Join the 9 million people who found a smarter way to get Expert help

Recent Business Credits questions

I got amex business, shall i have to report to tax filing

I got amex business, shall i have to report to tax filing all what i spend with it ? , can I buy with it anything like grocery as I still didn't start my business ? what its benefit over the ordinary amex or credit card ?

Read more

Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I have personal credit card debt, and business credit card

Hi I have personal credit card debt, and business credit card debt, this year 2017 i am trying to pay it with additional income and reducing expenses, my question is since i will be generating more cash flow, and making payments to credit cards, my question is can i deduct payments made to personal credit cards and business credit cards?, and another question what are my options that i have regarding this situation minimize taxes in 2017?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
When we use personal transactions on a business debit/credit

When we use personal transactions on a business debit/credit card and want to pass it off as an Owner's Draw, how would be classify the transactions on the Chart of Accounts?

Read more

Dr. Fiona Chen

President

Ph.D.

820 satisfied customers
Occasionally personal expenses are charged on my business

Occasionally personal expenses are charged on my business credit card. Which Chart of Accounts should I classify them into. I am currently placing them into Owner's Drawings

Read more

Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I was wondering how much money i can make on top of my SSD

I was wondering how much money i can make on top of my SSD monthly payments,i haven't worked for six months, that's why i'm wondering

Read more

Dr. Fiona Chen

President

Ph.D.

820 satisfied customers
Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,198 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I own a small business. I purchased tickets travel in 2015

Hello,I own a small business. I purchased tickets for airline travel in 2015 for business purposes and then was unable to attend the trip due to a death in the family. I deducted the cost of the tickets on my 2015 Schedule C for Business Travel Expenses. I am now trying to convince the airline to refund my tickets which will go back onto my business credit card, if they allow it. However, it is now 2016. How would I account for that refund on my 2016 schedule C? Thanks.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,962 satisfied customers
I have a small eBay business, with up to 100k yearly sales,

I have a small eBay business, with up to 100k yearly sales, and since last year run it under an LLC. But for tax reasons that's a disregarded entity. So my question is whether I can use a personal checking account and a personal credit account for this business, even though I have both a business checking and a business credit card under my LLC? The reason I want to use personal accounts is because the later would earn me up to $1000 more year in cash back (from credit card) and interest income (from checking). If I only use those accounts for business expenses, does it really matter if they're not designated by the bank as business accounts? And if ever need to write a check with my LLC on top or deposit a check to my LLC I can use my LLC checking and credit card. But as a disregarded entity by IRS I can also use personal accounts as long as I don't mingle personal purchases there. Although, paying for mortgage and association dues may be OK, since I use part of it to deduct for my home office, is it not? And even if an occasional personal purchase slips in, I still have more leeway as a disregarded entity no, it's just more of an accounting hassle in case of an audit. But even if I get marginal benefit from using my LLC accounts for business in case of an audit, is it enough benefit to forfeit $1000 a year or like 3% of my income for the sake of formality?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,198 satisfied customers
View more tax questions
In The News