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Five Tips for First Time Entrepreneurs
It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. There are several things I wish I would have known in the early days of my entrepreneurial...
My House is the Best Contest is over!
RealEstateGates.com ( http://www.realestategates.com ) is happy to announce that My House Is the Best international contest ( http://www.realestategates.com/favorite-house.html ) organized by the portal is successfully over. According to the rules...
RRIF'S + DEATH = TAXES
First Published Summer 1992 The Registered Retirement Income fund, known as a RRIF, is the most popular option chosen when converting RRSP's into retirement income. In the past, most people would start with a RRIF and only convert to an annuity if...
This Year, Try Using Tax Software to File Your Taxes
Every year, we citizens of the United States have to "pay our
dues" so to speak, in the form of filing our income tax
documentation with the federal, state, and in some cases,
municipal government. For many years, people and businesses...
Why Does FACTA Matter to Me?
As an employer, what you don’t know about FACTA can definitely hurt you. FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year. The law went into effect Jan....
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Single and Multi Owner LLC Taxes
LLC owners must report their business income and losses on
their personal income tax returns
Similar to a sole proprietorship or partnership you must report
your income to the IRS. An LLC is not a separate tax entity like
a corporation. The IRS considers Limited Liability Company a
'pass through entity." Earnings are taxed only once. Profits and
losses of the LLC 'pass through' the business to the LLC owners.
Owners (members) must then report this information on their
personal tax returns. The good news is the LLC itself does not
pay federal income taxes. But some states do charge LLCs an
annual state tax.
Income taxes and the number of members in your LLC
The number of members in your limited liability company
determines how it is taxed by the IRS.
Single-Owner Limited Liability Company Taxes:
If you are the sole owner of your LLC then the IRS taxes you
much the same as it would a sole proprietorship. All profits and
losses must be reported on your 1040 tax return (on the Schedule
C attachment). You can not avoid taxes by leaving your money in
the LLC's bank account. All profits in the LLC's accounts must
be reported.
Multi-owner Limited Liability Company Taxes:
If there is more than one member of your LLC the IRS taxes you
much the same as it would a partnership. Again the LLC itself
does not pay tax on profits. Individual members must report
their share of profits on Schedule E and attach it to their 1040
form. Each member pays taxes on their distributive share of
company profits, as stated in the LLC operating agreement.
Again, the LLC itself is not taxed by the IRS although there may
be an annual state tax, depending on which state you are in.
State Taxation of Limited Liability Companies:
Although the IRS does not tax LLCs, California levies an annual
minimun franchise tax of $800.00, they expect this payment
within three months of forming your LLC and kindly send you a
bill so you don't forget. Wyoming levies an annual State tax on
of $100.00; California requires an annual List of Officers or
Members filing, fee of $100.00; Delaware levies an annual
franchise tax of $30.00.
About the author:
Dennis Gardener is an assistant editor at
small-business-assistance.
More small business information YOU CAN USE, available at small-business-as
sistance
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Internal Revenue Service |
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
www.irs.gov |
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Tax Information for Individuals |
Access to useful information, booklets and other tools from the Internal Revenue Service. |
www.irs.gov |
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Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
tax.yahoo.com |
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Taxes: Tax Planning, Tools and Advice - MSN Money |
Microsoft's Tax Preparation site, in association with Tax Server. |
moneycentral.msn.com |
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Tax - Wikipedia, the free encyclopedia |
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
en.wikipedia.org |
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H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
www.hrblock.com |
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TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
www.hrblock.com |
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Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
turbotax.intuit.com |
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Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
www.forbes.com |
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Essential Links to Taxes |
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
www.el.com |
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Government > Taxes in the Yahoo! Directory |
Yahoo! reviewed these sites and found them related to Government > Taxes. |
dir.yahoo.com |
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Taxes - Tax News for Home and Business from CNNMoney |
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
money.cnn.com |
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The Tax Foundation - Educating Taxpayers Since 1937 |
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
www.taxfoundation.org |
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Welcome to the Vermont Department of Taxes |
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
www.state.vt.us |
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Franchise Tax Board Homepage |
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
www.ftb.ca.gov |
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HM Revenue & Customs: Home Page |
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
www.hmrc.gov.uk |
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State and Local Tax |
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
www.taxsites.com |
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Quicken.com |
www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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Tax news and advice from Bankrate.com |
Information on all phases of tax planning and preparation. |
www.bankrate.com |
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Online Tax Advice - Tax Preparation Help - Income Tax Tips |
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
www.marketwatch.com |
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