Marketplace

Related Articles

More

Related Categories

More

Recently Added

More

Taxes And Laws Guide

Your Ad Here

Terry Said:

My husband is strting a small buisness can anyone guide us to any good sites with information?

We Answered:

You will need to get yourself sorted with an accountant.
They are usually best placed to give you the lowdown on what you have to pay.
If you going to be VAT registered check out the Flat rate vat scheme on the HMRC site. It will save a lot of time and probably make you more money.
It really depends on whether he is going to go Ltd. , SE, Partnership etc. All subject to different rules.
Unfortunately in this country the tax man will screw you over whatever you try and do.
They have recently removed the 1st £10,000 tax free rule on corporation tax and raised the rate. Another stealth tax to take a further £2000 off each honest small business.
I'll go now 'cos I'm starting to sound bitter and twisted.
Good luck with the venture!

Felicia Said:

I made about 4600 dollars in 2007, do I need to file taxes?

We Answered:

okay slow down and breath... Okay yes if you make a certain amount of money you have to file taxes. i would check for your states laws. In AZ you don't have to file if you make less than $6.000. But at the same time if you get your taxes done by the 15th you can be eligble for the stimulus checks in June. You can do your taxes online for free just go to taxact.com and it will guide you through everything. You can even get it direct deposite into your bank account taking only a couple of weeks instead of a couple of months!

Jennie Said:

How do I figure out taxes for small business?

We Answered:

I have been a tax accountant for 27 years, specialzing in small businesses. Let me tell you that even we professionals can't get current-year tax software . . . or tax forms . . . or tax publications . . . . The IRS doesn't approve software packages for a given year until the year is near its end---sometimes not for months afterward! Neither does the IRS make available current-year tax forms, guides, and publications . . . . Why? Because you have morons like George Bush signing major tax laws in late-December, retroactive to the beginning of the tax year!

There are some short summaries of new tax law changes available for the current year---but be aware . . . they can change the whole game by year end and they still want their taxes, penalties and interest if we can't read their tiny minds!

Clayton Said:

Where in the Constitution does it say taxes are voluntary ?

We Answered:

Taxes are not voluntary in the sence that you can choose to pay them or not. There have been many court cases, and the IRS has won every one of them! I wouldn't use this as my excuse to not pay taxes.

The 16th Amendment to the Constitution empowered Congress to levy an income tax. They do this through the Internal Revenue Code. If you want to read why paying taxes aren't voluntary, there's a link to the Complete Idiot's Guide to Your Civil Liberties By Michael Levin on the links below.

From the IRS website:

Some assert that they are not required to file federal tax returns because the filing of a tax return is voluntary. Proponents point to the fact that the IRS itself tells taxpayers in the Form 1040 instruction book that the tax system is voluntary. Additionally, the Supreme Court's opinion in Flora v. United States, 362 U.S. 145, 176 (1960), is often quoted for the proposition that "our system of taxation is based upon voluntary assessment and payment, not upon distraint."

The Law: The word "voluntary," as used in Flora and in IRS publications, refers to our system of allowing taxpayers to determine the correct amount of tax and complete the appropriate returns, rather than have the government determine tax for them. The requirement to file an income tax return is not voluntary and is clearly set forth in Internal Revenue Code §§ 6011(a) , 6012(a) , et seq., and 6072(a). See also Treas. Reg. § 1.6011-1(a).

Any taxpayer who has received more than a statutorily determined amount of gross income is obligated to file a return. Failure to file a tax return could subject the noncomplying individual to criminal penalties, including fines and imprisonment, as well as civil penalties. In United States v. Tedder, 787 F.2d 540, 542 (10 th Cir. 1986), the court clearly states, "although Treasury regulations establish voluntary compliance as the general method of income tax collection, Congress gave the Secretary of the Treasury the power to enforce the income tax laws through involuntary collection . . . . The IRS' efforts to obtain compliance with the tax laws are entirely proper."


I hope that helps.

Brandon Said:

If I have a dropshipper and a webstore, do I collect taxes? How does it work?

We Answered:

You collect and render sales tax from anyone in YOUR home state. Contact your state's revenue department. They'll set you up, including a pretty good "Sales Taxes for Dummies" booklet. Or at least a passable FAQ and the relevant (though dry) laws.

Jacob Said:

how and what do i need to start my own hunting guide/outfitter service?

We Answered:

Well you have to have a business license, insurance, a big chunk of cash, advertising, all the gear involved, be able to deal with rude clients as in people skills and a high success ratio, for starters.
You also have to have a way to contact emergency medical assistance, be it cell phone or satellite phone, in case a client gets hurt or has an heart attack, CPR training would be a good plan. You will need help; at least one experienced employee and a grunt to pack gear.
You will need to be able to transport the field dressed animal and provide a fast way to have the meat/hide processed.

So figure at least $30,000 to cover all the gear, equipment and other costs to have it together, it cost me and my partner $120,000 to get set up.
You will need an accountant to go over your records for taxes and you must keep good records of everything.

Each state has different laws in regard to being a guide service as well as state and federal lands have different laws also. You will have to do your home work on all this or end up either with a fine or being shut down.

Here is a link about a school for hunting guides;
http://www.guideschool.com/
More info;
http://www.royaltine.com/faqs.php
http://www.guidetraining.com/home_study.…

Ann Said:

How do you report quarterly taxes?

We Answered:

I assume you mean estimated taxes.

To compute your estimated taxes due, you estimate your annual tax liability. You then estimate how much of that liaibility will be satisfied by withholding from your income. The your estimated tax liability is greater than your estimated withholding, then the difference is your "estimated tax liability".

You then submit 25% of your estimated tax liability on each of April 15, June 15, September 15, and January 15 with the appropriate 1040-ES voucher specifying the amount of the payment. It is recommended that you reassess your estimated tax liability every three months to ensure that it remains accurate.

The 1040-ES and its instructions can be found at www.irs.gov.

Richard K
Master Tax Advisor
HR Block

This advice was based upon my understanding of the law in effect at the time it was written as it applies to the facts provided by you. See my profile for more details. Your Ad Here

Discuss It!