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Recent Depreciation questions

I run an online E-commerce store. A single member LLC filing

Hi, I run an online E-commerce store. A single member LLC filing Jointly. I recently donated inventory to a qualified charity with fair market value(selling price) of $7,300. I am looking through form 8283 and I need to know how much contribution i can deduct from my 1040JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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CFEPro789

Fraud Analyst

Master's Degree

1,032 satisfied customers
Client had a fire at his commercial bldg. It has been a

Client had a fire at his commercial bldg. It has been a rental for years.Insutance paid client $ 350,000. Building was 100 yrs old. Is the insurance money taxable?The cost to rebuild will be over the $ 350,000 insurance money. how do I report this on the tax return?Thank you,Fred

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ABC Accounting Group

Bachelor's Degree

396 satisfied customers
Lets say I have investors invest in my business. We use that

Lets say I have investors invest in my business. We use that investment to buy equipment and things we need to run the business. We also are showing paying the investors back over time.My question is would the expense bought with the investor money show up as standard expenses in my P&L even though I am paying back the money over time with interest.

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ABC Accounting Group

Bachelor's Degree

396 satisfied customers
What is the percentage for each year of the MACRS, the

What is the percentage for each year of the MACRS, the Modified Accelerated Cost Recovery System? As I understand it MACRS has a 6 year depreciation schedule for a company buying a solar system of the following per year:20.00%32.00%19.20%11.52%11.52%5.76%But I understand that I can choose 50% accelerated depreciation in the first year. What are the percentages for all the remaining years then?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
My question is a tax question I rented a building to start a

My question is a tax question I rented a building to start a small business I bought equipments etc. I have a tax I'D number, however due to unforeseen circumstances I haven't open. Can I claim my expenses on my income tax this year even though I didn't earn any income from it.

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TaxRobin

Vocational, Technical or Trade School

21,874 satisfied customers
Seeking advice on tax planning and structuring for small

Seeking advice on tax planning and structuring for small business. Majority of income is from 1099 and seeking ways to get the most out of deductions or changes that can be made to minimize tax burden for 2016.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
I am trying to prepare a balance sheet. I am confused with

I am trying to prepare a balance sheet. I am confused with Capital Stock, Retained Earnings and Paid Dividends.I can provide all details

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Mark Taylor

Certified Public Accountant

Masters

2,054 satisfied customers
My fiance and i live in the state of ny. we own 3 rental

my fiance and i live in the state of ny. we own 3 rental houses and are in the middle of finalizing an llc. we took 54000 from his 401k to buy one of the units. the other unit we bought cost 22000 and we put 20000 of our own money into it. can he write off all of the improvements to cut down on our taxes? and also, should we finish the llc this year?JA: The accountant will know how to help. Is there anything else the accountant should be aware of?Customer: i dont think so.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
How are you? Good! I am about to start an online business

Hi how are you?JA: I'm good. And you?Customer: Good! I am about to start an online business doing personalized gifts and wall art. I had purchased a laser engraver before setting up my llc. I was wondering how I would go about writing off that equipment within the company.JA: Glad to hear it. The accountant will know how to help. Is there anything else important you think the accountant should know?Customer: No, not as of right now

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TaxRobin

Vocational, Technical or Trade School

21,874 satisfied customers
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