The Small Business Tax Help Blog

Posts Tagged ‘deductions’

Question: Do I need to amend my 2007 & 2008 tax returns before my (Japanese) wife can get a green card for the US?

I’ve been living and earning all my money in Japan for over 11 years. Now I’d like to return to the US with my Japanese wife and our two kids. The IRS has recently gotten involved with the visa process and sponsors (me) are required to show adequate income (above the US poverty line). However, on my 2007 & 2008 US tax returns, I found out that I had entered my gross income which is really low due to tax write offs (I own my own business). I used my net income for 2009 which is way above the poverty line (approx. $91K US).

Question: will my 2009 tax return suffice or do I need to have 3 years proof of adequate income?

(I’m asking here on Yahoo because the IRS isn’t much help and either is the automated phone line at the Tokyo Embassy)

Answer: The IRS is a consortium of retards.
Your 2009 tax return will most assuredly suffice. Even if you had ZERO income for the 2007 and 2008, and then all of a sudden you make 91k in 2009………….Immigration will look at your 2009 taxes. That’s it.

Tax Forms & Deductions : Can I Write Off My Computer on My Taxes?

Question: How can i look for business sponsors for our cheering team? Help!?

We need finances to get a choreographer, and for uniform expenses. The cheering competition is in 1 month!
Which kind of sponsors do you think would be preferable, or would be supportive to sponsor us? shoe, clothing businesses? Nike, Bench, or Lee, etc? Other suggestions?

Answer: All you have to do is go around ans ask people to sponsor u and ask people on the team if they knw anyone

Searching for profits and saving Patagonia

Warren Adams has a plan for land preservation that actually makes money. Now he just has to prove it.

UniFirst Healthcare Apparel Programs

Question: Section 179 deduction small business eligible for bonus depreciation?

I purchased about $4000 in business equipment in 2008. I understand I can claim the $4000 under Section 179. But a recent change in the tax law for 2008 allows 150% “bonus” depreciation on business equipment. Does this apply? Can I claim $6000 of depreciation vs. $4000 because of this new tax law?
Why? Who does the bonus depreciation law apply to?

Answer: No, you are limited to your cost basis.

Bill Clinton retakes the White House from Obama: Full photo coverage

Barack Obama concedes and leaves the news conference.

Tax Deduction Tips for Businesses : Business Gifts in Tax Deductions

Question: Tax deduction on passport?

Can I claim the cost of my passport on my Business Tax if I travel overseas for business. My business is in Australia

Answer: Generally a passport is not tax deductible. In your case where your job requires overseas travel to perform your duties, you should consider applying for a Private Ruling.

A private ruling is issued by the tax office and it is applicable on a case by case basis. That means that if they say ‘yes’ to you being able to claim, it is based on your circumstances alone and does not apply to other people as their circumstances are probably different.

http://ato.gov.au/atp/content.asp?doc=/content/19463.htm

Phoenix owner Serepisos faces fresh legal action

Wellington Phoenix chief executive Nathan Greenham insists all players will continue to be paid despite club owner Terry Serepisos facing legal action over unpaid taxes.

Robert Barbariol Chartered Accountant Sydney

Question: My tax deductions with be more than my income for 2008, do i have to pay taxes?

I work as an independent contractor and use the mileage deductions method. At 50 cents a mile, i will be able to deduct more than my income, it will appear as if i had a net loss. Do i still have to pay any self employment taxes or any other taxes?

Answer: No, you won’t owe any taxes, but you must file a return and be sure you can “document” your deductions with adequate records.

Fortis Inc. Earns $45 Million in Third Quarter

ST. JOHN’S, NEWFOUNDLAND-AND-LABRADOR– – Fortis Inc. achieved third quarter net earnings attributable to common equity shareholders of $45 million, or $0.26 per common share, up $9 million from earnings of $36 million, or $0.21 per common share, for the third quarter of 2009.

Since I’m a Temp Contractor, Can I Deduct Mileage to Work?