Expenses-Get Free Tips On Business Expenses, Living Expenses, FSA Eligible Expenses

jain_sams asked:


I started a new e-commerce business in 2007 outside the US. However it is not generating any income yet and there were significant costs including inventory associated with it. Can I deduct my expenses from this business from the taxable income I earned in the US from another job? If yes, what additional documentation and forms do I need to present to the IRS. Are there special rules surrounding this that I should be aware of?

thanks,
Sam

Silva Ptaszynski

LTR asked:


I have been doing contract work for a couple weeks and just recently paid LegalZoom to form my LLC. Since the LLC’s finalization is going to take at least a couple weeks, can I plan on deducting my business expenses I incur before the LLC is finalized? I figure since it’s a single-member LLC, taxed as a pass-through, and is technically a “disregarded entity” that this doesn’t matter but I want to be sure. I’d like to avoid tax fraud!

Eugenie Bourgoin

Patrick W asked:


I plan to do this business purely by selling products and services, and not recruiting people.

How much will I have to sell to at least cover the monthly expenses?
wow, that is a great answer. i’m just about ready to give you the best answer.

Erik Provent

michelledj01 asked:


I found online that you can still deduct the relocation expenses if you can prove that you will travel less time and spend less money on the new commute. I am guessing that in today’s economy this might be valid.
I am starting a new job.

Francesco Zwickl

Michelle asked:


I’m trying to figure out the numbers on a couple of job offers that I have. One offers a nice relocation lump sum, “minus applicable taxes.” What does that mean – taxes that I have to pay? Should i figure that I won’t see the entire lump sum? What is the tax rate for relocation bonuses? I just want to make sure that I make a smart decision, and don’t end up in the hole over moving expenses – I think that I’ll need every last penny of the amount they offered.

Nichole Giannitti

mukwonago53149 asked:


I spent thousands of dollars in 2006 on legal expenses. I was accused of non-academic misconduct and was faced with permanent expulsion from all public colleges. The accusations against me were never proven and I settled the case without any admission of guilt. How do I write off those legal bills on my taxes?

Tuition Expense?
Job Search Expenses?

I need somebody who knows the tax laws and can be creative with them to help me out. Had I been expelled, I would have not been able to accept my post-graduation job offer.

Brian Efron

JewJitsu asked:


This is for a business class. I need to find out how expensive it’s going to be to start a bike business and need to think of more fixed expenses that we’d face. So far:

Real Estate
Storage (we provide a storage service too)
Annual Audit Fee
Large Equipment
Small Equipment
Utilities
Electricity
Gas
Water
Salaries
Insurance Premiums

Zack Koves

sophieb asked:


I was just at Staples today, and the cost of paper has risen a couple of dollars, and black ink used to be $14 and now it’s $19.99, color ink is over $35. I used to buy $20 shreaders there and they’re up to $27 now. I need a new scanner and my last one was $78, now they start at $99. So I’m just wondering where and how you’re cutting expenses to stay in business. Provide links if you can..

Tyson Mondor

Middle N asked:


I will be moving to another city in Canada, but will likely still keep my job and work from home. I know that if you are self-employed and working from home, you can claim expenses like rent, bills, etc. Can I do the same if I am on full-time, permanent salary but working from home?

Tamica Sarconi

Dcntamcn asked:


For husband, wife, and one child – we don’t run to the doctor for sniffles or minor cuts but we want to be protected so we don’t lose our home in case of cancer or other major expenses. Company names of reliable insurance, please ?

Laraine Paree