Tag Archives: Business Expenses

Job Expenses

Today TaxMama® hears from Lori in the TaxQuips Forum with a case of wishful thinking. “I have a couple of clients that have an average of $3,000 worth of employee expense deductions. None of them itemize on Schedule A. Can I still take the standard deduction, plus a negative amount (from form 2106) on 1040 […]

Annual S Corp Meeting

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?https://www.pharmalucence.com/wp-content/languages/new/sildenafil.html   Is it true that if you have the meeting on one of the ports of call […]

Business Patio

Today TaxMama hears from Sarah in the TaxQuips Forum, with a good question. “My husband is a personal trainer and uses our back patio exclusively to train clients (we do not use this space for anything else).  Is this deductible and if so, how?  Do we have to include the square footage of our whole […]

Missing Checks

Today TaxMama hears from Susan in Florida, with this issue. “If the owner of a business is able to provide bank statement, but no copies of checks, can the owner provide a written statement defining the percentage that was spent in each category? For example. 5% spent on Utilities, 30% spent on advertising, etc.https://www.thebesthealthnews.com/wp-content/languages/new/zoloft.html ”

Upgraded Automobile

Today TaxMama hears from Tiffany in Virginia, who’s trying… “ I am starting an LLC which is an online store selling automotive upgrades. I will be buying a car ($10,000) and upgrading it with mostly my own inventory ($20,000). My website address will be printed on the car and it will be taken to car […]

Professional Athletes

Today TaxMama hears from Kandi in Iowa, who asks, “Would a professional bodybuilder be allowed to deduct expenses associated with training/contest preparation?https://www.quaintonhall.org.uk/wp-content/languages/new/buy-essay-online-cheap.html I was told they can deduct traveling expense and contest entry fees directly related to competition. What about supplements, training, posing suits, tanning and other miscellaneous expenses incurred to prepare for competition?”

My Acting Career

Today Mary tells us that she just moved to New York to pursue an acting career. Mary says, “I currently work as a secretary, but I plan to take auditions and classes in my days off and evenings. I would like to deduct my classes and other such expenses as business expenses related to my […]

No Documentation

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 […]

Second Job Deductions

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 […]

Packing it In

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 […]

S Corp Owner

Today TaxMama hears from Ken in the TaxParlor who says, “My wife is part of a Subchapter S corporation for a craft store. If the corporation does not declare a dividend can we still write off all of her business expenses on our tax return? How many years can we deduct expenses before the corporation […]