Business Expenses

Kicking Back Commissions

June 8, 2011

Today TaxMama hears from SB in the TaxQuips Forum with a common problem. “As a real estate professional, I had to kick back some commissions to a buyer to close a sale. But I am getting the 1099-MISC for the full commission. Can I give the buyer a 1099-MISC for the commission I paid her? [...]

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Annual S Corp Meeting

June 2, 2011

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Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting? Is it true that if you have the meeting on one of the ports of call you [...]

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Double Reimbursement

May 25, 2011

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Today TaxMama hears from Doug in the TaxQuips Forum who is arguing with his work buddies. “We are a group of field technicians that work entirely out of our home and have no local office to report to. We drive directly from our home to a customer site, and the visit usually is completed that [...]

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IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011

May 20, 2011

WASHINGTON ― During Small Business Week, May 16-20, the Internal Revenue Service encourages those who are self-employed or own a small business to take advantage of certain tax benefits and learn about IRS resources that can help them meet their federal tax obligations. “When you’re running a business, you don’t need to be a tax [...]

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Sales Tax Expense

May 16, 2011

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Today TaxMama hears from Sirian in the TaxQuips Forum with a concern. He says, “I am an Internet marketer & web developer. I have always collected state sales tax for my clients in my state (Texas). When filing my Federal taxes I usually include the full income (including all state sales tax collected) in the reported [...]

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Taxes for Helping a Friend

May 9, 2011

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Today TaxMama hears from Gayle in the TaxQuips Forum with a common misconception. She asks, “Do I have to become a business to write off expenses on my taxes? I make a product for a friend of mine. I buy all the materials. I do this to help their family business. They pay me for [...]

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Vacant Rental Property

April 21, 2011

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Today TaxMama hears from Ed in the TaxQuips Forum who wants to know. “Can I still deduct my expenses on a rental house which sat vacant for 2010 on Schedule E?” Share this:

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Legal Fees on Cancelled Debt

April 11, 2011

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Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income [...]

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Not a Corporation

April 7, 2011

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Today TaxMama hears from Jeff in the TaxQuips Forum, who is unclear on the concept. Let’s look at just a portion of what he said. Jeff said, “My S-Corp does not have a separate checking account.” Share this:

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Deducting Free Services

April 6, 2011

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Today TaxMama hears from Jenna in the TaxQuips Forum, who needs help. “I work as a cosmetologist. I am considered self-employed and rent a chair in a local salon. I give free haircuts throughout the year during my normal business hours. Could these haircuts be tax deductible? If so, would they be considered advertisement or [...]

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