tax benefit of that loss against future income.
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state …refund won't count as income.) (MORE)
This is not a simple question that has a simple answer but you can find a lot of information by going to www.irs.gov and use the search box for the tax form number that the question is about and then choose that tax form number instruction and then start reading. Instructions 1040 U. S. Individual I…ncome Tax Return http://www.irs.gov/pub/irs-pdf/i1040.pdf (MORE)
Business Income replaces your lost business income in the event of a covered loss. In regards to an apartment building insurance for example, if there is a fire and the tenants have to move out while the contruction is being completed, you will be compensated for your loss of business income. The …extra expense can be used to place your tenants in temporary housing, and may include moving expenses. Check out my website for more details! (MORE)
Yes. Depending on the specifics, it may or may not be a TAX DEDUCTIBLE expense, but it is most certainly an expense. (For example, your (or a Cos) state income tax is an expense, it pays it, its bottom line - the money it has to give to its owners is lowered by it), but and it is a deduction (or e…xpense) against FEDERAL taxable income. But it is noot an expense in calculating the income you pay the State Tax on. Just like the Federal tax is NOT an expense (deduction) you can use to calculate the State Taxable Income on. (MORE)
Yes.. They are a for profit school so no you cannot claim it on your taxes. Sucks i know my husband is going there
Your income tax liability will be determined on your net profit. Go to the IRS gov web site and at the top choose BUSINESSES Click on the below Related Link
You will have to file your income tax return correctly as a paper income tax return and mail it to the correct IRS mailing address then when the IRS process your income tax return and they have any question they will contact the other taxpayer to get some information about this situation and they ma…y need some more information from you also about this matter. The IRS will decide the matter about who is qualified to claim you and your child on the correct income tax return. The IRS will not tell who did this. (MORE)
The owner or owners of the business operations would be responsible for all of the necessary taxes of the Business operation. Go to the IRS.gov website and at the top of the page choose BUSINESSES irs.gov/businesses/index.html
Whether you have to file a tax return (and the really important but different thing is PAY A TAX) depends, in part, on your filing status, deductions, amount & type of income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working… from home or a student. It is all addressed as a matter of "how much TAXABLE income." (Note: working isn't relevant either, as people who don't work or are retired, or disabled, or old, or young, or in school, or whatever - frequently have income from many sources: savings, investments, pensions, social security, inheritance, etc. (each are generally taxable). TAXABLE income is very different than what you may otherwise think of as salary. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: . social security tax and Medicare tax on tips or group life insurance, . alternative minimum tax, . tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, . tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! (MORE)
There is no advantage. You pay no taxes and you will not be eligible for any refundable credits.
Yes. You will receive the 1099 from the State that paid the benefit. You can elect to have withholding made from the payments.
You can download the instructions for filing from the IRS website (www.irs.gov). At the beginning is a "Who should file?" section that will tell you if you need to file or not. If you literally had no income from any source, then you'll probably quickly discover you don't need to file. If you had… a small amount of income, you may not need to file, though it may be beneficial to you to file anyway (the Earned Income Credit means you can get a tax refund in some cases even if you didn't actually pay any tax to be refunded). ans Simple Common Sense: The only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: . social security tax and Medicare tax on tips or group life insurance, . alternative minimum tax, . tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, . tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! (MORE)
I assume that this question is about an income tax refund , and not about an income tax return (which is the form you file with income tax authorities every year, along with any income taxes you still owe.) A Federal income tax refund is not taxable income (for state or Federal purposes) in th…e year a taxpayer receives it. A state income tax refund for a previous tax year, however, may be another story. It will be Federal taxable income in the year in which the taxpayer receives the refund, if he itemized deductions on the previous year's Federal income tax return. Suppose a taxpayer files his 2010 Form 1040, and itemizes his deductions. Following the instructions for the 1040, he deducts $500 withheld as state income tax (shown on his W-2) in computing his 2010 Federal taxable income. He then prepares his state income tax return and discovers that he owes only $435 in state income tax, and is due a refund of $65 (the difference between the $500 withheld and his actual liability of $435). His actual state tax liability was only $435, but he had deducted $500 from his 2010 Federal taxable income, so when he gets the $65 refund in 2011, he must include it in 2011 income for Federal income tax purposes to make up the difference. However, if the state refund was for a tax year for which the taxpayer did not itemize deductions on his Federal tax refund (i.e., he took the standard deduction), it is not taxable income to him. (MORE)
There are small businesses where you dont require any money just your decision and may be a telephone connection. First you should know your plus points and work on that to decide about what business you will do.service industry is best without capitol , like being a ticketing agent, real estate age…nt ,share market advisor .or you can be a retailer of many things with out actually investing.only thing you require is determination and patience. (MORE)
If your children have enough income for you to be concerned about this, you should consult a tax professional instead of relying on possibly incorrect information from the internet, but under some circumstances you can opt to include your minor dependents' income in your own return instead of filing… independent returns for them. (MORE)
This comes from paying taxes on paychecks. There is a certain percentage that people usually receieve back from what they paid in. Sometimes people who make more money will have to pay in even more.
Call your local tax filers and ask them. They are the best resources when trying to find out how you can qualify for the free income tax return. That is your best bet.
There a few reliable businesses that offer free income tax return preperation. H&R block, Turbo Tax and Free Tax USA , all offer free income tax return preperation.
In Australia if you do your own tax return and submit it to the tax office, the only cost you would incur would be a postage stamp. If on the other hand you had an accountant or you lodged at a registered tax agent there would definitely be an up front charge or fee from your return.
Your income tax refund will arrive when the IRS sends it. Normally, if you file electronically, make no errors, and have nothing on your return to cause the IRS to want to look at it more closely, you should have your refund 10-14 days after your return has been accepted by the IRS.
Depends on where you live and if you're getting a refund or not. The tax instructions booklet should have a list.
In addition to their other services EZ tax does do business tax returns, although additional charges may be applied depending on the location and size of business.
You can deduct any expenses that you deem to be ordinary and necessary to do your job. These include things like travel costs, uniforms, computers, internet charges and tools. There are, however, some things that you are not able to deduct and these include watches, dry cleaning and everyday clothin…g. (MORE)
Each year every person living in most countries has to pay a tax onhow much they have earned in the year. The income tax return is theform on which they declare what they have earned so that the taxdue can be worked out by government officials.