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Recent Business Expense questions

For 2015 I filed my taxes as a self-employed consultant

For 2015 I filed my taxes as a self-employed consultant under my personal return. Where should I record by business expense of taking Ubers/cabs to client meetings? I see sections for using one's own car and also specifically for out-of-town travel. I hate to put more $$ in misc... What is the best way to handle this?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
I am planning to start an e-bay business selling books. I

I am planning to start an e-bay business selling books. I have about 2000 books as initial inventory, which I have accumulated over the years. The cost of the books is roughly 20k. Say I would only sell books the first year for $2500. In addition to other business expenses would I also be able to deduct the remaining inventory of books (18k) as a business expense in my first year of operation for IRS purposes?

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
I am thinking about moving my counseling practice (LLC) from

I am thinking about moving my counseling practice (LLC) from Florence, KY (Boone Co) to Cincinnati, KY (Hamilton County) because I was told that there is a tax advantage enacted by the OH governor. There are other reasons for possibly moving, but I wanted to see if the tax advantage was significant.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
I am a Missionary and getting monthly support. Will I have

I am a Missionary and getting monthly support. Will I have to report that to Mass Health even if it is a free will offering? Or is that considered income?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
I am a sales rep employee of a publicly traded company. I

I am a sales rep employee of a publicly traded company. I want to pay bonuses to a few people, out of my own pocket. If I do, can I deduct from my taxes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,012 satisfied customers
Thank you for taking my question In a C corporation with one

Thank you for taking my questionIn a C corporation with one shareholder, does the IRS require the shareholder to take salary in a reasonable compensation manner or this test only applies for an S Corporation or Closely held corporation.Where can I find any IRS supporting document for this question? I tried searching the web but didn't find anything specifically about C Corporation.

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
Can I maintain my cash basis in my single member

Can I maintain my cash basis in my single member (disregarded entity) LLC after my tax year ends in order to increase the income I report?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
I am considering starting a Limited Liability Company for a

I am considering starting a Limited Liability Company for a business idea regarding Automated Teller Machines. This business is mostly cash in hand being transferred from the bank to the Teller Machine. However there would be a record on bank statements as well as show any exchanges that have been made at the Teller Machine. I am curious as to what kind of Tax Forms I would need to fill out to make my business legitimate? What kind of tax implications could I be facing when tax year rolls around? What is considered to be a tax issue or a non-tax issue with ATM's? I plan to own multiple ATM's in different locations, could that affect my taxes and are these machines considered capital assets? Would it be better to go through a third party to pay the processing fees and are they deductible? Any information would be a great help and much appreciated! Thank you for your time -Andrew

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
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