If you have small business expenses but no income will you get a tax return?
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
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Answer . If I understand what you are asking, your question is in regards to C corporations or LLCs which have elected to be taxed as C corporations, and which use the accr…ual method of accounting.. The income tax expense for the period would be listed as an expense on the income statement. The amount of unpaid income tax would be listed as a liability on the balance sheet as income tax payable (or some similar name).
Hi frnds, for individual whose income is more than 110000(2008-09,fiscal period) for women 1450000 must file income tax form by 31 july(for audit 31oct) . for not filling re…turn may penalty of 5000. THANKS
Gross income. General definition. Gross income means all income from whatever source derived unless excluded by law. Section 22 GROSS INCOME: (a): Gross income includes…* gains, profits, and income derived from salaries, wages, or compensation for personal service...
It is entirely situational and depends on many, many factors...like if your an employee or not (W-2 or 1099). What your employer provides and if you get reimbursed at all (and… how) for it...many industries have fairly common guidelines that make certain things deductible, where others have others.. Frankly, most "standard" employees, just going in and doing a job and getting paid don't have any unreimbursed work expenses that would qualify. The most common would be clothing, like a uniform, that is required and cannot be worn otherwise (a suit wouldn't qualify, nor would jeans...even if only used at work).
Taxes are payable on income less expenses
Yes, your schedule C can show a loss.
If you use the records to assist in your medical care, it seems like a reasonable deduction. If you are getting the records just because you are curious to see what's in th…em or for some non-medical purpose, then it might be a stretch to claim a deduction.
Yes..absolutely...and prove it...and for many other reasons, like being able to use the tax benefit of that loss against future income.
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on th…e federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
This is not a simple question that has a simple answer but you can find a lot of information by going to www.irs.gov and use the search box for the tax form number that the qu…estion is about and then choose that tax form number instruction and then start reading. Instructions 1040 U. S. Individual Income Tax Return http://www.irs.gov/pub/irs-pdf/i1040.pdf
If any expenses have been recovered which were allowed as deduction will be taxes as business income?
Business Income replaces your lost business income in the event of a covered loss. In regards to an apartment building insurance for example, if there is a fire and the tenant…s have to move out while the contruction is being completed, you will be compensated for your loss of business income. The extra expense can be used to place your tenants in temporary housing, and may include moving expenses. Check out my website for more details!
Yes. Depending on the specifics, it may or may not be a TAX DEDUCTIBLE expense, but it is most certainly an expense. (For example, your (or a Cos) state income tax is an exp…ense, it pays it, its bottom line - the money it has to give to its owners is lowered by it), but and it is a deduction (or expense) against FEDERAL taxable income. But it is noot an expense in calculating the income you pay the State Tax on. Just like the Federal tax is NOT an expense (deduction) you can use to calculate the State Taxable Income on.
it is neither an expense nor an income
There a few reliable businesses that offer free income tax return preperation. H&R block, Turbo Tax and Free Tax USA , all offer free income tax return preperation.