Today TaxMama hears from Plucky in the Tax Parlor, who tells us. “I started a business in 2006 and incurred costs exceeding $5,000. I do not have the appropriate documentation for all costs. Can I still deduct the “standard” $5,000 deduction? ” Hi April, First of all start up costs are essentially the costs you […]
Category Archives: Business Expenses
Today TaxMama hears from WW in the Tax Parlor, who tells us. “I have a full time job in a corporation. I also teach Yoga part time as an employee. My full time job has nothing to do with Yoga. Can I deduct the cost of Yoga teacher training and Yoga books?” Dear WW, You […]
Today TaxMama hears from Tanya in the Tax Parlor who says, “I am filing a schedule C, where all the income comes from one 1099 (one client). My only driving was to and from the client’s office (essentially commuting) and there is no home office. Will this be qualified business mileage/use?” Hi Tanya, I don’t […]
Today TaxMama hears from Maggie in North Carolina who says, “I am new to this site courtesy of Wayne Davies. https://hop.clickbank.net/?taxmama/taxguide I have a small pottery business of over 30 yrs. Last year we took up our first ever mortgage to buy property for a gallery. Our home…where we work, was mortgaged to pay for […]
Today TaxMama hears from Don in Florida with a question you’ll like, “ if I have signs made for my car or boat that are physically placed on the vehicles, is just the cost of the sign deductible? Or can you make 100% of your miles/vehicle usage deductible as business miles, since your car/boat is […]
Today TaxMama hears from Janice in the Tax Parlor who asks, ” I have a client who is an EMT (Emergency Medical Technician). His shifts are 24 hours at a time. Are EMT’s on 24-hour shifts eligible to deduct per diem for meals? Of course he says that his coworkers take the deduction. ” ~~~~ […]
Hi! It’s TaxQuips time from TaxMama.com. Today TaxMama hears from Sam in the Tax Parlor who tells us. “I have been looking over the instructions for 1120S and I am still confused. My wife and I started an S Corp this year, though we are not bringing in any profits yet. We do have expenses, […]
Today TaxMama hears from George in Brooklyn, NY who asks. “If a corporation gives an individual a car to use for commuting purposes, what amount gets reported on the individual tax return and how does the corporation report it on their side? Is the income subject to Social Security taxes for the employee?” ~~~~ Dear […]
Today TaxMama hears from Mike in the Tax Parlor who tells us “My wife and I formed an LLC and began doing business last January. We are a home-based craft business and have done all our business under my SSN not a Tax ID #. Can we file our expenses/income for the business under our […]
Today TaxMama hears from Richard in McAllen Texas, who asks: “I am in the process of starting up a moving and packing business. It was my intention to purchase one or two used trucks—the type that the truck rental firms sell off after they have depreciated them to their fullest. My question: Will used vehicles […]
Today TaxMama hears from Joan in Los Angeles, who has a quick question. “I am a high school teacher. This year I spent a considerable amount of money to become certified to teach yoga in order to teach at my high school as well as at local yoga studios. I didn’t earn any income this […]
Today TaxMama hears from Bill in the Tax Parlor who asks, “How do you write off the purchase price of an operating business?”