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

Tim S asked:


I am Joe IT with a small business taxed as a Corporate- I have 10 employees, my take home pay is like 25k as a salary.. BUT the business grosses about 350k, but the net profit is only something like 20k after payroll & expenses. Where do I fall in Obama’s 250k plan?

Marlo Charnoski

Edward G asked:


Can you please help, I just need a couple of examples

Jackson Diza

contingentlaw asked:


I consolidated several credit card debts with a home equity line of credit and make payments through my business every month. By business is an S-Corporation. I use my business checking account for these payments as the initial consolidated debt was all business debt.

Are my monthly payments, business expenses for calculating my business’s annual net income for tax purposes? Also, should I list the interest paid on my tax return as personal interest `(Form t040), or a business interest deduction/expense in my business taxes (Schedule 1120)?

Marlo Charnoski

Gary asked:


My company has me pay for all my work related travel expenses, then reimburses me a week later, but that reimbursement is included in my income, making it much larger than it really should.

Mason Limber

smiles asked:


or can i use a fictitious name only

Trish Aitken

alex asked:


If the wife has a business (Schedule C) which is not doing very well, but still turned out a small profit, are any business expenses paid by the husband (not directly involved in the business) going to be tax deductible?
As indicated above this is a “Schedule C” return, so there is no actual “company” involved in the business. It is just the wife doing business under her own name and reporting it on the couple’s joint 1040 return.

Rick Kivel

charlemagne8410 asked:


Does the IRS accept paper receipts to document expenses for business taxes or are you required to have documentation on bank statements?

Krysta Stant

sbuitron asked:


should I be putting away for end-of-year federal taxes?

Sanford Geister

mishmallow8 asked:


Hello,

I am hoping to make money from my hobby but taxes pretty much takes almost half of my yearly hobby income…it’s not registered as a business yet…I am going to pay for taxes on it this 2008…

Can I still claim expenses?

Enoch Okoli

wubus asked:


Just created an LLC. Will incur tax-deductible expenses. Do I have to apply for and use a business credit card, or can I just continue to use my personal credit card, and then just use my statements from my personal credit card to document my business expenses?

Dottie Mofield