Category Archives: Business Expenses

The Gig Economy

Today TaxMama® says that estimated tax payments are due – and that’s timely information for the “Gig” economy.  

After-Market Parts

Today TaxMama® hears from George in the TaxQuips Forum, with this question. “I just bought a new truck to use for business use and I have a few questions: 1. I want to add a few after-market parts – running boards, heated seats, and heated steering wheel. Will I be able to deduct the cost […]

Using Per Diems

Today TaxMama® hears from Raj in the TaxQuips Forum, with a common issue. Let me summarize. (You can read the discussion here ) His tax return is being audited and the IRS auditor wants copies of receipts for his hotel stays for all his travel. But he used the IRS per diem rates, so he […]

Research Grants

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with similar questions. The second one combines both person’s concerns. “My wife is a graduate student who received a few research grants this year. Some of them want to give the money directly to her instead of through the university, and have asked […]

1099s for All Income

Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only got to keep a part of the income. The rest went to pay the sub or for […]

Commuting

Today TaxMama® hears from TaxSeason in the TaxQuips Forum, with this question.  “Is there an easy or quick way to figure the commuting miles for people who file a Schedule C? (ie…5% of business miles)?”

Life Insurance

Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]

Cost or FMV?

Today TaxMama® hears from CotoPop in the TaxQuips Forum with a good question. “A client purchases a high end car in January, 2010 ($52,000). It is only used for personal purposes in 2010 and 2011. In January 2012 client starts a new business and uses the car 80% for business. Client is going to use […]

Medical Marijuana

Today TaxMama® hears from John in the TaxQuips Forum, with this quick question.  “Can a new marijuana business in CO and WA declare business deductions on a federal tax return?”