Free Tax Advice and an Engaging Passion

in Forum: Startup Funding
Source of this discusssion: /media/episodes/1607/podcast-p3-free-tax-advice-engaging-passion.asp Page description: TaxMama.com gives free tax advice but charges forth with her elevator pitch. Rich Sloan is getting married! Now he wants to know how to balance entrepreneurial passion and a great marriage.
Nov. 08 2006 at 5:24 PM
Joel Posted by: Joel StartupNation Team
taxmama's free tax advice is hard to beat - and you'll LOVE hearing how bold & passionate she is about her business.

Speaking of passionate, let's talk about Rich Sloan's engagement - Oh, that's right, we DID!

A few things covered in this episode:

Featured independent entrepreneur musician is Ayla Brown singing "I Quit".

Listen to this community podcast right on your computer ... right now!


Edited by: Joel - Nov. 08 2006 at 5:25 PM
Joel Welsh
chief community officer
StartupNation
Nov. 08 2006 at 6:47 PM
taxmama Posted by: taxmama

Joining Joel is a lot of fun. You must get him to interview you about your business, too. He just makes you feel so totally at home.

What did I say I'd do with the money?

I'd hire some of the best tax pros in the world (who are already my good friends) to staff a phone line to answers members tax questions for free. [Right now, it's just me, answering questions by e-mail each day. With tax pros chiming in with comments and suggestions when some of the questions are published.]

I'd hire a terrific advertising sales manager to arrange sponsorships with some of the top corporations whose products and services would be valuable to our members. The goal - to keep TaxMama.com free, while providing solid, practical information.

And for those people with deep tax problems, we would do Tax Triage (TaxMama's term) to identify the actual problem, lay out a way to resolve it - and then find the right tax pro to represent them. [We do some of this now, time permitting.]

Then, when we see problems with specific glitches - to alert IRS and have them make corrections to the system or retrain staff. [We are doing this now. And you'd be surprised at the problems IRS and TaxMama are quietly resolving behind the scenes.]

And, in along the way...keep people entertained and amused about the whole tax system.

So, please - help us make my passion come true!

Thanks

Eva

Eva Rosenberg, MBA, EA www.TaxMama.com author of Small Business Taxes Made Easy Named one of the 9 best tax books of 2005 by Entrepreneur Magazine http://www.entrepreneur.com/article/0,4621,296489,00.html Please subscribe to the free daily podcast - TaxMama's TaxQuips http://taxtwist.com/element.php?varset=s:13-pm:p-se:262-e:67 &SessId=
Nov. 08 2006 at 9:02 PM
CrossCountry Posted by: CrossCountry

Bravo, TaxMama! 

I really like your style as well as the attitude you have toward addressing, educating, and assisting small business owners.

My business relies heavily on self-education in order to give my clients the very best I can and it's awesome to see the same mentality elsewhere.

I'm a huge advocate for small business growth so I make sure my clients reap the benefits of my resources.  Otherwise I wouldn't be here!

Thanks for the post.

Linda Hall, Cross Country Bookeeping Service
Keeping You on Track ~ The Right Way!
Cross Country Bookkeeping Services
T.R.A.I.N. Forum
Apr. 13 2008 at 9:52 AM
islajavacoffee Posted by: islajavacoffee
Hi,
 
We started a business in 2007, capitalized by liquidating a retirement annuity that wasn't performing.  Because we liquidated a retirement annuity it was added to our day-job income, resulting in a higher taxation, but because we took the section 179 depreciation our tax we ended up owing $135.
 
However we used Turbo Tax home and business to prepare our taxes and our business took a loss in 2007 because we had $245 of income and over $33k of startup depreciated capital equipment and expenses.  When Turbo tax printed the forms (and I think this is because our "income" was artifically higher due to taking early withdrawal on the retirement asset) Turbo tax printed out estimated tax schedule and vouchers.
 
So far this year we've cleared the first quarter with a whopping $400.00 in gross receipts, yet Turbo Tax has calculated our estimated tax in 4 payments of $1140.
 
Since we will not artificially raise our income this year by liquidating a retirement asset, and the trend of gross receipts is not looking like we will be profitable do we have to pay of $4000 of estimated tax?
 
That money right now could really be well used on advertising to boost our sales.  If we don't have any sales, we don't have any income to tax, right?


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