Small Business
The most frequently asked tax questions related to Small Business
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Answer Tax QuestionsW-3 - Red forms - Filing requirement
Asked Thursday, January 26, 2012 by an anonymous user
In the past, Forms W-2 and W-3 had to be filed using the Red forms but currently the IRS will accept IRS approved scan able Non red forms.
For the current year, paper copies to be filed with the IRS for Forms 1099 Copies A and 1096 must be RED copies.
For the current year, paper copies to be filed with the IRS for Forms 1099 Copies A and 1096 must be RED copies.
Auto - Mileage Rate deductions
Asked Thursday, January 26, 2012 by an anonymous user
The standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 56.5 cents per mile for business miles driven.
Auto expenses - Proof
Asked Thursday, January 26, 2012 by an anonymous user
You should maintain a log or diary of your auto expenses.
If you use the actual expense method you should save the actual receipts for gas, oil, insurance, repairs, licenses and taxes.
If you use the mileage deduction method you need to maintain a log or diary which lists the date, destination, business purpose, mileage driven (odometer start/end) type and amount of other expenses incurred. Currently there are phone applications for mileage documentation.
If you use the actual expense method you should save the actual receipts for gas, oil, insurance, repairs, licenses and taxes.
If you use the mileage deduction method you need to maintain a log or diary which lists the date, destination, business purpose, mileage driven (odometer start/end) type and amount of other expenses incurred. Currently there are phone applications for mileage documentation.
Auto - Driving to work
Asked Thursday, January 26, 2012 by an anonymous user
In general, costs of commuting between your home and workplace are not deductible. Costs for gas for your car, train, bus, tolls and parking fees are not deductible.
Conventions - spouses expenses
Asked Thursday, January 26, 2012 by an anonymous userI receive Social Security, do I still have to pay self-employment tax?
Asked Tuesday, January 17, 2012 by an anonymous user
You are required to pay self-employment tax on self-employment income after you retire and receive Social Security>
What income is not subject to SE tax?
Asked Tuesday, January 17, 2012 by an anonymous user
Rent from Real estate (except RE dealers), Dividends and Interest except dealers in securities) and Capital gains (except traders in securities) are not considered income subject to SE tax.
Is Foreign Earned income subject to SE tax?
Asked Tuesday, January 17, 2012 by an anonymous user
You are subject to self-employment tax on all earnings even though you can exclude from gross income your foreign earned income of up to $92,900 in 2011.
Do I Have to pay S.E. Tax even though I receive Social Security benefits?
Asked Tuesday, January 03, 2012 by an anonymous user
Yes. You are required to pay self-employment tax on Self employment income even after you retire and receive Social Security benefits.
