Comments for Business startup, taxes, and technology

Comment on Home Energy Tax Credits (IRS video w/subtitles, ASL) by Every2ndTuesday

Every2ndTuesday — Wed, 03 Mar 2010 04:24:36 +0000

I like the sign language. I think that many hearing business people often forget about those who are deaf or blind and could do better in how products and services are designed, executed, and marketed to those who are differently abled.

Comment on What’s Your Most Urgent Question About Business Taxes? by admin

admin — Tue, 09 Feb 2010 05:18:54 +0000

@Every2ndTuesday

The regulations for collecting and paying sales tax vary from State to State. You’ll probably need to apply for a sales tax license or a retail merchant’s certificate (or something with a similar name) in your home state.

Check with your State Department of Revenue for their specific rules and procedures.

Sheryl

Comment on What’s Your Most Urgent Question About Business Taxes? by admin

admin — Tue, 09 Feb 2010 05:08:06 +0000

@Scott

Great questions, thanks for asking. The rules on business meals and entertainment can be tricky to understand. I’m working on an article to explain what’s deductible and what records you have to keep.

Watch for it later this month.

Sheryl

Comment on What’s Your Most Urgent Question About Business Taxes? by Every2ndTuesday

Every2ndTuesday — Sun, 07 Feb 2010 17:07:23 +0000

I just last years started selling products on eBay as a new business. Do I need to have an EIN to pay state sales taxes or since I’m a sole proprieter, should I just use my social security number on the forms?

Comment on What’s Your Most Urgent Question About Business Taxes? by Scott Allen

Scott Allen — Fri, 05 Feb 2010 06:44:41 +0000

I know I can deduct business meals, but what restrictions/limits are there on that, and what do I need to do in terms of record-keeping to deduct it properly?

Also, if I go to a business networking event, is that cost deductible? What if I buy drinks at a networking cocktail party? Are they deductible? Again, what do I have to do to claim them?

Comment on Should You Take a Home Office Deduction? by admin

admin — Tue, 02 Feb 2010 05:20:15 +0000

@Bob

Thanks for your question. Unfortunately, the amount you can take for a home office deduction is limited to the profit from your business. You’ll see this if you go through the calculations on Form 8829 Part II very carefully.

Pay particular attention to the instructions for lines 8, 15, and 26.

As far as your other business expenses are concerned (the ones that go directly on Schedule C), the IRS requires you to report all of your expenses, not just the ones you want to.

This is because of past abuse of the Earned Income Credit. Lots of people were filing Schedule C showing earned income and not reporting any expenses. Not a good thing to do!

Sheryl

Comment on Should You Take a Home Office Deduction? by Bob Bessette

Bob Bessette — Sun, 31 Jan 2010 20:06:36 +0000

Hi,
My question is, if I started a blog 6 months ago, and have only made a few hundred dollars from freelance article writing, should I deduct for home office? For website development, etc over the past year I have spent roughly $1000 so I’m thinking that even if I have no profit this year, I should consider deducting. I’m interested in your take.

BTW, I have a full-time job as well and I do have deductions such as home mortgage interest, real estate taxes, college credit, etc.

Best,
Bob

Comment on 3 Ways to Save Money on Your Taxes, Even if Your Business Records Look Like This… by Twitter Trackbacks for 3 Ways to Save Money on Your Taxes, Even if Your Business Records Look Like This… | Business startup, taxes, [sherylschuff.com] on Topsy.com

Thu, 28 Jan 2010 08:24:21 +0000

[...] 3 Ways to Save Money on Your Taxes, Even if Your Business Records Look Like This… | Business start… sherylschuff.com/blog/taxes/3-ways-to-save-money-on-your-taxes-even-if-your-business-records-look-like-this – view page – cached 1. Get a copy of your return from last year. If you’re like most people, your tax situation doesn’t change much from year to year. So last year’s return is [...]

Comment on Make Money On-Line in 30 Days or Less by Twitter Trackbacks for Make Money On-Line in 30 Days or Less | Business startup, taxes, and technology [sherylschuff.com] on Topsy.com

Wed, 27 Jan 2010 09:24:23 +0000

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Comment on You Can Start a Business Without a Product by Twitter Trackbacks for You Can Start a Business Without a Product | Business startup, taxes, and technology [sherylschuff.com] on Topsy.com

Thu, 21 Jan 2010 17:55:32 +0000

[...] You Can Start a Business Without a Product | Business startup, taxes, and technology sherylschuff.com/blog/productivity-tips/you-can-start-a-business-without-a-product – view page – cached You think I’m kidding, right? How can you have a business without a product? There are quite a few ways to start a business without having a physical [...]