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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?
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 percentage of business income should go to rent?
Percentage of business income should not be used to decide rent. Business needs and desires should be used to calculate rent. You could be making hundreds of thousands of dollars working out of a home office.
What are the percentage rates for federal income taxes?
What federal income tax percent should my employer deduct from my wages
Where should promotional products given to customers be classified in the balance sheet?
They should appear on the Income Statement (NOT the Balance Sheet) as Advertising and Promotion Expenses.
What percentage of business income should be spent on commercial rent?
20 percent
What information should you take to a meeting with a tax accountant?
Your business papers such as partnership agreements, joint venture agreements. Your income documents: W-2's, 1099 Misc income stmts, unemployment income, K-1's from S corporations or partnerships, royalty income, rental income, bank interest received, IRA distributions, and all other income. Social security numbers or IRS numbers for all your dependents or spouse. Expenses: Personal expenses such as medical insurance and expenses. State taxes paid. Home mortgage interest paid. Contributions to charities. Employee expenses. Union dues. Investment expenses. Business expenses: Expenses totaled by category. Office supplies, cost of goods sold, advertising, mileage, equipment used the business, rent, wages paid,etc. If you have separate business, (eg rentals, bike shop, coffee shop) list income and expenses independently for each business. Most tax accountants will provide new clients with a "Packet" that asks pertinent questions and also lists what items you should bring.
Should I file your business and home on one tax return?
One person files one tax return for whatever income and expenses that person may have, whether relating to a business or a home. However, if you business is incorporated, then it has to file corporate income tax as well.
Should people report income earned from home based businesses?
Home based income is by far one of the best ways to earn extra income and work for yourself. Starting a business is also a smart tax move, because you can deduct all your "ordinary and necessary" business expenses. You will be taxed only on your net business income -- the profit left over after expenses. A Home based income should be reported. the following article gives good information regarding the topic- uwadmnweb.uwyo.edu/sbdc/pages_media/articles/articles/.../DOC805.PDF
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?
What percentage of monthly income should go on household expenses?
Rent shouldn't be than one quarter of your income.
What kind of documentation or proof do you need for your business expenses?
To document your business expenses, you should keep any receipts and invoices, and your bookkeeping has to be in order.
Income should be paid on a house payment?
25 percent of income should go to house payment but the average is more like 50 percent.
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 percentage of company's gross income should go towards advertising?
Most small businesses should allocate between 2 and 3 percent of revenue for advertising. That number should increase as the business grows.
How do you calculate percent of income spent in one area like housing?
You could divide that number by your total income and that should determine the percent.
What percentage of business income should go to rent?
Percentage of business income should not be used to decide rent. Business needs and desires should be used to calculate rent. You could be making hundreds of thousands of dollars working out of a home office.
