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

AB asked:


My wife started a home based photography business but only had $150 in revenue. Does anyone know if I can state these on my tax forms, or I am wasting my time since there is little or no revenue?

Kristina Deperro

wax asked:


I work as a field tech for a bank. This means that I have to do a lot (300+ miles/wk) of driving. Since I have a large area to cover, I was thinking about getting an in-car GPS like Tom-Tom. I talked to a friend about this, and he said that when I get my taxes done, I should deduct it as a business expense. Can I do that?

Also, could I continue to deduct the cost of the subscription for years after the initial purchase?

Last, I have to use my own car. I am reimbursed for mileage, but since 90% of my mileage comes from work, can I deduct the cost of oil changes, repairs, and maintenance?

Thanks in advance

Kirby Mcgivney

Ardy asked:


If I start a new business and I am not making any money how many years I can deduct the business expenses from my other incomes?

Dudley Repass

stoub asked:


I recently left my job to work for a different company. I signed an agreement with that new company to work as an independent contractor. They are reimbursing me for all my business expenses. This is my first time through paying (estimated) tax as an independent contractor.

I’ve been wading through IRS forms and instructions and a whole lot of jargon and have learned a lot about sole proprietorships, paying self-employment tax, etc. but don’t yet have a good understanding of what portions of what forms (e.g., 1040, Schedule A, Schedule C) I need to fill out to explain the money I’m receiving that reimburses my business expenses and what deductions I’m able to claim for these reimbursed business expenses (again, which portions of which forms).

Thanks in advance!
Ok, so on Schedule C, gross receipts are my fees plus reimbursed expenses, but then I subtract those expenses to report income on 1040.

What about deductions: do I report any reimbursed business expenses on Schedule A?

Amanda Erwin

rswin40 asked:


I would use same method every year.

Ian Dildine

reedfloren asked:


Hi,

I’m going to be speaking at a seminar in Vancouver and I sell an information product aimed at helping businesses get started marketing online. From my understanding of U.S. tax law, US citizens are able to claim a deduction on buying education products related to their line of work. Can Canadians do the same thing? If so can you give me a link that backs that up?

Thanks.

Boris Wehausen

Vivek asked:


Hi,

I had worked as an independent contractor in CA from June – December in 2008, for which I had received a 1099-MISC.
Prior to this I was working in Florida, for which I got a W2.

Now I had filed my federal tax, which has different fields for filling in the W2′s and 1099-MISC incomes.
Being a non-resident of CA, I have to file form 540NR. So I don’t have to report my Florida income here (because non-residents in CA have to pay from what they have earned in CA)

I am unable to find a field that says incomes from business (as it is in form 1040). Additionally, form 1040 also have business gains/losses, wherein I have had moving and insurance expenses, which I have filed for. I cannot find business gain/loss [or business expenses] in form 540NR.

Need help with the same.

Thanks!

Roxann Gromoll

T asked:


I am in the beginning stages of starting my business (sewing classes) and will be making purchases for equipment that will total about $2000.00.. (sewing machines, notions, tables, chairs, fabric, etc). These are things that I will need to actually have the classes and cannot be put off. When filling taxes can I write these off completely or will I have depreciate? Thanks in advance for answering

Winifred Ward

Peter asked:


I am using Online Taxes to file and I entered all my information and numbers for business expenses.

My question is I am not sure what to enter at the section “BUSINESS EXPENSES TO BE CARRIED TO ADJUSTMENTS”. It says my total business expenses are $amount, and then has a box for me to enter a number to be carried to adjustments.

When I enter the total business expenses, my AGI is in the negative, and when I leave it as $0, my AGI is higher.

In both cases my refund stays the same. Which should I do?

Should I just not claim any business expenses to be carrier to adjustments? Does it matter what I claim if the tax owed/getting back is the same in either case?

Thanks!

Maisie Jolivette

patricknewyork asked:


Currently in banking. Will be attending business school full time for 2 academic years. Intend to return to banking after completing my studies.
Currently full-time employed and will have significant income for this fiscal year.
I believe I read that moving expenses are only for job changes. Since I am not changing jobs but are heading to business school, can I still deduct my moving expenses?
Any links to the tax code or some other tax publication would be appreciated.

Sam Sickman