The Small Business Tax Help Blog

Posts Tagged ‘web2.0’

Question: What is the difference between vehicle expenses and transportation expenses? Tax Act is confusing!?

Hi…I run a business out of my home and am using Tax Act to do my taxes. I completed the ” Vehicle Expense” questions, which had me separate out commuting miles, from business miles and went with the standard deduction for my business miles.
The next set of questions were for “Transportation, travel, meals and entertainment”. It asks for “local transportation expenses” and “Overnight travel expenses”. Am I supposed to claim the same mileage that I just did with the “Vehicle Expenses” category again???? I’m totally confused.
Thanks!
I figured out what the problem was…one set of questions was for “employee” expenses, the other for “business”expenses. As employee, they go on schedule A and subject to 2% rule, as business, they go on schedule C and not subject to 2% rule. Guess I was a little too tired to catch that when I posted. Thanks everyone.

Answer: transportation expenses are cabs, air fare, rail fare.
Also tolls and parking are separate expenses from that used by putting for mileage for your car.

If you use your car for business, do not enter it twice.

You can deduct hotel/ motel expenses and50% of meals. Again, do not enter it twice.

Jones of Peaks Hotel, Hurwitz elected to TMVOA board

Kevin Jones, an investor in the Peaks Capital Group that bought the resort earlier this year, won the only contested seat in the 2009 Telluride Mountain Village Owners Association Board of Directors election. He narrowly bested incumbent and Capella manager John Volponi for the position.

Bailed Out Banksters Screwing Hookers, Using Company Credit Cards! 2/9/2009

Question: I am a w2 employee and I need help writing off business expenses?

Hello,

I am a w2 employee for a company and I just need your advise to see if I am going alittle too overboard on my deductions.

Even though I am a w2 employee and I am using “STANDARD DEDUCTION” I am allowed to write off business expenses that I was not reimbursed for during the work year.

I am going to claim roughly $1200 for my cell phone (all work related and thats a figure of 90% company usage)

About $475 for work clothing
About $600 for laptop and PDA
And about 8500 miles for non commuting miles. E.g Driving to customers houses ETC.

I made roughly $51,000 this year and I am very afraid of getting audited becouse I did not save receipts or logs so I need to know if this figure is too high and might raise a red flag for audit for the IRS. I wanted to go to you guys and ask.

Please advise. Thank you so much!

-Brandon

Answer: If you are using the standard deduction, you can not deduct unreimbursed work expenses. You must itemize.

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The expenses you list above total $6397.50. You must subtract 2% of your income ($1020). This leaves you with a $5377.50 which is over the standard deduction by a little bit. On top of that, you add in your state taxes and charitable contributions (if any).

Personally, unless your state taxes are really high, I probably wouldn't deduct the work expenses without receipts and logs.

Towns that time forgot: Central Florida's historic lost communities

Long ago, Central Floridians lived in places with names such as Beulah and Bloomfield. To get from Orlando to what is now Sanford took a daylong wagon ride.

TravelAnalysis - Online travel expense reporting

Question: A few things about TAX?

i got some tax homework and i dont know the answer. hope you guys can help

1. What special category of expenses does food fall under in a profit and loss statement?

2. List 5 business items that are tax Deductible Expenses on the 1040 Schedule C.

Answer: Hello there,

1. Food. In a profit and loss statement, you would most commonly expect food to be found in the business meals or the entertainment expense categories, depending on the facts surrounding the expenditure. As for the tax treatment of food deductions on a Business Tax schedule, the business meals generally are only 1/2 deductible. Entertainment expenses are subject to additional substantiation requirements spelled out in Internal Revenue Code Section 274. Those requirements include things such as the date, the location, the nature of the expense, the business connection and the name of the person entertained.

2. Deductible business items. The general rule for whether an expense is deductible on the Schedule C (form generally used by sole proprietors) is laid out in Internal Revenue Code Section 162. The general rule is that the business expense must be ordinary and necessary. This requirement is generally interpretted to mean that the expense is helpfulf to the conduct of your business and that is it common (not unusual) in this sort of business. Under this broad rule a great many expenses incurred while conduction your business are deductible. Those sort of expenses can include advertising, legal fees, bank service charges, postage, office supplies, repairs and maintenance, rent, wages, commissions, utilites, phone service, fax service, internet connection, and so on.

I hope this gives you some ideas.

Good luck to you,

Veramark Named One of the Best Companies to Work for in New York State

PITTSFORD, NY--(Marketwire - January 6, 2010) - Veramark Technologies, Inc. ( OTCBB : VERA ), a leading provider of Telecom Expense Management (TEM) solutions, today announced it has been recognized by the New York State Society for Human Resource Management (NYS-SHRM) as a winner of the "2010 Best Companies to Work for in New York State." Company selection was based on an assessment of the ...

Easy Expense for Salesforce.com Demo

Question: Accounting for total Dummies / Quotation and Invoice Templates for my business?

I need to keep track of my expenses, especially as I’m having building work done so need to keep track of all expenditure incl method of payment – eg, Cash, Internet Banking etc.
I am totally useless with figures and MS Excel is way way way past my abilities.

So therefore I need a free software program that comes as simple as it can.

Also, looking for software that I can use to design, print, copy etc personal business stationary templates such as for Client Quotes and Invoices / and customizable as well – as in, when I quote, I like to give a detailed itemized quote.

Answer: Well, the obvious answer is Quickbooks by Intuit. Everything mentioned above - including Client Quotes and Templates - part of the Quickbooks package.

Exari Wins Telstra Contract For Legal Document Automation

Legal Team of leading Australian Telco will use Exari to Reduce Contract Turnaround Times

GopherHaul 21 - Lawn Care Marketing Business Show

The innovation process is not always something that is simple and yet it is not that complicated. This is why there are measures for innovation to make everything easier. However, one will never be able to do this unless he understands the entire course and the elements involved with it. Everyone who is handling a business organization needs to measure innovation but will never do this effectively if they do not have proper methods of correlating the logical factors.

For this financial year the outlook now is just as worrying. The latest Bank of England figures show that new lending to companies continued to contract in May 2009, following a fall in April. Clearly, despite the government’s assurances and backing, UK banks remain extremely reluctant to provide new loan facilities for businesses.

Hands down, joint ventures are the fastest way to grow your business, find more customers, gain exposure and launch your product or service. You can cut out advertising expenses and save thousands of dollars while sharing risk with a JV partner.

In Scotland, this year there are some very successful businesses that are competing for the 2009 National Business Awards. The first award will be for The Orange Best Use of Technology in Business Award. The successful companies under consideration are Aberdeen College, beCogent Ltd., Cordia, Mercurytide, Onesearch Direct, and SynGro Ltd.

There is some evidence that the scheme has had a positive effect and lending to small firms is increasing. A recent report published by the Department for Business, Innovation and Skills showed in the year up until the 3rd April 2009 that 2,360 loan guarantees worth GBP177.8m had been issued in total under both the Small Firms Loan Guarantee Scheme and the Enterprise Finance Guarantee scheme.

For one, Babson University has a fine athletics program with the emphasis on enhancing the quality of life of students who participates in the different programs of the Athletics Department. Apart from teamwork, the department also promotes sportsmanship and fair playing, qualities that could easily be brought into the boardroom and applied in business management.

One of the best ways to increase your income and even to create a tax write off is to start an at home business. An at home business gives you the opportunity to add extra income and use your home office and business expenses as a write off during tax season.

If what you desire is the BIG innovation, you must understand what this desire really means to you. You must know what songs are in your head. You must know where the temptations reside. This space is not for quitters. Only the persevering should venture forth. This space is not for the fearful. Only the truly courageous can confront the challenges.

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Great People Are Everything – Fill Your Business with Quality Sales Executives and Staff

RISMEDIA, January 6, 2010—Having the right people in the right place is one way real estate professionals are taking on today’s tough market. While cutting expenses and keeping an eye on the market seem to be the norm across the country,…

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