Small Business Services
The most frequently asked tax questions related to Small Business Services
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Answer Tax QuestionsHow do I calculate a gain or loss on the trade-in of my business automobile ?
Asked Wednesday, October 04, 2000 by an anonymous user
There is no gain or loss recognition on a trade-in of an automobile used in your business. Generally, the basis of the new auto is the adjusted basis (cost minus prior depreciation) of the old car plus any additional payments.
What records should I keep to prove the business use of my automobile ?
Asked Wednesday, October 04, 2000 by an anonymous user
The best source document to use is a calendar diary. Enter the odometer readings at the beginning and at the end of each trip. Enter any actual auto expenses incured on the trip. At the end of the year you may be able to optimize between the higher of the actual or mileage rate expenses. Enter the names of the company or the people you met with. Enter the business purpose of the trip. Enter any meal or entertainment and other miscellaneous expenses incurred in addition to using your car.
Are the business gifts I give out at holiday time deductible?
Asked Wednesday, October 04, 2000 by an anonymous user
Deductions for business gifts to customers or clients are limited to $25 per recipient, per year. Keep receipts for all gifts you give for business purposes. These receipts will help you to prove your deductions if you are ever audited. Track your business gifts throughout the year so you don't have to go through all of your receipts individually at tax time. You should record who the gift was given to, what that person's relationship is to your business and how much the gift cost.
Salesman - NY Knick tickets I gifted my client deductible?
Asked Wednesday, October 04, 2000 by an anonymous user
Sporting event tickets are considered an entertainment expense, if you accompany them. The deduction for a business gift is limited to $25 per person per year.
Generally, the amount allowable as a deduction for meals and entertainment expenses is limited to 50% of such expenses.
Generally, the amount allowable as a deduction for meals and entertainment expenses is limited to 50% of such expenses.
What is the Small Business Administration's web site ?
Asked Wednesday, October 04, 2000 by an anonymous user
The address is www.sba.gov
Is there a web site that will give me a listing of accounting and tax software packages available on the Internet ?
Asked Wednesday, October 04, 2000 by an anonymous user
One address that might be helpful is: www.kentis.com/acctxpub.html
What employment forms should all new employees fill out?
Asked Wednesday, October 04, 2000 by an anonymous user
The law rquires you, the employer to verify that each new employee is legally eligible to work in the United States. Both the employee and the employer must fill out INS Employment Eligibility Verification Form I-9. In addition to Form I-9, each new employee must fill out IRS Employee's Witholding Allowance Certificate Form W-4.
What form does my business file to pay the Federal Unemployment t Tax?
Asked Wednesday, October 04, 2000 by an anonymous user
Use Employer's Annual Federal Unemployment Tax Return Form 940. Use IRS E-file to file and EFTPS to pay. Go to IRS.gov to E-file and www.eftps.gov or call 1-800-555-4477 to call for EFTPS The Federal Unemployment Tax (FUTA)is reported and filed separately from the Employer's Quarterly Federal Tax Return Form 941.
Should I file my tax return by the due date even If I can't pay what I think I will owe?
Asked Wednesday, October 04, 2000 by an anonymous user
Yes. There are different penalty and interest calculations incurred for not filing timely, not paying and not paying timely, or when a balance due exists. You will want to avoid the failure to file by the due date when a balance due exists penalty. Therefore, file the tax return by the due date and pay whatever you can at that point in time to minimize your total penalty and interest calculations.
