I had a child care business in my home this year. It is my first time filing taxes for this business. My deductions were 7000 more than my income which put my Net Income at Zero. I am owing {content} and my refund is {content}. Do I still have to file taxes and pay the 0 to file? My total gross income ,550

Does anyone know any of theses answers?

Jerry and Julie are brother and sister. Jerry sold stock to Julie for ,000, its fair market value. The stock cost Jerry ,000 5 years ago. Also, Jerry sold Carol (an unrelated party) stock for ,000 that cost ,000 3 years ago. What is Jerry’s recognized loss before the ,000 capital loss limitation?
{content}
,000
,000
,000
,000

Question 2
Walnut Interests is a partnership owned equally by Bob, Jon, and Gary. Bob and Jon each have a November 30 tax year-end, while Gary has a January 31 tax year-end. Under the general rule, what tax year-end should the partnership adopt?
December 31
January 31
November 30
November 30 or January 31
None of the above

Question 3
On January 1, 2009, Sandy, a sole proprietor, purchased for use in her business a new production machine (7-year property) at a cost of ,000. Sandy does not purchase any other property during 2009 and has net income from her business of ,000. If the standard recovery period table would allow ,716 of depreciation expense on the ,000 of equipment purchased in 2009, what is Sandy’s maximum depreciation deduction, including the amount that could be deducted under the election to expense, for 2009?
,716
,000
,716
,000
None of the above

Question 4
John purchases residential rental property on October 31, 2009 for a cost of 0,000. Of this amount, 0,000 is allocable to the cost of the home and the remaining 0,000 is allocable to the cost of the land. What is John’s maximum depreciation deduction for 2009?
,198
,099
,061
0
None of the above

Question 5
From the records of Tom, a cash basis sole proprietor, the following information was available:

Gross receipts ,000
Dividend income (on personal investments) 200
Cost of sales 15,000
Other operating expenses 3,000
State business taxes paid 300

What amount should Tom report as net earnings from self-employment?
,900
,700
,000
,000
None of the above

Question 6
On June 1, 2009, Cork Oak Corporation purchased a passenger automobile for 100% use in its business. The auto, with a cost basis of ,000, has a 5-year estimated life and a salvage value of ,000. It also is 5-year recovery property. How much depreciation should be taken for 2009 assuming Cork Oak Corporation uses the accelerated depreciation method under MACRS, but does not choose to make the election to expense or take bonus depreciation?
,960
,100
,900
,400
None of the above

Question 7
Aaron has a successful business with ,000 of income in 2009. He purchased one new asset in 2009, a new machine that is 7-year MACRS property, with a cost of ,000. Of the options available for allocating the cost of the asset over time, for tax purposes, what is the largest write-off Aaron can obtain in 2009?
,000
0
,000
,500

Question 8
Vernon is a cash basis taxpayer with a calendar tax year. On November 1, 2009, Vernon entered into a lease to rent a building for use in his business at ,000 a month. On that day Vernon paid 6 months rent on the building, a total of ,000 (,000 ´ 6 months). How much may Vernon deduct for rent expense on his 2009 tax return?
,000
,000
,000
,000
None of the above

Question 9
Which of the following is not an acceptable method of accounting under the tax law?
The accrual method
The cash method
The hybrid method
All of the above are acceptable
None of the above

Question 10
Mark the correct answer. Partnerships and S corporations differ in that:
Partnerships can have a fiscal year deferral period of 3 months while S corporations can have a fiscal year deferral period of only 2 months.
S corporations may have to make a required tax payment, while partnerships do not as they are only a reporting entity.
Partnerships must adopt a tax year the same as the tax year of the partners holding a majority interest in partnerships profits while S corporations generally must adopt a tax year the same as the calendar year.
Partnerships estimate taxes for deferral periods by multiplying estimated deferral period income by the highest individual tax rate plus 1% while S corporations use the highest corporate rate to estimate deferral period income tax.

Question 11
What is the maximum depreciation expense deduction for Year 2 (2010) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2009 and costing ,000 (the election to expense is not made and no bonus depreciation wa

My hubby started his own business and i have been attempting to find out exactly what the necessary information needed on a legal Pay stub would be. Can anyone tell me the vital info that HAS to be on it? I have all the deduction info for EI, CPP, Federal tax ect, dates, names or employee and employer, province of employment, pay period, gross/net income. Am I missing anything important? Does the Social Security # have to be on it?

My wife is self employed and we would like to get a home after we file our taxes for this year. Since self employed people have a harder time getting home loans someone suggested that we claim less deductions from the business to increase her net income. Has anyone else heard of doing this? Also, someone suggested that we might be able to claim less deductions and then file an amended tax return, after we get a mortgage, and claim the deductions. Has anyone heard of doing this? The first option seems legal to me since we would just be paying more in taxes but I don’t know if the second suggestion would be okay or not. If anyone could provide some guidance that would be great. We don’t want to do anything that is illegal or anything. Thanks.

I’m a full-time student who worked sporadically last summer and fall moving furniture. I received a 1099c stating I earned about 00. With my education expenses, and other deductions, my "net income" is something like -6000 dollars.

However, Turbo Tax is telling me that I still made about 4300 dollars in "business profits" and that, despite living a student loan debtors life with a hugely negatively net income I still owe 615 dollars for business income. Is this right? Do I need to pay 613 dollars despite my income being incredibly inadequate to my expenses?
I did mean misc. Thank you Wayne.
Thanks Anna. It did dawn on me that there were probably "business expenses" that could be deducted.

Isn’t this the biggest rip you’ve seen??

Got this in the company mail today:

Dear Valued Employee:

As you know, President Obama has asked Congress to pass the beginning of his health insurance plan for all Americans. The starting plan will cost some billion a year, of which the President has proposed billion in higher taxes for firms doing business overseas, which is half our company’s business. He asked Congress to find the rest of the money.

Congress has said the other billion a year will come from disallowing corporate tax deductions for employee health insurance, as well as raising the general corporate income tax rate to 35%.

The company will absorb the higher taxes on our foreign operations and the tax increase to 35% even though we expect this to eliminate our currently low net income.

Our corporation pays approximately ,000 per year per single employee and ,000 per year per employee family for the health insurance coverage you presently have.

This means that Congress has decided to raise our taxes by 00 per employee with single coverage and 50 per employee with family coverage.

As you know, our company’s sales have recently fallen by more than at any previous time in our company’s history. Our company is paying no dividends to the owners and may soon be in danger of not earning the interest cost of our debts.

Accordingly, we must pass onto our employees the entire added tax that Congress will impose on your health insurance plan. It is either this, go out of business, or move operations and most jobs overseas.

Effective the first of next month, all US employees electing single coverage health insurance will have their monthly contribution increased by 175 dollars and those electing family coverage will contribute an added 262.50. For hourly employees paid every two weeks, this is .75 and 1.15 respectively.

Thank you for your continued efforts to make the company profitable,

Human Resources Department

Me and my friend were talking the other day and she was telling me about her taxes and it made me little worried. okay, she
owns a small business, married (spouse not employed) and a home. Her total wages (or AGI) is about ,000. She said itemized about ,000 (owns a home, and lots of charity donations). Is This Possible? Well doing the math in my head with net income of k thats k a month, no way house payments are less than that (plus food, etc). She telling me she has TONS of savings in their bank accounts. Is this possible??

There are two numbers. Your top line sales which is you gross income. Then your deductions and expenses. That equals net income. Your net income is the bottom line. What you pay taxes on. This is where you fall when it comes to paying taxes. It seems most people don’t understand that the income of a business is not the taxable line.
After posting this I realized that I should have reworded the questions to "Do business owners understand that top line sales is not the same as bottom line sales?

Being self employed and single with no dependents, on my 07 tax return with business deductions that lowered my reported net income, will this affect the amount I recieve on my stimulus check

Is it based on net income? or Total Revenue before cost deduction? or based on number of employees hired? or …?