Join the 9 million people who found a smarter way to get Expert help

Recent Business Credits questions

I very recently started a Sole Propietorship business,

I very recently started a Sole Propietorship business, selling apparel online. When I started this business some weeks ago, I used personal cards to pay for initial stock and needed items like photography backdrops and packaging materials. How do I handle reporting these expenses without attaching my personal accounts to my business?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I now have a business checking account with which to handle purchases and payments, so this is not an ongoing issue, but I want to be sure I get it right up front before taxes roll around next year and I'm totally lost!

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,914 satisfied customers
I a business owner (partnership LLC) and we want to sponsor

Hi I a business owner (partnership LLC) and we want to sponsor a local athlete going to a national event. Can I write off the costs as a business expense? What is allowable and what isn't? What sort of documentation do I need to get or provide?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Is there a minimum amount of sponsorship? Also this athlete has no family relation to me. Also is there anything that the athlete need

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
I use quickbooks online for a realtor/real estate business.

I use quickbooks online for a realtor/real estate business. Im am the only account on it. there is a checking and credit card profile on the account. I made a purchase with my personal credit card because i did not have access to my business credit card. To account for the expense(fixed asset), i plan to transfer online the exact amount from, my business checking account, to my personal checking account. From a taxes and bookkeeping and QBO systems lens, is there a reason It would be better to write a check vs online transfer?thanks!

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
Received two 1099-Cs. One was for credit card debt and the

Received two 1099-Cs. One was for credit card debt and the other was a home equity loan. Which boxes need to be checked off on form 982 for each?

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
My business credit card earns reward points. I transfer

My business credit card earns reward points. I transfer those reward points over to my personal credit card and spend it on personal stuff. Do I have some kind of tax obligation for reward points? Like, do I have to reimburse the business after I take those reward points in the form of a points transfer?

Read more

Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
Was looking on the article for cancellation of debt. I

Hi, was looking on the article for cancellation of debt. I received a 1099c for $35k on a rental property I own. I have over $100k in passive loss carryforwards. Can I reduce the carryforwards to offset the discharge? Is so, how do I report?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
I had a student loan discharge with a 1099-C reported. In

I had a student loan discharge with a 1099-C reported. In Form 982 am I excluding the discharge amount due to insolvency and will reduce a net capital loss attribute by the same amount. What form do I use to adjust my net capital loss attribute by what I report on Form 982?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
I got amex business, shall i have to report to tax filing

I got amex business, shall i have to report to tax filing all what i spend with it ? , can I buy with it anything like grocery as I still didn't start my business ? what its benefit over the ordinary amex or credit card ?

Read more

Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
I have personal credit card debt, and business credit card

Hi I have personal credit card debt, and business credit card debt, this year 2017 i am trying to pay it with additional income and reducing expenses, my question is since i will be generating more cash flow, and making payments to credit cards, my question is can i deduct payments made to personal credit cards and business credit cards?, and another question what are my options that i have regarding this situation minimize taxes in 2017?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
View more tax questions
In The News