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Small Business tax's

Does anyone know If you can get a good tax return if any with a small business?

I have a small business that I have had for almost a year, I have all most all my receipts and it is close to writing off the same as what I made. I have two kids to claim and want to know if I am going to get a refund like I usually do.

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Anonymous

Asked by Anonymous at 6:28 PM on Jan. 9, 2011 in Money & Work

Answers (9)
  • what is your business is llc Limited Liability corp or something else?
    pinkdragon36

    Answer by pinkdragon36 at 6:31 PM on Jan. 9, 2011

  • I know that my dads small business has to pay in a ton. I wish you luck on taxes.
    tanya_marieh

    Answer by tanya_marieh at 6:34 PM on Jan. 9, 2011

  • For the 2009 taxes our biz was just starting and didn't do a heck of a lot, under $10,000 and between that, my husbands other job, and EIC and such we got about $5,000
    Mom2Jack04

    Answer by Mom2Jack04 at 6:37 PM on Jan. 9, 2011

  • A tax return is a document that you file with the IRS.

    Contact the IRS with your questions: Telephone Assistance for Businesses:
    Toll-Free, 1-800-829-4933
    Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 6:48 PM on Jan. 9, 2011

  • Is it an LLC or a Sub S?
    Anonymous

    Answer by Anonymous at 7:19 AM on Jan. 10, 2011

  • Why assume it's any type of corporation, anon??? Most people who open a small business tend to open as a sole proprietor.
    Mom2Jack04

    Answer by Mom2Jack04 at 10:25 AM on Jan. 10, 2011

  • That depends on how your business is set up. We had a C corp and switched to an S corp, which should save us some money overall. If you're a sole proprietor, it will be completely different.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:04 PM on Jan. 10, 2011

  • Also keep in mind that this is your first year, so depending on how your business is set up, you can transfer any tools/supplies you owned personally into the business.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:05 PM on Jan. 10, 2011

  • That's going to depend on a lot of things, including how much profit and loss you had for the previous year.


    If you need help running your small business, please feel free to join my business group.

    MoversShakers

    Answer by MoversShakers at 5:39 PM on Jan. 10, 2011

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