The Small Business Tax Help Blog

Posts Tagged ‘Business Expenses’

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Question: Recording Expenses for Business?

If I run a consulting business, and I have to travel to clients’ locations as well as have lunches with them, how do I record the mileage/gas/food expenses? Like if I were to keep a journal, how would I write down the information as the IRS would expect it to be in the unlikely event of an audit?

Answer: Keep all of your receipts, and keep all your check stubs. If you have a personal checking account, get a checkbook that makes carbon copies and put the copies in your “payouts” folder. You can also depreciate the value of your vehicle on your taxes if the vehicle is used primarily for business purposes . But even if you use one vehicle for both, you can still write-off the gas, oil changes and service needed because of business-related travel. Also, if it’s a company vehicle you can write-off the loan payments, but I’m pretty sure you already know that!

Contango Updates Operations

HOUSTON–(BUSINESS WIRE)–Contango Oil & Gas Company (NYSE Amex: MCF) announced today that its Galveston Area 277L prospect (His Dudeness) was a dry hole. Total expenditures, including plugging and abandonment costs are expected to be approximately $9.5 million, net to Contango. Mr. Peak, the Company’s Chairman and Chief Executive Officer, said “Drilling dry holes comes with the territory of …

Surviving an IRS Tax Audit : IRS Audit: Proving Expenses

Question: ACCOUNTING HELP..A General Ledger for month 1 to 31st march is being made?

where do dese go

6.Depreciation. A standard depreciation amount of $350.00 for Equipment, Furniture & Fittings and Motor Vehicle is applied each month so that the monthly and year-to-date profit figures are more accurate. This amount is posted as a Debit to Depreciation Expense and a Credit to Accumulated Depreciation.
7.Cash At Bank. A download of the bank statement showed that all cash receipts and payments had been processed. One item not yet accounted for was Bank Charges of $28.00. GST is not charged on this item.
8.The owner, James Hing, drew out $1000 in March from the business for personal expenses.
9.Entries for Depreciation and Drawings are made through the General Journal and worksheet.

END OF MONTH ADJUSTMENTS or DURING THE MONTH and CLOSING

for more details on the assignment go2

http://dayalaman.250free.com/ICCAcctAssignment_a06.htm

Answer: 6) Debit the Depreciation expense by $350 and credit the Accumulated depreciation also by $350.
7)Credit the cash at bank account by $28.
Debit the drawings account by $1000

Wajahat Ali: Fighting Wells Fargo and Foreclosure

Could it be that the best chance to save a young family from foreclosure is a 28-year-old Pakistani American playwright/attorney who learned bankruptcy law on the internet?

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