Archive for February, 2010
I was thinking of doing something part-time and organizing as a sole-prop. Anyone have any ideas on what expenses may be able to be written off? I would plan on using my car so would gas, maintenance, etc possibly be able to be considered business expenses for tax purposes?
Wesley Mcdonel
My husband and I operate a small business out of our home. What portion, if any, of our bills are tax deductible as business expenses? I’m talking about the mortgage, electricity, phone, etc…
Leigh Hettinga
This person has never dealt with an accountant or filing a detailed itemized return.
Justin Gate
My husband is starting a film company & we’re trying to decide if it would be beneficial to upgrade cameras or make do with what we have for now. We live in Colorado & someone told us you have to have a certain amount to claim in order to write it off. Help?!
Janita Copier
I’m looking for the IRS references to whether or not websites that review products and services are allowed to claim the purchase of those products or services specifically for review as a business expense. Any information would be very helpful. Thank you!
Patrick
I’m a contract worker and make about $20,000 a year, a tax person said i should pay about $1000-$1,200 4 times a year for taxes. I was just wondering, do I write off business expenses when I pay taxes 4 times a year or do I figure that out at the end of the year with receipts. My parents think that i do it at the end of the year, but I just want to make sure.
Brett
should I be putting away for end-of-year federal taxes?
Kirby Mcgivney
I have searched other questions on here and come up with one Best Answer that directed me to the IRS website, but I am still unclear. I have a home-based Administrative, Secretarial and Computer Training business that I work on part-time, in addition to my full-time job. I applied for the Tax ID Number about 3 years ago, but haven’t done anything with the business until three or four months ago. I now have one client, who has paid me a total of $170 so far this year. I have four business accounts and have purchased some minor office supplies (stapler, paper, camera, paperclips, pens, etc.). I also purchased a new desktop computer with my business account. I have a room setup as an office in my home.
If don’t think I’ll make over $400 this year because I am still trying to figure out ways to advertise. If I don’t make a profit, do I have to pay taxes? I saw something about the IRS wanting you to make a profit within 3-5 years, but what if I don’t?
I really don’t plan on purchasing any other major office supplies until I get some more business. I recently got a tax form from the IRS saying I needed to file taxes, but on what? I made no income from the business, except in 2007 which is the $100 something dollars I mentioned earlier.
I understand that I can write off anything that is related and necessary for my business. I also understand that I should keep track of everything (gas mileage, etc.). Say for instance, if I have a business gas card and I use $100 for personal gas and $100 for business gas, do I just deduct the business gas?
What if I spend more money trying to advertise and get the business up and running, than I make? Let’s say I spend $2,000 in 2008 but I only make $500. Does that mean I have a loss of $1,500? I really can’t afford an Accountant so I am trying to figure this out on my own. I think I can get it if somebody can explain it to where I can understand it.
Any help that you can provide!
Charlsie Laperouse
The IRS allows so much per mile as a deduction on your tax return for business miles driven in a year. How much do they allow.
Marshall Wind
Am thinking of putting a deli business, and I was wondering of how much money you need?
Nigel Councilman