I have a small business (restaurant).

My 2005 tax returns were totally off. Gross sales and COGS were off 110% (K to110K and 26K to 55K), and lots of deductions were not included. This is a family business and my brother did the returns and totally screwed up. The old 2005 return paid the IRS 0. With the amended returns, I’m going to be paying them 00. The amended return numbers are pretty similar to my past returns.

I’m really paranoid because I’m afraid this might trigger an audit

How do small business ( a corporation if that matters ) should report on Virginia ST-9 form sales to people from another state via web site. For example I sold something for 0, do I have to report 0 on Line 1 ( Gross sales ) and then add 0 as deductions or exempt sales or shouldn’t I report that 0 at all?

I have a small business–partnership. I bought a truck for 1k in March. I sold the truck for a gain. How should I treat this gain in the tax books and in the financial statements? Of course I was going to take a Sec 179 deduction but I sold the asset and not sure how to handle the small amount of gain. Thanks for any help.
It was bought by the partnership (2 members).

I get these rich liberals in my store who want to maximize their deductions. Every little small business expense, every tax credit.

Yet these are the folks saying the rich should "pay more" in taxes. Well… wouldn’t just filling out the EZ form, or failing to take advantage of these deductions, result in "paying more" taxes?

I just find it fascinating. All these rich people brag that they’d be "happy" to pay more in taxes, yet here they are every year, lining up with their long lists of receipts to squeeze every last penny for themselves.

I own a small business (new business owner). I did my taxes for 2007 and 2008 but I just got letter saying there is a discrepancy in the paper work and to refile I claimed 0′s down the board…( they want me to Amend it) …I got the paper work A 1040…a 1040 SE and a schedule C…I didn’t make anything in 2007 but i spent 6000.00 on supplies and fixing up my shop on the schedule C and claimed that 6000 i put that on the form and claimed it as a loss but that form said to put that on amount on line 12 on the regular 1040… MY QUESTION IS…on the regular 1040 do I still claim the standard deduction?? DO I STill need the regular 1040 or just the1040 SE? Some how after i fill everything out it still says I owe money?? How an I still owe when I didnt make any thing and spent 6000?? HELLPPP!

Starting a Semi-Pro Football Team that will be operated much like a small business. Due to the limitations of a non-profit tax exemption (would need to be in business for at least a brief period of time to be eligible) I need to know what type of expenses I can deduct from taxes.

1) League Fees: 00

2) Travel Fees: Unknown Rate, but will be a flat rate because it will be a charter bus going from our Home Field to the visiting home field. Expenses going TO the home field for the charter will not be included in the deductions

3) Office space for the hotline and computer use for generating communication between customers and the business. Also used to maintain the businesses’ website, keeping financial records, etc.

4) Field Rental. Paying the field rent for Home games. 00

5) Ticket Costs. Paying for the printing of Tickets used for sales. 0

6)Equipment. Equipment for each player costs about 0. 0×40 = 000

7) Jerseys and Uniforms. 0 each player, 100×40 =00

Players will sign a release of liability to the team with proof of thier own health insurance.
Also I didnt mean to ask if anybody needed help, I am the one needing help heh

Obama’s new tax schedule came out today. ,000 to ,000 taxes raised up 20%. ,000 up to 9,000 decreased 20%, and 0,000 and up increase 20%. Capitol gains taxes on everyone’s 401k will raise 40%. Small business, Middle Class, and poor will make up the deduction of the tax cut for the Middle class. Matter of fact, we all will be paying more taxes from what I have seen from his new policy. I think we are screwed! On top of this, Democrats want for spending for stupid crap! We will be paying out through the a-s-s if this man is elected!

My husband and I have 2 small business that we need to file a schedule C-EZ. Is it better to make them seperate business or file as one? They are very similar businesses. Both have very few deductions. Any help would be great!Thank you!

I really need some help with webcamming and doing taxes since most sites don’t do deductions on your pay cheque. I’ve read a couple different sites about being a webcam girl. One said that I need to get a small business license to do my taxes. Is that true? I’m not sure what I may need to claim or how to figure out my own deductions. Also I live in Alta, Canada.

I work for a small business. I do all of my work (except client site visits) from my home office. However, since I also use my home office for personal use during non-working hours, I assume I cannot take the home office deduction (correct)?

Here is my question regarding mileage – I’m testing this using both TaxCut and TurboTax. In both cases, when I enter my mileage, it does not seem to reduce my tax owed. When I tell the program I want to use the home office deduction, then my mileage makes a difference. If I tell it not to do the home office deduction, then my entering mileage makes no difference. So, can I only deduct my mileage if I take the home office deduction? I haven’t read anything to indicate this, but the actions of the tax software programs leads me to believe that this is the case.

I don’t know if this matters, but I itemize my deductions (mostly due to mortgage interest & real estate taxes paid). I do not take the standard deduction.
Edit – I am a W2 employee. This is less than 2% of our joint AGI, so I guess that’s why it isn’t letting me take it. Thanks for the replies!