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d660d717a109dc59d1a7e06066083c7c
Business Expense - Car Insurance Deductible For Accident That Occurred During a Business Trip
[ { "docid": "19a5eaff889e256c24b4d030e13e7d2c", "text": "As a general rule, you must choose between a mileage deduction or an actual expenses deduction. The idea is that the mileage deduction is supposed to cover all costs of using the car. Exceptions include parking fees and tolls, which can be deducted s...
[ { "docid": "5abf3aeec6c19bec0614fea89f34cc6f", "text": "Business expenses reduce business income. The SE tax is paid on business income. The credit for 1/2 the SE tax is based on the amount of SE tax paid. So:", "title": "" }, { "docid": "255ced4517b0b7d6b04e2db97cfaec4c", "text": "The answe...
fiqa
d5053afdacf3773674f1cf4928bfd1b3
“Business day” and “due date” for bills
[ { "docid": "0fe8ad531b8303ea06ea6b21256025fe", "text": "I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit as if I deposited on Monday. If a business' computer doesn't adjust their billing to have a weekday du...
[ { "docid": "133464c876056ea6f006d3b68d5352cd", "text": "In the US there is no set date. If all goes well there are multiple dates of importance. If it doesn't go well the budget process also may include continuing resolutions, shutdowns, and sequestrations.", "title": "" }, { "docid": "f2001e382...
fiqa
c6f6f8f6bb1c3f2a5f297cddb97389c3
New business owner - How do taxes work for the business vs individual?
[ { "docid": "300c2b236171618b127627cb296130ad", "text": "Through your question and then clarification through the comments, it looks like you have a U.S. LLC with at least two members. If you did not elect some other tax treatment, your LLC will be treated as a partnership by the IRS. The partnership shoul...
[ { "docid": "dc55d2f06ed16eb2a0e502d86f342e03", "text": "\"So the main reason that you aren't getting answers is that the question is not really answerable on this site without putting a lot of details about the expenses of your company online. Even then you will need someone who specializes in Canadian tax...
fiqa
70c2e3744d2a0b41ec097ee751e8dafe
Hobby vs. Business
[ { "docid": "475ff0dce200c39f9e5720194d86cca2", "text": "Miscellaneous income -- same category used for hobbies.", "title": "" }, { "docid": "0e0ae1e5e3f2fc011f870fc4b608327e", "text": "\"You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes...
[ { "docid": "2fca1facc06f3225c3ebc700424e3432", "text": "Colloquially, there's no difference except for the level of risk (which is an estimate anyway). Classically, investment is creating wealth through improvement or production. Purchasing a house with the intent to renovate and sell it for a profit would...
fiqa
ffe34df1c7976a15d0ba31ae23ecb3de
Personal checks instead of business ones
[ { "docid": "a1c74729f1dca762dfb8b1500a304afd", "text": "I'll assume you are asking about a check for some kind of work or service that you provided them, that they hired your company to do. No large business will do that. In their records they have a contract with your company to provide services. If they w...
[ { "docid": "17609ed5dd1c22d3b7733a7358c9a2a2", "text": "\"I expect the company wanted to pay you for a product (on a purchase order) rather than as a contract laborer. Whatever. Would they be willing to re-issue the check to you as a sole proprietor of a business named ABC Consulting (or anything like that...
fiqa
dd908777fad5cc590a58b74074e50132
Does U.S. tax code call for small business owners to count business purchases as personal income?
[ { "docid": "d55b27429ba53a663bc7257aa958fc75", "text": "\"I am going to keep things very simple and explain the common-sense reason why the accountant is right: Also, my sister in law owns a small restaurant, where they claim their accountant informed them of the same thing, where a portion of their busines...
[ { "docid": "ae96ebf7c42b5aa8611e7c1b9890c299", "text": "First - get a professional tax consultation with a NY-licensed CPA or EA. At what point do I need to worry about collecting sales taxes for the city and state of New York? Generally, from the beginning. See here for more information on NYS sales tax. ...
fiqa
9499932f491f88e92601b5760ffba402
How can I estimate business taxes / filing fees for a business that has $0 income?
[ { "docid": "e8c6bd900f8d5b7b20accdc0347b2060", "text": "Is the business an S-Corp, LLC or Sole Prop? I am going to guess based on the question that it is an LLC that you never closed with the state and you live in a state (NY) that charges a fee for having an LLC in the state in which case you owe those fee...
[ { "docid": "7691b04c045df57a892e781356f4004f", "text": "Washington State doesn't have a state income tax for individuals, so unless you've got a business there's nothing to file. Find out more on their website.", "title": "" }, { "docid": "6f4290ed479d97b76cb8e3e8ecc89e8f", "text": "Starting...
fiqa
25f47551752996a5875b20e7cd14578a
Deducting last years (undocumented) side business loss
[ { "docid": "65e937ed3f126133a62b0b7452a1af51", "text": "You should speak to a good tax adviser. The less documentation you have the more problems IRS are going to cause you. Generally you can deduct business losses (in the year they occurred, which is 2011), but you have to show that that was a valid busine...
[ { "docid": "f7613eabc169fad3fafc9d947392f98d", "text": "The IRS' primary reference Pub 519 Tax Guide for Aliens -- current year online (current and previous years downloadable in PDF from the Forms&Pubs section of the website) says NO: Students and business apprentices from India. A special rule applies ....
fiqa
b6be89874a61fd5a01cda3b90b2f0d7d
Tax whilst starting a business in full time employment
[ { "docid": "c414ddf19d92a996247a16664983c33f", "text": "With a limited company, you'll have to pay yourself a salary through PAYE. With income from your other job taking you over the higher-rate threshold, you should inform HMRC of this and get a tax code of DO for the second job, meaning 40% tax (and also ...
[ { "docid": "b573d3167787931ca68ccd809c08eea9", "text": "PSB taxed at higher rates. PSB is taxed at 39.5% in Ontario, as the article mentioned. But if you pay all the net income to yourself as salary, you expense it and zero it out on the corporate level. So who cares what tax rate it is if the taxable incom...
fiqa
d1696ee61fe532526dd7321e766d93a5
Can I pay off my credit card balance to free up available credit?
[ { "docid": "055d64e9212902773d010efb3a9dc787", "text": "Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a payment period? Yes you can pay off the balance more than once even if its not due. This will get applied to outstanding and you wi...
[ { "docid": "3214ebb04e28fd0dda794aa50304dcb3", "text": "There are a number of ways to get out of debt. First, stop spending on that card. You could apply for a 0% APR credit card and if you qualify with a credit limit equal (or higher) than what you have now, then you could transfer the balance and start on...
fiqa
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