The Small Business Tax Help Blog

Posts Tagged ‘money’

What Qualifies as a Business Expense?

Question: Will Self-employment tax be considered as a tax liability for proposed rebates.?

Will the IRS figure the rebates due a person using just a federal tax liability? or will self-employement tax be consider in the calculation?

Answer: They will just use regular income tax liability. Not other taxes like SE tax.

Home-Based Business Meals and Entertainment Tax Deductions

Question: New Years Resolution: Save money rather than spend and get into debt: any free spreadsheets out there?

im not talkin about loans on a house or condo, just loans on stuff other than land/houses/condos. (My partner and I own a condo and are making more than the required minimum payments on our mortgage) Are there any good websites or spreadsheet templates on the net that itemise your goal for you on an annual basis? I want to get rid of my credit card debt of $12k and save enough money to start a small business (my partner doesn’t know about either of these otherwise he would explose). I would still work in my crappy job so my expenses are covered and to have an income stream…just that I want to pay off my credit card debt without my partner knowing and then start a small business and tell him when the business is off the ground. So I need the spreadsheet for both these things.

Answer: www.msn.com used to have many spreadsheets for use for free. Or try www.money.com

Complete Hospital Manager Software with Accounting and Inventory Control

Question: Can I write off business expenses incurred before the business was established?

I plan to file the paperwork to start either an LLC or INC later this month for a web-based business. (I’m still researching which will work best for our situation.) But, I’d like to get started on the web development immediately. If I buy web hosting, domain names, web software, etc. today, can I still write it off as a business expense after I’ve officially created the business?

Answer: Yes. You can pay for it personally, then “reimburse” yourself from the company. Keep all the associated receipts with your business records.

FlipReport | Concur Breeze | Small Business Summit

Question: Can i give my subcontractor a company credit card for any of my business expenses?

Can i give my subcontractor a credit card to pay for my business expenses? Or would doing this clasifiy him as an employee?

Answer: He could still be a subcontractor. The IRS has rules to disallow some people if you treat them like an employee.
As long as you don’t do things like schedule his time or having him work exclusively for you, allowing him a company credit card shouldn’t matter.

Measuring Business Income 2-Adjusting JE Assets & Expenses