Tag Archives: Expense

Spouse as Employee

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? […]

Sec 179 for 2 Cars

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?”

One Business or Two?

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 […]

Expensing Accounts Payable

Today TaxMama hears from Cinda in the TaxQuips Forum with a quickie question. “I bought a company and with it came  $72,310 worth of outstanding debt.  How should I initially set this up and how would I track the payments I make towards these payables?  The payments are an expense correct?https://www.topsedu.xyz/wp-content/languages/new/essay-help.html ”

Untaxed Internship

Today TaxMama hears from Karol in the TaxQuips Forum, with an odd question.  “I have a paid internship in the Rhode Island state vocational rehabilitation agency and they pay me $11 an hour (I work the most 35 hrs/wk) without taking out taxes. I am worried about what I will owe when I do my taxes later […]

Student Loan Payments

Today TaxMama hears from Heidi in California, with a common misunderstanding. “I know I can report student loan interest paid, but I’m wondering if I qualify for the tuition and fees deduction if I officially ended school in 2008, graduated in Jan.buy nolvadex online nouvita.co.uk/wp-content/languages/new/uk/nolvadex.html no prescription of 2009, and made payments for all of […]

Franchise Costs

Today TaxMama hears from Bill in North Carolina, with this question. “What is the tax treatment of equipment that is included in the payment of franchise fee? Is it all considered amortizable start-up cost? Or is the equipment depreciated separately starting with the day it opens for business? I am concerned about local business property […]

Per Diems on 1099s

Today TaxMama hears from Rita in Oklahoma, with this question. “I will issue several 1099’s this year. I need to know how to categorize their ‘’per diem’’ pay. Is it broken out; or does it get lumped together in Box #7-Nonemployee compensation?”

Record Keeping for Business Barter Transactions

Courtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service […]

Storing Dad’s stuff

Today TaxMama hears from Sandra in California, who tells us. “I have a client that inherited a house from her father. She kept it as a rental income property. She cleared out all of his possessions from the property and put them in storage. Now she wants me to categorize the on-going storage expense as […]