I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to legitmize my earnnings

And because of losses in the US, they paid no taxes for 2009.

"GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost 8 million, while its international businesses netted a .8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of .1 billion back into its reported earnings."

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm?cnn=yes&hpt=T2

Regarding the GE Bailout: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews&sid=ST2009062803183

PETRONAS OIL & GAS COMPANY
1, PETRONAS Twin Towers – Kuala Lumpur City 50088 Kuala Lumpur, – Malaysia.
www.petronasoil-gas.net
Tel: + (60) 102566915, Fax: +44 702 674 4343,

JOB REF: PetronasOil/874/07 DATE: 26/07/09

ATT:MUHAMMAD HUSSAIN KHORASANY,
We are pleased to offer you a position with PETRONAS OIL & GAS COMPANY. Your start date, compensation, benefits, and other terms of employment will be as set forth below and on EXHIBIT A.

1. Position and Duties. PETRONAS OIL & GAS COMPANY shall employ you, and you agree to competently and professionally perform such duties as are customarily the responsibility of the position as set forth in the job description.

2. outside Business Activities. During your employment with PETRONAS OIL & GAS COMPANY, you shall devote competent energies, interests, and abilities to the performance of your duties under this Agreement. During the term of this Agreement, you shall not, without prior written consent, render any services to others for compensation or engage or participate, actively or passively, in any other business activities that would interfere with the performance of your duties hereunder or compete with business.

3. Employment Classification. You shall be a contract Employee and shall be entitled to benefits as specifically outlined herein.

4. Benefits. You will also receive standard employee benefits package (including health insurance for you and your family), and will be subject to vacation policy as such package and policy are in effect from time to time.

4.1 Death Benefit: Should Employee die during the term of employment, the shall pay to Employee’s estate any compensation due through the end of the month in which death occurred and will also ensure that he/she is given a befitting funeral according to the expatriate tradition in his home town.

4.2 Other Benefits
Quality single or family housing in company community.
Personal effects shipment and excess baggage allowances.
Access to some of the finest social and recreational facilities in United Kingdom.
Free medical care in United Kingdom for you and your family for contract duration.
Excellent educational assistance benefits with family status contracts.
Complete meals also for you and your family as deemed Appropriate.
Life insurance Policy.
Maximum and efficient security both in work place and housing Community.

4.3 Computer Resources: Laptop Computer, 1.6 GHz Processor, 496 MB RAM, 24XCD-RW, 30GB Hard Drive, Floppy Drive, Integrated Network Adapter, Internal 56K Modem, Spare Battery and Necessary Software. Full time Internet access is also made available.

4.4 Phones: the employer will provide each employee with one (1) Landline and one (1) Mobile Telephone. This shall have a reasonable credit limit application per month.

4.5 Local Transportation: Standby new company car will parked in your apartment for movement.

4.6 Office Space: Adequate private office space in a conducive and comfortable work environment shall be provided for each employee.

5. Authorization To Work: Due to the second ministerial meeting between European Union (EU) on terrorism, which was held in Brussels on 11th OCTOBER 2001. Where regulations adopted on Immigration Reform and Control Act, you will need to present documentation demonstrating that you have authorization to work in Malaysia. This documents which include work permit, Resident permit which you obtain from the Malaysia High Commission through a traveling agent that work with them as stated.

6. Severability: If any of the provisions of this Agreement are determined to be invalid, illegal, or unenforceable, such provisions shall be modified to the minimum extent necessary to make such provisions enforceable, and the remaining provisions shall continue in full force and effect to the extent the economic benefits conferred upon the parties by this Agreement remain substantially unimpaired.

HR Department Manager.

£ 9,100.00 (GBP) after tax deduction (or Euros equivalent depending on home country and currency preference).

Malaysia

1O AUGUST 2009

TWO (2) YEARS

Any selected candidate for PETRONAS & GAS COMPANY , not presently possessing a valid Residence, Work Permits, Visa shall be expected to personally incur all expenses as shall be related to the processing, procurement and acquisition of their necessary permits clearance papers with the Traveling Counselors and shall be duly reimbursed and will be substantiated with receipts and PETRONAS OIL & GAS COMPANY will reimburse the employee not later than Five (5) working days after submission of employee’s expense report and receipts.

This is in line with the exp

I have been working as an Independent Contractor for my employer as of 9/11/08. I didn’t have a paycheck by the 9/15 so I will be paying my income from 9/11 on by the 01/15/09 quarterly pay date for small businesses. By the end of the year I will have earned about ,400 from this job. The only deduction I have is about for transportation.

I also held another job earlier in the year from which I earned about 0. Social Security and Medicare were witheld, but not income tax. Altogether I will have earned under the ,200 limit for the entire year of 2008.

What I am unsure of is if I still need to pay income tax. My quarterly earnings are such that I would have earned a taxable amount had I earned that much every quarter, so I am confused about that.

Also, how much of the 15.3% SS&M do I need to pay? I’ve seen literature talking about how half of Social Security and Medicare is usually paid by employers, half of it can be deducted from net earnings…it’s all very very confusing to me.

If anyone can give me an answer, or clarify this that’d be great. I’m not in the market for consultants (I already know some.)

This is my first year being an independent. I am single, no kids, I rent my own home and do not own my own business. I was going to do the EZ file which I have done in the past, but I am a teacher now and I heard there is a pretty big bonus for being a teacher and if I file myself theres no way to check that off. Then I was going to do turbotax online and do the version where I can choose from a list of deductions. I just cant afford to pay h&r block or any of those guys…they are waaayyy to expensive. Any suggestions? thanks.

I own two rental properties & want to form an LLC. Is this enough homes to do this? They’re not worth but about 50k each. Is the IRS extremely picky when it comes to deducting part of your home to "manage" your business (in this case, an LLC)? I have a friend that works in sales, like me, and this friend does it every year (although, from a moral perspective, I think it’s wrong… they have a lot of personal belongings in their "office.") Any help is appreciated.

By what percentage will forming an LLC reduce my tax rate?

I know nothing about taxes, as my wife is an accountant (she thinks the idea of setting an area of our house as "office space" is a red flag to IRS).

My husband receives a car allowance with each pay period. He also receives reimbursement for gas and maintenance. But nothing for car insurance. Now it seems the car allowance is taxable income on our W-2 but our H& R Block Tax Provider says it is not being taxed. But when I look at his W2 it shows up on line 1. I’m a little confused??? Can we deduct any of the car allowance off? How do we know if we are getting the full amount in reimbursement compared to the .48 mile reimbursement. Is there a standard way to compare?
Also, is there a depreciation deduction if he is putting a lot of miles on his car for business.
Yes, he keeps a mileage log and records of gas and maintenance reimbursement.

Im wondering if I should go to H and R block to finish up my taxes. Last year I had them do ALL the work and it was like 0 I paid, but this year I have done most of the work. I have made a list of how much income I made, how much deductions I should have for business expenses(self employed) and all of that, but I just need help figuring out how much taxes I should owe on these sums or get back. I don’t want to go through H & R block if its going to be 0 again since I did most of the work myself. Im wondering if it will be significantly cheaper than last year since I did most of the work

I have been selling few items on ebay and thru craiglist, mostly re-selling items for a profit. I kept an xl sheet document of my costs and money received. I have not registered myself as a small business or self employed. I am (planning to report) the income on our tax returns. Does this qualify me as self employed (so that I can claim dependent care deductions, otherwise I cannot claim – spouse works, I have no w2 & turbo tax wont let me add ebay earnings as income for dep care purposes)

And my situation is a little bit more complicated. Maybe somebody can answer these questions, too?
I worked for W-2 almost all year and then I started my own little business on March of 2007, so then I worked for 1099. My annual income with W-2 and 1099 is around 000. My wife goes to college and she pays for her education and books herself and her income is way less, than mine, and she works for W-2. Besides that I got a loan on a car which I mostly use for my business, and I’ve got many other deductions I can claim. The total for my deductions is around 000. My other questions are:
- Is it better for me and my wife to file separately or jointly?
- Can I deduct car payments? Or I can only deduct insurance, miles, interest I paid and other expenses?
- Is it worth going to some private tax adviser? Where can I expect more help from: H&R Block, or some retired IRS agent?
- I was told that if I deduct more that 40% of my income, it’ll be very suspicious. But what if I really can?