Is it important to consider income taxes in preparing projected statements?
372095
Of course it is. IF profit exists quarterly, taxes must be paid quarterly. IF you have employees, SS wages must be paid whenever an amount exceeding 500.00 is due. IF filings and payments are not made, serious penalties and interest will be levied by the government agencies involved...federal, state, and often local. Sales taxes must be paid quarterly, on time. Otherwise, more fines will be levied.
1066534
Before you report distributions in excess of basis, be sure you take into account your share of the partnership's liabilities.  Those liabilities also give you basis against which to draw distributions without being taxed.
855830
sure this is viable, and would just mean you have to complete a tax return each year to declare all your income. i did my first tax return online earlier this year and it was quite simple.\nif you are interested in a short course on starting a business & business planning which you could do from home around your work, check out the site below...
9424
Yes, if you can afford.  Bseides building up equity, you will also save money on your income tax become some  of the interest is deductible.
761602
This type of report is not one that is automatically generated by most accounting software, nor is it one that is normally produced by your accountant, but it is an important analysis for you to have and understand. For any new business, you should predict what gross sales volume level you will have to achieve before you reach the break-even point and then, of course, build to make a profit. For early-stage businesses, you should be able to assess your early prediction and determine how accurate they were, and monitor whether you are actually on track to make the profits you need. Even the mature business would be wise to look at their current break-even point and perhaps find ways to lower that benchmark to increase profits. The recent massive layoffs at large corporations are directed at this goal, lowering the break-even point and increasing profits. \n\n\n*Break-Even Is the Volume Where All Fixed Expenses Are Covered*\n\nYou will start a break-even analysis by establishing all the fixed (overhead) expenses of your business. Since most of these are done on a monthly basis, don’t forget to include the estimated monthly amount of line items that are normally paid on a quarterly or annual basis such as payroll taxes or insurance. For example, if your annual insurance charge is $9,000, use 1/12 of that, or $750 as part of your monthly budget. With the semivariable expense (such as phone charges, travel, and marketing), use that portion that you expect to spend each and every month. \n\nFor the purpose of a model break-even, let’s assume that the fixed expenses look as follows: \n\nAdministrative salaries     $1,500\nRent     800\nUtilities     300\nInsurance    150\nTaxes     210\nTelephone     240\nAuto expense     400\nSupplies     100\nSales and marketing     300\nInterest     100\nMiscellaneous     400\nTotal     $4,500\n\nThese are the expenses that must be covered by your gross profit. Assuming that the gross profit margin is 30 percent, what volume must you have to cover this expense? The answer in this case is 15,000—30 percent of that amount is $4,500, which is your target number. \n\nThe two critical numbers in these calculations are the total of the fixed expense and the percentage of gross profit margin. If your fixed expense is $10,000 and your gross profit margin is 25 percent, your break-even volume must be $40,000. \n\n\n*This Is Not a Static Number*\n\nYou may do a break-even analysis before you even begin your business and determine that your gross margin will come in at a certain percentage and your fixed expense budget will be set at a certain level. You will then be able to establish that your business will break even (and then go on to a profit) at a certain level of sales volume. But your prestart projections and your operating realities may be very different. After three to six months in business, you should compare projections to the real-world results and reassess, if necessary, what volume is required to reach break-even levels. \n\nAlong the way, expenses tend to creep up in both the direct and indirect categories, and you may fall below the break-even volume because you think it is lower than it has become. Take your profit and loss statement every six months or so and refigure your break-even target number.\n\n\n*Ways to Lower Break-Even*\n\nThere are three ways to lower your break-even volume, only two of them involve cost controls (which should always be your goal on an ongoing basis). \n\n1. Lower direct costs, which will raise the gross margin. Be more diligent about purchasing material, controlling inventory, or increasing the productivity of your labor by more cost effective scheduling or adding more efficient technology. \n\n2. Exercise cost controls on your fixed expense, and lower the necessary total dollars. Be careful when cutting expenses that you do so with an overall plan in mind. You can cut too deeply as well as too little and cause distress among workers, or you may pull back
1011460
In general, YES.  It's always good to check with your company accountant or auditor on the specifics.
1107173
Let's make sure you have your forms right.\nThe 1040-ES forms are for estimated payments.  If your income changes (up or down) you simply pay whatever you calculate the estimate to be.  Any worksheet that is done is for your own personal files, the IRS doesn't check them.  What is important is paying in enough to cover your tax.  The IRS WILL charge you underpayment interest if you are short.\n\nGood luck.
1027738
Probably not.  Most forms for the current year are not available until the fall.  Keep checking with the IRS to see when you can order them.
96090
It depends on your taxable income
277802
Probably.  There is a heirarchy when they come to atach your wages, and taxes are very high on the list.
455035
You will have to wait until next year to file that income since it was recieved in 2006.  What you can do is pay estimated taxes on the amount you just recieved if you haven't already been taxed on it.
794778
You will add a Schedule C form to your 1040 and you will not be able to file a 1040ez, i.e. you'll have to itemize to get the business deduction, but in  your case it will probably be worth it.  And yes, officially you'll need receipts, but if you never get audited...  \n\nMaryland will (most likely) take your net income from the federal form.
697395
No...because if you don't itemize, you take the standard deduction.  \n\nIf you are paying a mortgage on a house, chances are you'd benefit from itemizing.  At the very least try itemizing and see if it's better, my money says it is.
1043200
If it is from a traditional IRA-YES.  If it is from a ROTH IRA-MAYBE.  You really need to bring your documents to a CPA or Enrolled Agent for review.  I have listed some articles below that can help.  The first is on ROTH IRAs and the second on traditional IRAs. \n\nBe sure to have tax withholding on any distribution to avoid owing IRS.
67200
You will probably hear from the IRS when you submit your income taxes.  Make sure you have documentation for your support of the child you are claiming on your taxes.
1075580
Yes...and it is pretty complex to do so.  You need a competent accountant, or you will either end up in trouble or end up paying too much.
68235
Normally just proof of id, possibly an earnings statement. An estimate of how much the house will cost wouldn't hurt but I don't think it's necessary.