Obamas small business tax plan, question about it?

Obamas small business tax plan, question about it? Topic: Obamas small business tax plan, question about it?
April 22, 2019 / By Abidan
Question: Ok I have heard after reading on yahoo answers two different versions of Obama's tax plan for small businesses. One said that businesses would be taxed on net and the other said on gross, who is right? Thanks
Advertisement
Best Answer

Best Answers: Obamas small business tax plan, question about it?

Siena Siena | 4 days ago
the people who say Obama will tax net (ie the profit after expenses are paid off) are right.
👍 276 | 👎 4
Did you like the answer? Obamas small business tax plan, question about it? Share with your friends
Siena Originally Answered: How to start a very small business in New York State? No need for loans/major business plan. Just the basics!?
1. business cards 2. web site 3. cell phone or land line just for work (on biz card) 4. DBA there is no form....it stands for "doing business as" 5. Best way to deal with taxes is get an accountant, a good one. the amount they will save you yearly will easily cover their cost. 6. If you do paperwork, track stuff, etc....I do recomend Quick Books Pro to deal with all your "business books". Its recognized by the IRS and almost every accountant has it, knows it, and prefers it. 7. Just go work, have fun, spread the word. If it is just you there is no real need to get into LLC, S corp, etc as this will only cost you money to do and if you are not big, don't have product, stock, etc.....its kind of like wrapping a hamburger up in silk when a foil wrapper will do. talk to the accountant, they will tell you how to set up your quick books, what catagories you'll need, what to track, miles, car expense, home office expense, etc. save every receipt for the business, even food, pop, etc. anything that is used for the business. I have been a DBA for the past 11 yrs in a specialized high line service for autos and its great. Great to be your own boss without all the legal mumbo jumbo of being an LLC or S corp. You yourself, your SS#, etc are the business....your tax ID number is your SS#. And unless you are dealing with the public or selling an item, you shouldn't even need a license from the city. But still check into that, might need a sales tax ID, normally like $35 a year fee to the city that the business resides in. since you mentioned working at home, seperate work from home, as in its own room, etc. then you can write off that space from your rent or mortgage as rental space for the business. its not hard to start your own company......there is no mountain of red tape, no stack of forms, etc. its all myth.....just matter of wanting to be your own boss and having the drive and will to do it. good luck.....great to see another come to our side of the corporate world.
Siena Originally Answered: How to start a very small business in New York State? No need for loans/major business plan. Just the basics!?
You can file for your DBA with your county Clerk of Courts, it usually costs less than $20. This gives you the ability to open a bank account in the company's name. Other than that, check with the New York Secretary of State to see if your business requires any special licensing or tax certificates: http://www.dos.state.ny.us/ That should be it to start up a sole propietorship. You will need to document all your business expenses in detail (receipts, mileage logs, etc) if you plan to use the costs of the business as a tax deduction.

Philippina Philippina
First, for those of you too dense to read and educate yourselves, I'll spell it out for you, he's not creating a tax for the rich and wealthy, he's letting old legislation expire. Second, Obama is a figurehead, put there by the clowns that actually run our country into the ground. It doesn't matter which suit and tie got elected, we're all going to hurt some way or another. Third, taxes fund the government agencies that you've all become accustomed to, like schools, roads, police agencies, and fire departments. No matter what the source is, the government will get their money. Fourth, for all of you who complain about higher taxes, it's a shame that you make over $100,000 a year doing something that could be done for $30,000 a year, much less $250,000 a year. Fifth, in a country like ours you would assume we could offer at least basic health care. No company will be bankrupted because it has to provide health care. Most legitimate companies do anyway. Sixth, looking at history you'll find that a majority of the proposed "plans" are never followed through. Lastly, we argue about such stupid things like this, no wonder we're hated by other countries. I love this country but I hate the people who live in it. By the way, the taxes is on net profit, after factoring out revenue - expenses.
👍 120 | 👎 -4

Marta Marta
Money comes out money goes in. What you take home to pay for frivolous crap is what you will pay 3 percent more tax on.
👍 117 | 👎 -12

Marta Originally Answered: what is a good health insurance plan for small business owners?
there is a company called administaff... they are a company that handles HR and benefits for small business. i saw something on them in forbes about 2 yrs ago. http://www.administaff.com/index.asp
Advertisement

If you have your own answer to the question Obamas small business tax plan, question about it?, then you can write your own version, using the form below for an extended answer.