Owe Back Taxes?

IRS making list, checking up on nonprofits that don’t file
Your friendly Internal Revenue Service doesn’t really want to revoke the nonprofit status of more than 1,800 small Nevada nonprofits.

Read more on Las Vegas Review-Journal

Making Social Security less generous isn’t the answer
There are a lot of things Congress doesn’t know right now. What to do about jobs, for instance. Who’ll be running the House come January. How to balance the budget. But there is one thing that both parties increasingly seem to agree on: You should work longer. Social security – United States – Politics – Privatization – Law

Read more on Washington Post

Judge weighs privacy of firms making political donations
The future of a new Minnesota law that let the public know about polarizing political donations from Target Corp., Best Buy Co. and other companies rests with a federal judge who will decide whether to suspend the disclosure requirement on free speech grounds.

Read more on Pioneer Press

Home Sellers Can Curb Taxes By Making Loans To Buyers
With the rocky real estate market in recent years, an owner who has a property pregnant with profit either bought at the right time way before the boom or has been blessed by lady fortune.

Read more on Investor’s Business Daily, Inc. via Yahoo! Finance

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2 Years After Tax Law, Michigan’s Making Movies
Michigan’s making movies 2 years after adopting incentive program, but questions remain Michigan – Law – Tax law – United States – Services

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Most taxpayers are benefiting from the Making Work Pay Tax Credit this year, but some taxpayers may not be having enough tax withheld from their paychecks. Find out if this could be impacting you and how to fix the problem.

Hubby is mentally abusive and has financially ruined us. IRS problems, legal problems, in debt to no end and I can not take it anymore.I have no job and have no skills , I have been a stay at home wife because that is what he has needed me to do. He has had multiple back surgeries and is still in a lot of pain and I feel guilty for wanting to leave . If I leave I have to give up my cat that I have had for 10 years because I can not take him with me , family has dogs . It is going to pretty much kill me if I have to give my cat up but if I do not do what I have to do , I feel I want to die sometimes . Please help me !!!!! I can not live with this gutt wrenching pain everyday . I am physically sick and feel as if I am losing my mind.

Iowa legislators making progress on state budget
Iowa awmakers expect to edge a bit closer to adjournment this week, as the governor signs a budget-cutting reorganization bill and forecasters estimate how much tax money will flow to the state.

Read more on AP via Yahoo! Finance

When I first started thinking about beginning an online business, I didn’t think about the legalities. I knew I wanted to make some extra money. Lots of money! Sound familiar? So, I began doing some research. One day I ran across the headline of an article that I will never forget. It read, “Your Business; Get Legal Or Get Cheated”! As if that were not scary enough, there was more to come. As I began to skim the page, I was horrified to see the words, “Tax ID number.” Tax ID number? I don’t know anything about that! At that moment, I thought the dream of owning my own business was just that, a dream. I began to read more of the article and it actually sounded pretty simple. I was surprised to find how simple it really was. There are two things you must have in order to make your business legal.

The first thing you need to do is file your business name with your state. This is referred to as a Doing Business As (DBA) or Fictitious Name depending on your state of residence. It is as simple as going down to your local County Office building to register your business name. You will be charged a fee. I payed $19 in my county which is in North Carolina. You will need to find out the cost of the fees in your county. You can also file a corporation with your state. All states have a website that gives information about this. Most of the time you can even file online. A corporation will give you more protection for your business but is more expensive.

The second thing you need to do is obtain a Tax ID number. Most states require you to have one. In my state it is called a Sales Tax and Use Certificate. In other states it could be called a Seller’s Permit. What is the purpose of this number? It allows you to collect sales tax on items you sale within your own state. You will use this to file and pay taxes on the items that you sell. You can obtain a Tax ID number by visiting your local State Tax office. You should be able to complete the process and have your number within minutes for a minimal fee. Since the process was still a little scary for me, I went to see my accountant and he filed the papers for a fee of $25. I thought it was worth every penny not fill out the forms myself. If you buy products from a wholesaler, you will need to give them a copy of your Sales and Use Tax Certificate or Seller’s Permit. This proves to the IRS that they are not required to charge you tax on products that they sell to you for wholesale prices.

So, there you have it! Those are the two things you will need to make your business legal. Not too scary and painful, I hope. Easier and cheaper than you thought, right? There are a couple of other things to consider when starting your business, especially if you are serious about making money online.

Opening a business bank account is optional, but I highly recommend that you do. For a while, I didn’t have one. You will need the documents with your business name. Most banks offer business accounts and only require a deposit of $50 to $100. I opened a free business checking account. It included 175 transactions per month without being charged extra and no minimum balance was required to keep the account open. If you need more transactions there are other options available. Shop around for the best deals. One thing to take into consideration is convenience. For instance, if you spend a lot of time in other towns or states, make sure you open an account with a bank in those locations if possible.

If you are going to do business online you are going to need a merchant account to accept credit card payments from your customers. You will not be able to earn much money without one. People who shop online use credit and debit cards to get what they want as quickly as possible. A merchant account will collect payments from your customers and deposit them into your business bank account. When applying, you will need to supply all of the information I have discussed in this article. There are, of course, fees for using a merchant account. There will be a one time fee to set up an account. This amount can vary from a couple of hundred to a few thousand dollars depending on your needs and who you choose to set up your account. You will also be charged an average of 2.2% of the amount charged to your customer’s credit card plus around 30 cents for each transaction. This is what my bank would charge if I opened a merchant account with them. You will need to shop around to find the best rates and plan for you. I do not have a merchant account but am still able to accept payments online. I currently use Paypal to accept transactions. Go to their website to read about what they have to offer. It has it’s advantages and disadvantages, but I digress. That is another topic.

I hope you enjoyed reading this article and found it to be helpful in your business endeavors. I wish you the best of luck on your journey to success!