Ask Entrepreneur - Money

How do I calculate taxes incurred on my business plan?

I am in the entertainment business and I am a sole proprietor.

Should the tax on repair parts be paid once by me and again by my customers?

Should the tax I pay on the repair parts I buy for resale be included again in the price I charge my customers?

Will my tax debt affect my chances of getting a business loan?

I owe about $6,500 to the IRS and unfortunately cannot make big monthly payments. How will this interfere with my chances of getting an SBA loan to start my business?

Since my vehicle is personally owned personally, do I have to show costs paid as employee income and is it taxable?

Can I pay for all the vehicle costs through the company and deduct those costs at the end of the year? I am the accountant of a small corporation run by my family. We were unable to purchase a vehicle through the company because it was established just this year.

I started an LLC with my own cash. Can my company now reimburse me without it being a taxable event?

I haven't taken a pay check since the business started in October, 2009. I didn't officially loan the money so there are no loan documents. It's listed under owner's equity on my financial statements.

Are there any tax credits available for installing energy-efficient windows at my business?

I just replaced three large windows in my restaurant with energy-efficient ones.

Does a loss on my corporate tax return also show up on my personal return?

My husband and I had a small business that shows a loss on the corporate return. We did not draw salaries or income from the company, but do have income from another employer on a W2.

If I own the property in which I run my business can its rent value be considered a running cost?

Since I'm losing possible rent income by using the property myself, should the rent value be considered a running cost from an accounting point of view?

Will there be a taxable event if I quit claiming the deed on my LLC?

We have an LLC for our rental property. We are purchasing a house and need to finance it. [/quote]

Is a repayment to an S corp taxable income for the owner?

The sole owner of an Illinois S corp contributed capital and equipment to get the business going. If he later takes back some of the capital infusions he had made to start that business, are those funds considered to be income to him and does he owe federal taxes on those funds?

How do I give a temporary employee a 1099 form?

We had two employees work for us for only one job. I have not paid them yet. Should I write them a check and give them a 1099 form at the end of the year, or should I pay them through payroll and send them a W2 form? They used our equipment and made less than $600.

How can I figure out my startup costs to create a business social network?

I need to know about how much it will cost to run a social network. I'm not a website developer.

How should I handle the loud and distracting employee that sits next to me?

My supervisor told me to speak to my coworker about her disruptive behavior. Should I go to HR and have them handle it?

How do I secure a line of credit for my business if my personal credit is poor?

I'm currently funding my three-year-old business with personal funds. I need some working capital for upcoming project and marketing. Do you have any suggestions?


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