Expense

Mileage Method

May 23, 2012

Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about [...]

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Bookkeeping

May 22, 2012

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Today TaxMama® hears from Mary in the TaxQuips Forum who remembers. “During one of the registered tax return preparer (RTRP) presentations on May 15, or 17th, the instructor mentioned getting clients familiar with bookkeeping software. Several names were mentioned. Can you give me the name of the software?” Share this:

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Eight Things to Know about Medical and Dental Expenses and Your Taxes

February 17, 2012

Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits. Share this:

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TaxMama s TaxQuips Reimbursement Plans, Part 2

January 24, 2012

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Yesterday TaxMama® started discussing employee reimbursement plans. Today, TaxMama® explains how company reimbursement policies affect tax audits. Share this:

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1099ing the Gardener

January 17, 2012

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Today TaxMama hears from Donna in the TaxQuips Forum with a good question. “Do I need to 1099 the gardener that is paid $250.00 per month?” Share this:

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Buying a Business

November 17, 2011

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Today TaxMama hears from Josh in the TaxQuips Forum who is concerned. “I’m interested in purchasing a business which was owned by a sole proprietor. He owes back taxes. Would I be liable for those back taxes if I purchase this business?” Share this:

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Spouse as Employee

November 1, 2011

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Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses. I missed the answer. If a spouse is employed by a sole proprietorship do you have to carry workman’s comp insurance? [...]

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How to Waste a Corporation in One Easy Lesson

August 11, 2011

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Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago. I was told that I could temporarily borrow the income coming in from the company to pay my bills – and that I could create a payroll later. Long [...]

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Sec 179 for 2 Cars

March 30, 2011

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Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?” Share this:

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One Business or Two?

March 2, 2011

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Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005. In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010. The new business [...]

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