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Recent Business Expense questions

Currently, my father in-law pays my wife a salary and takes

Currently, my father in-law pays my wife a salary and takes out taxes, social security etc.We formed a LLC. We are wondering if my father in-law paid the LLC vs. my wife, if there are tax advantages for us or would we have to pay more because of state business tax on that income + state taxes, fed, and social security?

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Mark Taylor

Certified Public Accountant

Masters

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440 satisfied customers
I am not a US-citizen and I have a single-member

I am not a US-citizen and I have a single-member Delaware-based LLC. I am the sole owner. The LLC has a separate bank accounts, and all business expenses and income is kept separate from my personal finances. I keep the LLC finances in QuickBooks.I have two issues, related to getting money out of the LLC.- What is the proper way to get money out of the LLC to my personal bank account?- When do I pay the taxes on the LLC income - every time I make a money transfer from the LLC to myself (on the amount transferred), or once a year (on the total annual revenue of the LLC for that year)?

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Barbara

Enrolled Agent, Paralegal

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4,874 satisfied customers
I'm not sure who to ask on this, but how do I add my wife to

I'm not sure who to ask on this, but how do I add my wife to my corporate bank account - is there any way around having to make her an "officer" of the company? In Kansas, only healthcare professionals can be part of a PA corporation I think. She is a licensed massage therapist but I'm not sure that counts.

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Mark Taylor

Certified Public Accountant

Masters

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440 satisfied customers
Fish farmer, I know I can not deduct land value on my 5

Fish farmer, I know I can not deduct land value on my 5 acres, I stay their 40% of the time.Can I deduct 40% of my mobile home value? Can I deduct any of my current fish in my 3 ponds?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
We started an animal sanctuary in 2015 that is under the

we started an animal sanctuary in 2015 that is under the umbrella of a fiscal sponsor as a non profit. the fiscal sponsor rep says we will benefit more from counting our fiscal contributions as business expenses instead of charitable contributions. is this true?Also, we file separately and use different accounts to pay for these ongoing services and supplies. if we count as business expenses, can we both use deductions, or just one of us...not for the same expenses. though we use different accounts, both our names are ***** ***** as personal acts. they are not setup as business acts; The fiscal sponsor says it is not allowed to have separate bank act for the sanctuary.I know we will need a schedule c...i have a private counseling practice, so only 1099s and private pay. husband works for the state as employee, and would need to file schedule c, also, if allowed to yake some deductions, correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,808 satisfied customers
I am required to maintain emergency application apps on my

I am required to maintain emergency application apps on my personal cell phone and required to test periodically. I am not reimbursed for any expenses to keep my cell phone paid or in good working condition. What percentage can I deduct on my taxes?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I can think of.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,764 satisfied customers
I was off from work & I bought 2 existing franchises last

I was laid off from work & I bought 2 existing franchises last year (Sept 2015) for a total of $400k. It was owner financed. I put down a down payment of $80k each store (total $160k). The down payment that I used came from my 401k & retiremet fund. I funded my business using ROBS (Roll Over for Business Startup) with the help of Guidant Financial. My questions are:1. How do I classify the cash money that I put down ($160k)2. Can I use the interest on the loan that the sellers lend me?Thank you,Marita G

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,808 satisfied customers
The Carryover of Unallowed Expenses is from form

The Carryover of Unallowed Expenses is from form 8829....from line 42 operating expenses. Also on line 43 of same form is another amount of excess casulty losses and depreciation... Does this also go to the current tax year? Or just line 42 that is carried over to line 21 as a negative # ***** current year forms?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,808 satisfied customers
Is the purchase of things like smartphone, laptop, and Wi-Fi

Is the purchase of things like smartphone, laptop, and Wi-Fi or internet services for office and car access, qualified tax deductions for either LLC, holding company or transportation service?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
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