Can I take business deductions if I am not the owner of the business?

I do work for my mom’s business. If I purchase things for the business can I write them off since I am not the owner or is she the only one allowed to do that?
Thanks guys. It isn’t anything too expensive and it is more to help her out.

By: Andrea C

About the Author:

Marketing Strategy

Tags: Business Deductions, Business Purchase, Business Work, Mom.

Filed under United States by admin on Nov 20th, 2010.

How do I retroactively transfer personal income to my new business?

I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

Tags: Business Bank, Business Tax, Personal Bank Account, Personal Tax, Start Llc.

Filed under United States by admin on Nov 16th, 2010.

Are there tax benefits if I get a business lisense for selling things on online auctions?

I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.

Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?

Tags: Business Expenses, Business Selling, Lisense, Pros And Cons, Start Business.

Filed under United States by admin on Sep 2nd, 2010.

Can I deduct a business mortage payment or only the interest and why?

I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?

By: tru_belle

About the Author:

Coupon Binder

Tags: Best Interest, Business Loan, Commercial Loan, Loan Business, Mortage Loan.

Filed under United States by admin on Sep 1st, 2010.

I’m a small business doing taxes and accounting for the first time, who do I talk to?

I started a sole proprietorship in September.

My business records are stored in 2 different programs and I have a file with a handful of receipts. Plus I have 3 W-2s from previous employers.

Tags: 2s, Accounting Course, Doing Taxes, Handful, Small Business.

Filed under United States by admin on Aug 26th, 2010.

want to start a sole proprietorship business not using my Social Security Number – What do I have to do?

I want to start a sole proprietorship business not using my Social Security Number – What do I have to do? I want to do business using a w-9

Also – how do taxes work in this situation? Do I pay taxes strictly based on income? Is there a tax benefit to register a business under my social compared to a w-9, or vise versa? What if there is little to no income if working under a w-9, how do taxes work?

By: Bri

About the Author:

business and marketing

Tags: Income Tax, Pay Taxes, Social Security, Sole Proprietorship Business, Tax Benefit.

Filed under United States by admin on Jul 28th, 2010.

Any easy way to get a larger tax return if I have a business license?

I don’t know too much about taxes, but I’m doing mine right now with turbotax, and I owe quite a bit. Someone once told me that if you have a business license, you can qualify for much larger tax cuts. I haven’t really had much active business activity, but I do have a license.

Tags: Business Expense, File Taxes, Money, Rent, Turbotax.

Filed under United States by admin on Jul 16th, 2010.

Home-based Business. What if I have next to nothing coming in for how much I am deducting in taxes?

I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.

By: rothchristian

About the Author:

Marketing Strategies

Tags: Expectation, Home Based Business, Tax Deduction, Taxes, Time Thing.

Filed under United States by admin on Jun 18th, 2010.

How do you separate personal from business expenses as a self-employed person?

And how stingy can you get? I’m a Pilates trainer, but I also need to have training sessions at least twice a month to keep myself aware of what I’m teaching others. Could this be counted as a business expense? Or if, for instance, I only wear makeup when I go to business meetings (which is true), and not for everyday things like going to the grocery store, can I write it off as a business expense?

By: Meh

About the Author:

Coupon Binder

Tags: Business Expense, Business Meetings, Going To The Grocery Store, Self Employed, Sessions.

Filed under United States by admin on Jun 14th, 2010.

How do I figure out taxes for small business?

I started a business six months ago , although I only started getting paid the past two months. I need to know if there is software that lets me input the figures for my business and it works out how much I need to pay in taxes….I dont have an accountant right now hopefully down the road I will be able to afford one. I bought TurboTax Home and Business, but it asks for 2006 figures. My business started operating 2007….Help!

By: man_fredk

About the Author:

Marketing Strategy

Tags: Accountant, Pay Taxes, Six Months, Taxes For Small Business, Turbotax Business.

Filed under United States by admin on May 27th, 2010.

United States

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