Today Michael from Tacoma, WA says, “I loaned money to a friend’s business. Can I deduct some of the loss of the business? I know if I received a profit from it I would have to claim and pay. If so do you know what tax form and/or line I enter it?”
Tag Archives: Small Business
Today TaxMama hears from Marty in Wisconsin who is upset with her tax pro, “Is there a standard deduction of $,5000.00 for the first year that you open a small business? I was told there was and know someone who used it. My accountant will not redo my taxes or tell me if this deduction […]
Today TaxMama hears from Dennis in Texas who tells us, “My wife and I are both self-employed, and we’re both the only employees in our companies. We would both like to start ROTH’s, because we would like to be able to withdraw contributions, without penalty, if an emergency came up. We file jointly and our […]
Today TaxMama hears from Beverly in AK, who tells us, “I’m starting a daycare center and was wondering which of the items I purchase that can be deducted?”
Today TaxMama hears from Mary in Ohio, who says, “I am 15 and have been working for the past 3 years. I have my own business (tutoring). What amount do you have to earn in order to pay taxes on it?”
Today TaxMama hears from Carol in Hudson, Florida, who tells us.https://pinnacle.berea.edu/wp-content/languages/new/personal-statement-editing-service.html “I am starting a website with cooking recipes and tips, plus drops-hipping kitchen items. My questions are: 1. When testing recipes, can the cost of ingredients be written off on taxes? 2. I will be writing reviews about kitchen utensils that I will be […]
Today TaxMama hears from Debra in Janesville WI, who asks, “Can a small business owner claim unemployment benefits?”