If I am starting a business from my home office deductions the first year
If i start a business from my home office and during the first year do not bring in revenue as I am building a internet website can I deduct part of the cost of my business expenses like part ...
Can I deduct my monthly booth rent if I’m a barber as a business expense?
Hey My name is Juan I’m a barber I work at a barber shop that someone else owns I pay them a booth rent every month to be able to cut hair at this shop I file taxes as self ...
Can a business owner write off any personal medical expenses or health insurance?
Business owner is using medical expenses as a business expense in lieu of health insurance but I don't think they can personally write off either. Can they write of any of these sort of expenses for themselves?
Is reimbursement an expense or an income to the contractor?
Hi,
I am pretty confused about the reimbursements. If a business owner who pays a contractor for regular work, pays a separate check for a reimbursement, does that reimbursement count as the contractor's income? Or the business owner record that reimbursement ...
Is the lease of clean beam uv light units used for sanitization within hotels subject to sales tax in NYC?
It's a new division for a client which they just happened to start leasing uv light units. Most of the hotels are in NYC area, 1 in NJ and 1 in CT. This is a PA based company which its ...
Can I deduct line of credit?
I refinanced my house, if I have money left over can I use it on something else and still deduct all the interest expense?
Can I take a business office deduction my tax return for 50% of the room if I use half of the room for business and half for personal
I've read some people saying yes others no. Can you provide an official IRS or revenue code link confirming your advice. Thank You!
What is the best practice to record initial deposit paid against vehicle purchase?
One of my clients recently paid an initial deposit of $100 against vehicle purchase, Should I record it as an advance to Supplier/Vendor initially, and at the time of delivery I need to record Fixed Asset (Vehicle) and deduct the ...
Health Insurance
A client wants to start offering to cover 100% of health insurance for employees, are there any tax laws that would not allow the company to write off 100% of the cost?