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Recent Personal Deductions questions

Our CA 501c non-profit dog rescue organization is very small.

Our CA 501c non-profit dog rescue organization is very small. None of the 5 Board members take any salary, and the foundation is funded by donations. Our Founder and Executive Director uses her own vehicle and has been paying the for the gasoline used for Foundation business, picking up dogs, taking to vets, adoption events, meet & greets, etc. using the Foundation debit card. So the Foundation is paying the gasoline costs only.We have been told this is wrong, and that she should report her mileage, and be reimbursed at 15 cents a mile.This makes no sense to us as gas is so very expensive here, and she is already donating the use and maintenance for the vehicle. I just want to make sure the gas is paid for by the Foundation and not out of her pocket. As the Executive Director is this possible to do?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I am helping my wife file her 1040 and 1040c small

HI,I am helping my wife file her 1040 and 1040c for her small business in 2015.Looks like she owes $3500 in Self Employment tax, but she only made a profit of $100!She made a total of $2500 last year.I am retired and do not make any money, but we are filing married and jointly to get the bigger deduction, I am also 69 years old.I do not understand how the Self Employment tax is taken out before all of the deductions.Does this sound right to you?Thanks!Gordon

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Lev

Retired

Bachelor's Degree Equivalent

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My wife and I are 72 and control a revocable trust that owns

My wife and I are 72 and control a revocable trust that owns 2 regular NY State C Corporations. One of these employs us on W-2 form and commission income as a sales business. This firm rents an office space in our residence from us where 5 people are employed (about 1200 sq ft out of a 6000 sq ft building). Question is on our personal Federal 1040 form can we deduct a rental property net loss (Our combined income is about $300,000 ferom W-2, interest, dividends and social security before adjustments). Looking at IRS Publication 925, Page 5 "Activities That Are Not Passive Activities", sub pararaph No. 3, leads me to think this loss is a valid personal deduction as showing a loss on schedule E?

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Lev

Retired

Bachelor's Degree Equivalent

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Regarding my 2015 taxes: I am an electricians apprentice.

Regarding my 2015 taxes: I am an electricians apprentice.1.how much can a person deduct for charitable contributions?2. As an apprentice/electrician what deductions can I make? (ie: cloths, work boots, work gloves, tools?)3. I live in New Jersey but work in New York. Can I deduct for the gas, mileage, parking? which-the gas I used to get to work, the parking I paid to park the car to go to work.4. Can I deduct for any parking tickets I received when my car was parked while I was at work?5. My daughter was in jail/rehab for a few months in early 2015. can I deduct for any of the of the expenses? (ie: co-cost of rehab, phone expenses, food /toiletries expenses while incarcerated, air travel to get to rehab).Thank you

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Robin D.

Vocational, Technical or Trade School

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You told me several years ago at tax time that cell phones

Hello -- you told me several years ago at tax time that cell phones are 100% deductible for our business, even if we also use them as our personal phones. (As long as the cell phone is in the business name.) But we pay our cell phone bills out of our own personal bank accounts and not our business account. Can we still deduct them if they're not paid for with company funds? (An accountant recently told me we cannot deduct anything paid for with personal funds because it risks piercing the veil of our LLC.)

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Megan C

Master's Degree

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I am preparing a 1065 partnership return - no employees. The

Hi - I am preparing a 1065 partnership return - no employees. The (2) partners setup a SIMPLE IRA this past year. One partner has contributed and I am recognizing that contribution of $12,500 on their K-1. The company match of 3% is based on the partners earnings reflected on the K-1. Where is that amount reflected on the return/K-1? Also, if it is a company deduction it would then reduce the earnings which would then change the 3% so it becomes a cycle... I am thinking it is also just reflected on the K-1 only but the company does make the contribution itself.... ??

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Getting ready to file 2014 tax returns. We own a small

Hello, Getting ready to file 2014 tax returns. We own a small business, and I can eithershow $30,000 loss, which is legit, or a $70,000 profit, but I started to draw SS when Ihit 62, because I lost my job, and our business was struggling..When I lost my job, welost our house along with our credit. Have built the credit up enough to buy a house anduse my VA Benefits, but concerned if I show a profit, the SS will be in trouble, and will have to pay extra taxes?? What is the best thing to do, we really want to get back in house of our own, and have a chance to but do not want to get burned..Help..Bill

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
My daughter lives with me ,she is now red as a Registered

Hello,my daughter lives with me ,she is now hired as a Registered Nurse and the employer asked her for a tax status.1-Does she claims herself as a dependent single, because lastyear she filed separately when she graduated from college to get the refund? {NO W-2 or EMPLOYER,only tuition }2-How she can save in payroll taxes bracket? can she change her filing status not to file independently and instead file under my name since she lives with me?3-what is the best approach to be beneficial for both of us?please answer all my questions.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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Can I deduct all taxes paid on a second non home non rental

can I deduct all taxes paid on a second non home non rental property in figuring capital gains on the sale. Is capital gains percentage based on last years tax bracket or this year including capital gain from the property/?

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Robin D.

Vocational, Technical or Trade School

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