Monica Said:

What do I do about taxes for my small business?

We Answered:

Unless you are taxed as a corporation, you don't pay yourself a salary (as an owner, you are not employee). You live or die by the profitablity of the business. If you have a gain, you will pay 15.3% on the income for self-employment taxes as well as any income taxes. The money you have taken out in cash does not get factored into the gain calculation. If you pay yourself more than the gain, you have a return of capital.

By the way, do you own the cafe and employee your fiance or do you both own the business? If you are partners, you need to file a 1065 and issue yourself k-1s. If you are not partners, you need to be filing 941s and issuing him a W-2.

Jerome Said:

Is there a way to report Chase (of JP Morgan Chase) for their bad business practices?

We Answered:

thats horrible. :( sorry to hear you went through that i am a student myself...

Constance Said:

An amazingly dumb question that I know I should know the answer to....?

We Answered:

2 cents