The Tax Questions Blog

Posts Tagged ‘business’

Question: Paying Taxes and an Independent contractor?

I am doing work at home as an independent contractor for a company in Canada, I am curious how taxes work on both ends. Am I required to pay taxes and what is the companies obligation to me being a US resident do I still get a 1099 form at the end of the year?

Answer: They will not issue you a 1099-Misc.

Whether or not you get a 1099-Misc doesn't change the fact that you have income from self-employment and it's taxable.

Plan on 30% for taxes and if you expect to owe more than $1000, make quarterly payments.

If you have low income and you expect to qualify for EIC, be darn sure you can prove your paper trail. Contract, payments, wire transfers, etc.

Plan for new Peace Bridge abandoned

After a decade of lofty plans but one obstacle after another, the proposal for a new Peace Bridge across the Niagara River has reached a dead end.

Vancouver BC Canada city taxes at work

Question: Does the IRS have payment plans for people who can't afford to pay all their taxes at once.?

I heard the IRS penalties are so large that it would be better to use a low rate credit card to pay my taxes then set up a plan with the IRS, is this true?

Answer: Your Accounting GURU

Don't believe the hype: There are ways around everything: Penalty appeals, offer in compromises, the law of economic benefit: and many more.

Ron Johnson Has Found A Creative Way To Recoup His Campaign Investment

Back in 2010, Wisconsin Democrat Russ Feingold lost his Senate seat in dramatic fashion to Republican Ron Johnson, an Oshkosh businessman-turned-Tea Party mantle-wearing political insurgent.

FOX NEWS Live: GE Pays No Taxes To IRS

Question: What can I do if my ex signed my name on a tax refund check that was supposed to be equally divided?

We were legally separated at the time and per the divorce decree agreed to file our taxes jointly for 2003. Needless to say, the taxes didn't get done and sent in until Fall 2006. He informed me that we weren't getting anything back because we filed too late. I contacted the IRS and they stated that a check had been mailed out in August 2006. I think he signed my name on the back of the check and kept all of the refund. What actions can I take if this is the case? The IRS is stating that since we filed jointly I would have to take legal action...okay the divorce cost me quite enough...! Would he be charged with forgery? And we're talking about a federal tax return...how bad could that be for him? (He's always saying he has no money, but gee, he just bought a Harley motorcycle last Fall....hmmmmmmm) I just found out about this today. I will be contacting my local County Prosecutor tomorrow to see if they can steer me in the right direction. Any ideas?

Answer: Get all the information down in writing from all offices then take him to small claims court!! Just make sure you have all the evidence.
Yes he can be charged for forgery.

Timber Lake Playhouse in Mt. Carroll is Celebrating a Milestone This Summer…Our 50th Season!

I am so proud of this place and the art that takes place on TLP’s stage each summer.

Tax Tips: Free IRS Tax Help

Question: Can you file for unemployment if you work for 1099?

My husband is contemplating going back to work for a previous employer, however when he works for this guy he has to file 1099. He is considered a sub-contractor of a sub-contractor I guess. The pros definitely outweigh the cons in this situation... but my one concern is that with things being the way they are right now what happens if he gets laid off? Would he at least be eligible for unemployment?

Answer: Unfortunately, no, he wouldn't be eligible for unemployment. He's being paid as a 1099 subcontractor, not as a W-2 employee. Only W-2 employees are eligible for unemployment benefits.

New Improved EzPaycheck Payroll Software Helps Small Businesses Battle the Recession

The ezPaycheck software from Halfpricesoft.com speeds up preparation and printing of paychecks. New features increase user-friendliness and ease of use. Try it free for 30 days at http://www.halfpricesoft.comNew York, NY (PRWEB) July 06, 2011 With ezPaycheck payroll software, small business owners can eliminate frustration and slash the cost of payroll jobs. ezPaycheck ...

Baucus Continues Jobs Agenda with Bipartisan Bill to Boost Employment for Vets

Question: Please tell me how to submit tax proofs in case of two employers in a year ?

My new employer(B) has asked for form16/sealed tax computation sheet from previous employer (A) , for tax proof submission.
but as far I know A used to give form16 after financial year. Then what do they mean by sealed tax computation sheet.
Also I more query, i had declared investment for X amount with A.but due to some reason I could not do that , thus I dnt have proof for the same. then hoe B will deduct my taxes and how to get exemptions for house rent for whole financial year.
Any help will be appreciated.
thanks in advance

Answer: This is the correct procedure. But most Firms have a Tax declaration procedure where you declare the income and deductions from your previous Firm or at-least the income. You have to submit the Form-16A or Form 12C from A to B which they will use to revise your calculations. If your tax deductions are huge, you could do this, ask your new firm to ignore all income from previous firm also - they should since they do not have any proof for this also. You then declare both in your final filing of returns. You might end up paying some interest in case you need to pay further tax in this case.
All investments other than medical bills and rent (HRA) can be claimed with B for the whole FY. The first two need to be with separate Firms. If you have missed them, there is no work-around.
I hope it helps.

High earners escaping tax

I'm feeling a bit left out when it comes to taxes . The problem is that I seem to pay them. Apparently, I'm doing something wrong. In the last few months, there's been a lot of attention on the reported 51 percent of folks who've figured out how to avoid paying income taxes . A good portion of this group is low-to-middle-income earners and they've taken advantage of the many refundable tax ...

What does the BC HST Mean to Consumers? HST and HST Exemptions (Part 1)