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Recent Business Expense questions

I live in Bethesda MD, have a full time job but want to

I live in Bethesda MD, have a full time job but want to start a side business with online selling...should I start an LLC or just do deductions on my personal tax? I would like to take advantage of as many deductions as possible.JA: Excellent. The expert can walk you through setting up an LLC or see if that's the best choice for what you want. Is there anything else important you think the expert should know?Customer: nope

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Robin D.

Vocational, Technical or Trade School

25,694 satisfied customers
Can I use money from my business bank account, to use as a

Can I use money from my business bank account, to use as a down payment on a vehicle that's not in the business name. That will be used for partial business use? It would be in my wife's name. Since she is applying for the loan and has a license. But still, will be used occasionally for business.

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Mark Taylor

Certified Public Accountant

Masters

3,840 satisfied customers
Just rec'd notification of pending audit of 2 of my

Hello,JA: Hello. What is your issue regarding?Customer: Just rec'd notification of pending audit of 2 of my individual tax returns 2014, 2015. Need advice on audit session. ThankslJA: The expert will know how to help. Please tell me more, so we can help you best.Customer: Specifically, they want to look at multiple deductions like medical expenses, unreimbursed business expenses, and cancelled debt.JA: Is there anything else the expert should be aware of?Customer: Well, the issue for me is I don't think I have all of my receipts for the deductions. That could be a problem. Also concerned about the cancelled debt which occurred during a mortgage short sale.

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Mark Taylor

Certified Public Accountant

Masters

3,840 satisfied customers
I am 63 and want to collect my SS does want I made this year

I am 63 and want to collect my SS does want I made this year in income go against me if I start collecting in July?JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am president of a s corp but want to retire and work part time I know I can only make so much till I'm 66 but if I retire in July and work part time does what I made this year count against my income ?JA: Is there anything else important you think the Retirement Accountant should know?Customer: the s corp will pay my health benefits till I qualify for Medicare

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,562 satisfied customers
I live in California and recently went from a W-2 employee

I live in California and recently went from a W-2 employee to a 1099 contractor for another employer. I am new to working as a contractor so would love to know some of the most common write offs for contractors. I would like to open a traditional IRA and bought a computer for work recently. Can I write these off? Lastly, is there a maximum I can write off?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,944 satisfied customers
I am doing Corp and Pers returns for a client. Corp paid

I am doing Corp and Pers returns for a client. Corp paid Health Insurance for two employees, one a 98.5 % shareholder and other a 1.5% shareholder. Want to make sure deductions and w-2s are correct. For the 1.5 % shareholder, in addition to the wages received, the W-2 should include in line one, wages and compensation, the amount the corp paid for EE's health insurance , and then in liine 12 the cost of employer provided heath insurancne (code DD) should be on W-2. Is this correct? For the 98.5% owner, he is not eligible for this treatment. But the amount paid for health insurance should be put directly onto 1040 as sefl employed heatlh insurance. Is this correct? Now the total expense of health insurance should be on the 1120S as direct business expense. Correct? And there is no special entry on K-1. Do I have this all straight?

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Mark Taylor

Certified Public Accountant

Masters

3,840 satisfied customers
We want to put 2 people on payroll. However, we do not

Hi Mark. We want to put 2 people on payroll. However, we do not generate enough revenue to pay minimum.Specifically, we want to pay a partner 1500/month, and production manager 400/month.Is this a possible legal range we can pay? What are your recommendations? This amount is also agreed as well with the employees.

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Mark Taylor

Certified Public Accountant

Masters

3,840 satisfied customers
I just finished my MBA and I got my EAD card (OPT status). I

Hello, I just finished my MBA and I got my EAD card (OPT status). I would like to start working as freelance (related to my studies). I would like to know how do I invoice my clients correctly/ who should I contact to have informations about the tax system in US? Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,562 satisfied customers
I have a car service and my car has commercial insurance

I have a car service and my car has commercial insurance what are all the write offs I can legally take ?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,562 satisfied customers
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