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

cjprof4 asked:


I itemize EVERYTHING. Tax preparation fees, mortgage interest (HUGE), home improvement, Work expenses (mileage), etc. Is it easy to use? Which version streamlines it best?

Jamey Fergurson

ericka5471 asked:


I currently live in Texas and will be starting a business by the end of the summer. I have an investor (Family friend) in California that is planning to help finance my starting fees. If I fly to California to meet with him and his company, will my travel and presentation materials be deductible?

Vivien Xie

Tom H asked:


I’m working out of state (in CA) and being given money to cover travel and living expenses. Under a w-2, the income will be taxed at regular income rates. I’m trying to figure out if a 1099 would be a better situation over w-2 from a tax write off perspective.

Thank you….

Carole Buczynski

nintm asked:


I have a full time job and a sole proprietorship, but if I don’t make money on my business, can the tax deductible expenses incurred from my business be applied to my salaried income? Thus reducing my taxable income for the year?

Nena Deasy

j4de80 asked:


My husband was intending to start a small side business this year fixing computers. We spent some money to get it going, but we never got around to actually building that business this year (we got too busy with our full time jobs and caring for our son). Thus, we have no income from it.

We might work on getting that business going next year. Since I’ve already spent some money to get that business going this year, will I still be able to write off those expenses even though there wasn’t any income from that business? Or can/should I just wait till tax time in early 2009 to write those off (even though those purchases were made in 2007)?

Thanks in advance for your help.

Hannah Lewis

Darren S asked:


I use DSL for my home and business on one bill, all my bills are paid through billpay not paper statements, my computer I bought last year but have no written reciept..Would a CPA be able to get around that or am I ineligible? If I use my computer for personal use do I qualify for the home business deduction?

Rod Fabeck

jacobjohnfrance asked:


I am a sole trader. My business is being funded with my savings to begin with. Is it okay for me to transfer some savings into the business bank account to pay for the business expenses? Also, will it matter which savings account I use to transfer from? Thanks in advance.

Jamie Marcott

BizInfoMan asked:


I am asking this for a friend. Basically, when you start a home-based business you tend to incur business expenses that you are technically paying with post tax money from your day job. Can you write off these expenses even though you may not make any money from your home based business in the first year for example?

Ike Mannon

NUnum1 asked:


My wife sells jewelry on the side and received a 1099-MISC for this past year. Only Box 7 – Nonemployee Compensation was populated with her total commission. When I got to the deductions section on Turbo Tax I went to Employment Expenses and expected to deduct her expenses on Schedule A (Miscellaneous Itemized Deductions), however it says this section is not for self-employment expenses. I’m not sure if she is considered self-employed when the jewelry company is sending her a 1099-MISC.

Thanks for any help.

Rod

brianmacnikon asked:


Will use the card for hotels, dining, parking related to business however looking for points and/or cash back. Most of the cards I have found reward best for supermarket, gas station and online retail purchases. Any suggestions?

Mary Tasler