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Recent Business Expense questions

I'm self employed. In 2016 I moved from the US to Europe. I

I'm self employed. In 2016 I moved from the US to Europe. I kept my existing US based accounts and kept working with no change whatsoever.I meet the distance test. I meet the time test. I put in 39 weeks of full time work in the first 12 month and will effortlessly comply with 78 weeks within the first 24 month.are my moving expenses deductible - the move is closely related to the start of work at the new location. The move itself was a choice rather then a necessity.Thank you.

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Lev

Retired

Bachelor's Degree Equivalent

24,864 satisfied customers
I use a service called UPwork.com to hire freelancers to do

Hi - I use a service called UPwork.com to hire freelancers to do coding for my sole proprietership. The freelancers are usually russian or indian. Can I deduct the payments as business deductions? Is there anything else I need to do?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Don't think so. If I was hiring U.S freelancers, I would probably need to file a 1099 butwhat about with foreigners?

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Lev

Retired

Bachelor's Degree Equivalent

24,864 satisfied customers
My wife works at a car dealership and received a 1099-MISC

My wife works at a car dealership and received a 1099-MISC from the manufacturer as an incentive payment. Is this income subject to self employment tax? Can you she take expenses against this income?

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Dr. Fiona Chen

President

Ph.D.

928 satisfied customers
I would like to return to school to gain more education and

I would like to return to school to gain more education and plan on deducting the cost as a work-related educational expense. My situation is unique in that I am both self-employed (own my own business) as well as an employee who works for someone else. I would like to know the circumstances under which I can properly deduct educational costs as a work-related expense.

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Robin D.

Vocational, Technical or Trade School

24,128 satisfied customers
I have a wife who is employed works for a company and works

I have a wife who is employed works for a company and works 5 days a week from our apartment. She is not a contractor or self-employed.. We are over 560 miles one way from where her office would be if we lived there. Can we deduct a portion off our rent as a business expense?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: not sure she works for a company in Indiana but we live in North Carolina

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,104 satisfied customers
I have a contract with the federal government. I bill them

I have a contract with the federal government. I bill them an hourly rate and a per diem rate along with mileage. I received a 1099 which combined my wage, per diem and mileage. Can I deduct the per diem and mileage?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't think so.

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Lev

Retired

Bachelor's Degree Equivalent

24,864 satisfied customers
In 2016 I bought a piece of property using a commerical

In 2016 I bought a piece of property using a commerical loan. Shortly after purchasing it I decided I wanted this to be my personal residence. I paid over 18,000 of interest on the commerical loan in 2016. In early 2017 I converted from a commerical loan to a home mortgage loan. Where and how do I deduct this interest? Would it be considered mortgage interest or investment interest when I file my taxes? This house was property was pretty much my personal residence from day 1.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,104 satisfied customers
My son has two kinds of agents. The first is easy. The 10%

My son has two kinds of agents. The first is easy. The 10% the agent gets is a business expense that decreases his income as a self employed playwright. The second is hard. He pays 20% as an ongoing commission for his job as a tv writer. I can't figure out how and where to deduct that costJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: nope

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,400 satisfied customers
My partner and I formed an LLC last year and made no profit.

My partner and I formed an LLC last year and made no profit. We did, however, each spend around 17k out of pocket on a production. We were very loose with out spending, using personal credit cards and cash, etc... to spend that money, but the end product was to benefit the LLC. How dangerous is the filing if we generate the K1 forms through a tax service and file for refunds based on those losses. And what would the audit process be in a worst case scenario. Do people go to prison for filing a bogus return, even if it was not intentional? We may not be able to produce all the right documents, etc... if needed, as the spending was done in a very messy manner. Also, my partner is in California and I am in Michigan. I believe we would be filing in California. Would I have to travel to California under any circumstances?

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Lev

Retired

Bachelor's Degree Equivalent

24,864 satisfied customers
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