Posts Tagged ‘money’

tax filing

application fee?

I am an independent contractor, I am a hairdresser and pay the rent for my station and buy all my own products is the first year, I was not an employee and I'm not real sure if I am suppossed to file separate myself as a business or do I put them together?

If you are a sole proprietor, you file a Schedule C with your Form 1040. On it you will list all your income and expenses. The bottom line of Schedule C (positive or negative) is transferred in 1040 as business income, so you actually produce your right along business taxes with your personal taxes. If the schedule C shows a positive income a certain amount you will be subject to tax on self-employment (social security and Medicare on your income), and will complete Schedule SE.

Recovery: Tax Filing Season 2010 – January 2010

taxes filing

What is the penalty for not filing corporate taxes on a dissolved business?

I used to own a company. It was only around for 8 months and was dissolved before any monetary transactions took place. I was told I still have to file taxes for that year. What’s the penalty for filing them late?

From what I’ve heard from other preparers, where the IRS was lax to send penalty notices before to businesses who didn’t file because they had no earnings or operations, they are now sending notices with a penalty just shy of $200.

Tips for Filing Taxes : How the IRS Selects Audits

gift tax form

Does Massachusetts have any state gift taxes?

My parents live in Massachusetts and I live in California and they want to give me some money as a gift. I believe there would be no federal taxes as the gift is well below the unified credit amount. Since it is the giver who has to file taxes and my parents live in MA, are there any gift taxes there? Also, would I as the receiver need to file any tax forms even though I don’t have to pay any taxes on this gift?

I do not live in Mass. but I understand that there is no gift tax.

Tax Deduction Tips : Gift Tax Basics