The Small Business Tax Help Blog

Archive for October, 2007

Question: Can I write off snowmobiles on Business Taxes?

We are sole proprietors in the construction industry. We partake in snowmobile trips with our builders and clients on a regular basis. Can this justify taking the section 179 deduction on some new sleds? Thanks!
how can businesses deduct “golf trips” and “spa retreats” as business expenses…these aren’t necessary for business – yet they do it. How would claiming the snowmobiles be different as we do entertain clients and business associates?

Answer: there is a fine line here that you must be sure not to cross.....yes you can deduct the sleds IF the sleds are bought with business funds and you NEVER use them for personal recreation.....if you do use them for personal recreation then you can only deduct the expenses for the day such as fuel and your percentage of meals and entertainment.....sole props have a more difficult time with this over a corporation but it is possible.....for instance, if you take your personal sleds out with a potential construction client to scout property then you may be able to deduct only the days expenses.... if you take sleds that are considered business property (you never use them personally) you can deduct the sleds ~ where the fine line comes in is this: can you do this in an SUV that could otherwise be used to promote business and can in no way be perceived as recreational?.....this is all possible for you but i believe i would ask a tax professional and ask them to please pull the publication and highlight it and provide it for you to put with your copy of your return as back up

Deaths: a music producer, a volunteer coordinator, an engineer

Jeff Krys , 57, a Cincinnati music producer and Austin g.m.; Dottie Kemps , a loved and effective volunteer coordinator from KCET and Norm Craley a trusted WETA engineer.

Question: Please tell me how Obama is making it easier on small business owners?

Small businesses are dropping like flies all around the country. You do realize small business employs 70% of the American work force? Tell me what actions (tax breaks) or programs Obama is doing to give immediate relief to this nation’s small businesses?

Answer: He's making is very easy for small business owners to go out of business...

Reader views (80)

iv worked since i left school at 17.i only ever had 2 employers both 10yrs each so have always paid my taxes.while i was in my last employment(panasonic pentwyn cardiff)i was in a r,t,a.road traffic accident(6month in hospital) which left me disabled.so rather than collect my redundancy off them i had my pension though ill health..i still pay taxes,anyway i need a council house to live for me ...

Small Business Ideas #1 400 Latest Greatest Small Business Ideas From Around The World

Legacy Reserves LP Announces Quarterly Cash Distribution

MIDLAND, Texas — Legacy Reserves LP today announced that the Board of Directors of its general partner has approved a cash distribution attributable to the fourth quarter of 2009 of $0.52 per unit, payable on February 12, 2010, to unitholders of record at the close of business on February 1, 2010.

Billy Bragg Protests British Banks Bonuses

Question: Are you for or against Geithner for Treasury Secretary?

I’m against him

I’ve worked non-withholding, and i’ve know a lot of people who have – i’ve never known anyone who didnt know you had to pay self employment taxes

But the more serious thing, is that Geithner was very much in on the bailout. The use policy changed from day to day, and nobody really knows where the money went – and banks still arent lending

Geithner was head of the NY Fed Reserve from 2003 on – what did he do on his watch to midigate the mortgage bubble? I know of NOTHING

Why doesn anyone ask this

Do you really want this fox guarding your henhouse?
i couldnt stand bush, and i think paulson was a crook

i dont want more the same

Answer: against. i have yet to see a single post in favor of this guy. what in God's name could obama be thinking? oh wait. never mind.

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Question: I have a small business and have not filed my taxes, I need help please….?

I don’t know how to fill out the tax form and I want to go to a tax expert can something like H&R Block help me with it How much do they charge for that service?
I know there is a 10% penalty for filing past the due date. How long can you go with out paying taxes I need about two months will the penalty rise every month?
My due date is today
If I go to a tax expert what do I need to present?

Answer: I work for a CPA/Tax Prep firm in MA, and won't say anything one way or another in regards to H&R Block, but I would recommend finding either them (they do tend to do less business though after the 15th, so you might have trouble finding an office that is open) or a local CPA in your area. Since it is past the 15th of April things should slow down for them. As far as the cost of the service, that all depends on how complex your return is. You can go forever without paying taxes, but the tax, and interest, and penalties will continue to rise until paid off. What you will need to bring to your preparer whether it's H&R Block or someone else is whatever you use to keep track of your business activity, hopefully you use some kind of accounting software, like quickbooks. Just to let you know if you are in the New England area, my boss is always looking for new business clients.

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