Small Business
The most frequently asked tax questions related to Small Business
Power company Lineman - foul weather gear
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
The costs of your foul weather gear is deductible as an itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Job Hunting
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
You may deduct expenses of looking for a new job in the same line of work whether a new job is found or not, if it is not your first job in that profession.
Expenses incurred in seeking your first job are not deductible.
Also job hunting in a different line of work is not deductible.
Expenses incurred in seeking your first job are not deductible.
Also job hunting in a different line of work is not deductible.
Lobbying expenses
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
Payments to an organization that devotes a substantial part of its activities to lobbying which tries to influence legislation is not deductible.
How much income earned abroad can be excluded ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
For Americans working abroad, the first $97,600 of their current year foreign earnings will be exempt from U.S. income tax,
Fraternity payments
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
No. Generally, checks written to fraternities and sororities are considered clubs for social purpose and not deductible as a charity.
I live in Florida , Georgia , where do I file Employer's Quarterly Federal Tax Return 941 ?
Asked Thursday, December 28, 2000 by an anonymous userCPA Answer:
In Florida, If you are filing a form without a payment, mail Form 941 to IRS Ogden UT 84201-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 105083 Atlanta GA 30348-5083
In Georgia, If you are filing a form without a payment, mail Form 941 to IRS Cincinnati Oh 45999-0005. If you are filing a form without a payment, mail Form 941 to IRS P.O. Box 804522 Cincinnati OH 4528-4522
Federal tax deposits - electronically
Asked Thursday, December 28, 2000 by an anonymous userCPA Answer:
Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment tax's, corporation tax's and excise taxes.
Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10.
Generally electronic funds transfer are made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution.
To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477.
Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.
Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10.
Generally electronic funds transfer are made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution.
To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477.
Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.
How can I get a copy of the IRS Small Business Tax Guide's for the current year?
Asked Thursday, December 28, 2000 by an anonymous userCPA Answer:
You can get a free copy of the IRS Small Business TXA Guide'S via the internet from the IRS at http://www.irs.gov/businesses/small/article/0,,id=99083,00.html and click on the desired guide.
I live in Connecticut ,Georgia, Illinois, Maine , Massachusetts , New Hampshire , Rhode Island , Tennessee, Vermont , NY, Virginia, where do I file Employer's Quarterly Federal Tax Return 941 ?
Asked Thursday, December 28, 2000 by an anonymous userCPA Answer:
If you are filing a form without a payment, mail Form 941 to IRS Cincinnati OH 45999-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 804522 Cincinnati OH 45280-4522