Hot Business Tips » United States

Can you have a business license and still receive unemployment assistance?

admin — Tue, 16 Mar 2010 02:12:24 +0000

Godspeed asked:

Right now I’m receiving unemployment benefits but I’m looking to start a business next month. Can I have a business licenses even though I’m not planning to do business for the next 3 – 6 months. Would that affect my unemployment?

Thanks!

How do I retroactively transfer personal income to my new business?

admin — Sun, 26 Oct 2008 16:39:56 +0000

Matt asked:

I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.

Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?

The income was received within the 2006 tax year, so I’m assuming i may need to start the LLC within 2006 as well?

Type of business that does not need to collect Texas state sales tax?

admin — Thu, 16 Oct 2008 03:59:13 +0000

bobinn asked:

Looking to develop a new business that does not require collecting Texas sales tax on products or services. Are there such business out there?

Are there tax benefits if I get a business lisense for selling things on online auctions?

admin — Wed, 20 Aug 2008 18:35:58 +0000

Jack asked:

I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.

Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?

(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?

If you invest money into your business and the business loses money, how do the taxes work?

admin — Mon, 11 Aug 2008 11:29:07 +0000

thebuffettour asked:

I want to start a business and I know most lose money in the beginning so I was wondering how the taxes work between filing business tax returns and personal tax returns. I wasn’t planning on doing a DBA so there would be two returns but do I claim business loss of revenue AND personal loss of investment?

Home-based Business. What if I have next to nothing coming in for how much I am deducting in taxes?

admin — Mon, 07 Jul 2008 01:18:58 +0000

rothchristian asked:

I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.