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Recent Business Expense questions

I am a single member of LLC. I'm trying to get a indexed

hi,JA: Hello. What is your issue regarding?Customer: I am a single member of LLC. I'm trying to get a indexed life insurance and want to know is there any way that LLC can pay the premium and can deduct as a business expense?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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taxmanrog

Master's Degree

1,016 satisfied customers
If a person borrows money or invest capital in a business,

If a person borrows money or invest capital in a business, this expense must be amortized, in general over 15 years. Is this correct? Now if he starts the business --sells and delivers-- and then makes an investment into business, say he buys computers, does special training, hires and trains staff--these expenses do not necessarily have to be amortized, correct? For example, a 5000 course on how to promote and sell his product could be expensed, correct? Or if he bought computers, he could 179 expense them--correct? I believe his 179 expense will be capped at his income so he cannot take a loss as such. Can he rollover the balance 179 expense into the new year. What is the 179 max for 2016 and 17? Is it down to 25K?? All these questions are based on him actually really starting his business and these being real business expenses.

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
Live in Pittsburgh, P a and work at home Monday and Friday

live in Pittsburgh, P a and work at home Monday and Friday but I travel to Akron, OHIO AND WORK FOR THE COMPANY ON Tuesday THRU THURSDFAY AFTERNOON, CAN I CLAIM THE CAR GAS AND TOLLS AS A BUSINESS EXPENSE.JA: The Expert will know what to do. Is there anything else important you think the Expert should know?Customer: nO

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I traveled overseas and was entitled to per diem for meals

Hi,I traveled overseas and was entitled to per diem for meals and lodging. The amount was almost $300 per day based on the IRS table. In reality, I also used the company credit card to pay for lodging.When preparing my expense report, I subtracted the hotel stay portion from the daily per diem. Since the lodging per diem was higher from the actual hotel cost I requested the rest of the per diem amount on my expense report.For example, the meal per diem amount is $120 and the lodging per diem amount is $180. Both per diem are in accordance with the IRS tables. In reality, the hotel cost was $50 which was paid by the company credit card. Thus, I requested $120+(180-50) per day.My question: Can I receive the amount per day $120+(180-50) as tax free? Or part of it has to be included on my W2?Please help.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
I have been selected for an IRS audit. I have been asked to

I have been selected for an IRS audit. I have been asked to provide (mail in) documentation for my Employee Expenses Deductions and my Miscellaneous Deductions. I have been audited for the 2014 tax year. I have some of the documents, but not all. What should I do?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
I'm a real estate agent. I work as a contractor under a

I'm a real estate agent.I work as a contractor under a broker.Preparing my taxes now.Question is: when do I do a write-off under "clothing"?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
I run a small business through my home and pay for my own

I run a small business through my home and pay for my own health insurance premiums, and my son's. My husband works in another state. His employer offers health insurance, but the premiums are very expensive for his dependents. Can I still count my premiums as a business expense for my business, even though I could technically get on my husband's insurance at a much higher rate?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
I am a doctoral student, which means I study and work at the

I am a doctoral student, which means I study and work at the university. However, they do not provide any employer health insurance. Instead, I pay for the student health plan. I also do consulting work on the side with my own company. Can I claim my health insurance premiums as a business expense of the consulting company?

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
Thank you. I am a healthcare provider that is an employee

Thank you. I am a healthcare provider that is an employee for health insurance purposes. Will continue, just letting you know I am here. I am paid a percentage of receivables and have my office within a shared practice. I am not a partner. I have office expenses and liability insurance that I pay for. I want to have those expenses deducted from my gross and reimbursed as an expense. Is this permitted? Is there a way to do it?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I do not know what he needs to know. I receive a W-2 but my expenses are not enough to itemize.

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
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