If you have small business expenses but no income will you get a tax return?

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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?
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Can your income tax return be garnished?

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 ( Full Answer )

How you compare unpaid income tax with income tax expense?

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 ( Full Answer )

Do churches have to file income tax returns?

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: ( Full Answer )

How do you file income tax return in India?

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 ( Full Answer )

No income do you have to file tax return?

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 ( Full Answer )

How can you save income tax on your business?

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.

Who can pay Income return of tax?

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

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 ( Full Answer )

Can you claim medical expenses on income tax?

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 ( Full Answer )

Does everybody get a income tax return?

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 ( Full Answer )

What is considered income on your income tax returns?

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...

How do you get my income tax return?

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.

What can be a deduction for work expenses on an income tax return?

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.. ( Full Answer )

Can you carry your boyfriend on income tax return?

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 ( Full Answer )

When do you need to file income tax returns?

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 ( Full Answer )

How do you get a copy of your income tax return?

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- ( Full Answer )

Is your income tax return qualify as 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 ( Full Answer )

What expenses can you claim on tax return?

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 ( Full Answer )

What is business income and extra expense about?

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 ( Full Answer )

Is income tax an expense?

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 ( Full Answer )

Who claimed you an your child on their income tax return?

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 ( Full Answer )

Who is responsible for income tax in a business?

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

Do retirees have to file an income tax return?

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 ( Full Answer )

Do you need to file tax return if you had no income?

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 ( Full Answer )

Do you pay taxes on income tax return?

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 ( Full Answer )

What are fixed expenses for a small business?

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 ( Full Answer )

When do you include children's income on your tax return?

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 ( Full Answer )

What exactly is federal income tax return?

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.

Can you file your income tax return for free?

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.

How long do you have to wait for the income tax 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.

Does EZ tax returns do business tax returns?

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.

What expenses can be deducted from business residual income?

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 ( Full Answer )

What is an income tax return?

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.