The Small Business Tax Help Blog

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Question: Expense Write-Offs for Small Business?

As the owner of a small business, which is a Sub-chapter S corp, can I write off massage therapy? I am a Dentist. If I got massages for staff, it would be a business expense I think, but what about for myself?

Answer: I doubt massage therapy is an essential expense for a business. It may be considered a personal medical expense if you have some sort of condition that requires it. You best check with a good CPA before you try and get this by the IRS.

Dearborn Bancorp Inc. Reports Operating Results (10-Q)

By 10qk. Dearborn Bancorp Inc. ( DEAR ) filed Quarterly Report for the period ended 2010-06-30. Read more » »

Write off Entertainment Expenses! Have Fun while reducing taxes!

Question: Do I have to pay self-employment tax? (Please read explanation)?

I work a full-time job where I have all required taxes taken out of my pay. But i also did a little tutoring last year where I was considered an independent contractor. My tutoring wages were approximately $2000 but I have about $1000 in write-offs from mileage and business related expenses. I live in Pennsylvania. If I do have to pay SE taxes, approximately how much? I of course will have my tax preparer figure this out exactly, but I’m just trying to estimate my refund right now. Thanks for the help.

Answer: You’d owe SE tax on the net for the tutoring income of around $1000 after expenses. SE tax on that would be around $141. You’ll also owe income tax on the $1000.

Citigroup Reports Second Quarter 2010 Net Income of $2.7 Billion; $0.09 Per Diluted Share

NEW YORK—-Citigroup Inc. today reported second quarter 2010 net income of $2.7 billion or $0.09 per diluted share, on revenues of $22.1 billion, marking a second consecutive profitable quarter.

Tax Deduction Tips & Advice : How to Deduct Moving Expenses From Your Taxes