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### Question:
What is considered a business expense on a business trip?
### Answer:
The IRS Guidance pertaining to the subject. In general the best I can say is your business expense may be deductible. But it dep... |
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### Question:
Claiming business expenses for a business with no income
### Answer:
Yes you can claim your business deductions if you are not making any income yet. But first you should decide what structure you wan... |
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### Question:
Transferring money from One business checking to another business checking
### Answer:
You should have separate files for each of the two businesses. The business that transfers money out should "wri... |
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### Question:
Having a separate bank account for business/investing, but not a “business account?”
### Answer:
Having a separate checking account for the business makes sense. It simplifies documenting your income/... |
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### Question:
Having a separate bank account for business/investing, but not a “business account?”
### Answer:
You don't specify which country you are in, so my answers are more from a best practice view than a leg... |
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### Question:
Having a separate bank account for business/investing, but not a “business account?”
### Answer:
If it makes your finances easier, why not? My wife and I had his/hers/our since before we were married.... |
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### Question:
Having a separate bank account for business/investing, but not a “business account?”
### Answer:
When I was younger I had a problem with Washington Mutual. Someone had deposited a check in to my acco... |
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### Question:
Business Expense - Car Insurance Deductible For Accident That Occurred During a Business Trip
### Answer:
As a general rule, you must choose between a mileage deduction or an actual expenses deduction... |
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### Question:
Starting a new online business
### Answer:
Most US states have rules that go something like this: You will almost certainly have to pay some registration fees, as noted above. Depending on how you or... |
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### Question:
“Business day” and “due date” for bills
### Answer:
I don't believe Saturday is a business day either. When I deposit a check at a bank's drive-in after 4pm Friday, the receipt tells me it will credit... |
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### Question:
“Business day” and “due date” for bills
### Answer:
You definitely have an argument for getting them to reverse the late fee, especially if it hasn't happened very often. (If you are late every month ... |
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### Question:
“Business day” and “due date” for bills
### Answer:
It's likely that your bill always shows the 24th as the due date. Their system is programmed to maintain that consistency regardless of the day of t... |
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### Question:
New business owner - How do taxes work for the business vs individual?
### Answer:
Through your question and then clarification through the comments, it looks like you have a U.S. LLC with at least tw... |
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### Question:
How to deposit a cheque issued to an associate in my business into my business account?
### Answer:
Have the check reissued to the proper payee.
###end |
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### Question:
How to deposit a cheque issued to an associate in my business into my business account?
### Answer:
Just have the associate sign the back and then deposit it. It's called a third party cheque and is ... |
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### Question:
Hobby vs. Business
### Answer:
Miscellaneous income -- same category used for hobbies.
###end |
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### Question:
Hobby vs. Business
### Answer:
You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes tab (Personal in Home & Business) - Wages & Income -“I’ll choo... |
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### Question:
Personal checks instead of business ones
### Answer:
I'll assume you are asking about a check for some kind of work or service that you provided them, that they hired your company to do. No large busi... |
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### Question:
Does U.S. tax code call for small business owners to count business purchases as personal income?
### Answer:
I am going to keep things very simple and explain the common-sense reason why the accounta... |
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### Question:
Does U.S. tax code call for small business owners to count business purchases as personal income?
### Answer:
It sounds like something is getting lost in translation here. A business owner should not ... |
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### Question:
Does U.S. tax code call for small business owners to count business purchases as personal income?
### Answer:
Expenses are where the catch is found. Not all expenditures are considered expenses for t... |
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### Question:
How can I register a UK business without providing a business address?
### Answer:
You don't have to provide your personal home address per se. You can provide a legal address where Companies house ca... |
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### Question:
What are 'business fundamentals'?
### Answer:
From http://financial-dictionary.thefreedictionary.com/Business+Fundamentals The facts that affect a company's underlying value. Examples of business ... |
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### Question:
Can I send a money order from USPS as a business?
### Answer:
Sure you can. You can fill in whatever you want in the From section of a money order, so your business name and address would be fine. Th... |
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### Question:
Business Investment Loss from prior year
### Answer:
You need to give specific dates! In the United States, you have three years to file an amended tax return. https://www.irs.gov/uac/Newsroom/Ten-Fac... |
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### Question:
Income tax exemptions for small business?
### Answer:
Yes, you should be able to deduct at least some of these expenses. For expense incurred before you started the business: What Are Deductible Star... |
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### Question:
1 EIN doing business under multiple business names
### Answer:
You're confusing a lot of things here. Company B LLC will have it's sales run under Company A LLC, and cease operating as a separate enti... |
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### Question:
How can I estimate business taxes / filing fees for a business that has $0 income?
### Answer:
Is the business an S-Corp, LLC or Sole Prop? I am going to guess based on the question that it is an LLC ... |
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### Question:
How can I estimate business taxes / filing fees for a business that has $0 income?
### Answer:
You need to hire a tax professional and have them sort it out for you properly and advise you on how to p... |
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### Question:
Would the purchase of a car for a business through the use of a business loan be considered a business expense?
### Answer:
You don't say what country you live in. If it's the U.S., the IRS has very s... |
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### Question:
Deducting last years (undocumented) side business loss
### Answer:
You should speak to a good tax adviser. The less documentation you have the more problems IRS are going to cause you. Generally you c... |
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### Question:
30% share in business
### Answer:
Keep in mind a good lawyer will have the contract cover the five D's: Its really best to lay these things out ahead of time. I watched, first hand, two friends start... |
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### Question:
30% share in business
### Answer:
Get involved a lawyer and Accountant. Without it you may not be sure what you are getting. What exactly will 30% mean for me? It will mean exactly what gets written i... |
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### Question:
Claiming business expense from personal credit card
### Answer:
or just input it in my accounting software along with receipts, and then when I'm doing taxes this would go under the investment or lo... |
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### Question:
Claiming business expense from personal credit card
### Answer:
There is no law that requires you to have a separate bank account for your business, or to pay all expenses from a business bank account... |
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### Question:
Applying for and receiving business credit
### Answer:
I'm afraid the great myth of limited liability companies is that all such vehicles have instant access to credit. Limited liability on a company... |
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### Question:
Applying for and receiving business credit
### Answer:
Banks will usually look at 2 years worth of tax returns for issuing business credit. If those aren't available (for instance, for recently forme... |
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### Question:
Using business check to pay at retail
### Answer:
You can just buy the items personally and then submit an expense report to the company to get reimbursed. Keep all the receipts. Paying with a company... |
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### Question:
Tax whilst starting a business in full time employment
### Answer:
With a limited company, you'll have to pay yourself a salary through PAYE. With income from your other job taking you over the higher... |
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### Question:
Do I need a business credit card?
### Answer:
It can certainly help build a credit score, but remember that businesses gain credit differently from individuals. Depending on the country, there isn't ... |
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### Question:
Do I need a business credit card?
### Answer:
I would try to avoid mixing business expenditure with personal expenditure so a second credit card might be a good idea. That said, I did get a business c... |
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### Question:
Do I need a business credit card?
### Answer:
I would suggest at least getting a personal card that you only use for business expenses, even if you don't opt for a business card. It makes it very cle... |
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### Question:
Do I need a business credit card?
### Answer:
I finally got one to separate my business and personal expenses. It will make accounting at the end of the year a lot easier.
###end |
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### Question:
Can I pay off my credit card balance to free up available credit?
### Answer:
Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a p... |
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### Question:
Can I pay off my credit card balance to free up available credit?
### Answer:
Banks only send your balance to credit bureaus once a month; usually a few days after your statement date. Thus, as long ... |
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### Question:
Can I pay off my credit card balance to free up available credit?
### Answer:
Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a p... |
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### Question:
Can I pay off my credit card balance to free up available credit?
### Answer:
The card you have is one where you had to deposit an amount equivelent to your card limit -a secured limit credit card. C... |
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### Question:
Starting a side business slowly
### Answer:
This is a great question! I've been an entrepreneur and small business owner for 20+ years and have started small businesses in 3 states that grew into nice... |
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### Question:
Why is “cheque cashing” a legitimate business?
### Answer:
This answer is based on my understanding of the US banking system. We have check cashing businesses here too, which are just like what you d... |
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### Question:
Why is “cheque cashing” a legitimate business?
### Answer:
In my experience (in the US), the main draw of check-cashing businesses (like "CheckN2Cash" is that they will hold your check for a certain p... |
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### Question:
Why is “cheque cashing” a legitimate business?
### Answer:
How does this get any business? You'd be surprised on how much profit these type of businesses can bring in and the number of people who cash... |
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### Question:
Is business the only way to become a millionaire?
### Answer:
Not at all. The Millionaire Next Door offers a book full of anecdotes on couples that earned money and saved their way to being millionair... |
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### Question:
Is business the only way to become a millionaire?
### Answer:
That's actually a pretty good way to get bankrupt quick. You can get rich quick through lottery, gambling, mere saving or investing wisely... |
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### Question:
401k Transfer After Business Closure
### Answer:
You should probably consult an attorney. However, if the owner was a corporation/LLC and it has been officially dissolved, you can provide an evidence ... |
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### Question:
Valuing a small business to invest in
### Answer:
There is nothing fair / unfair in such deals. It is an art than a science. what kind of things should be considered, to work out what would be a fai... |
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### Question:
Valuing a small business to invest in
### Answer:
It should be pretty obvious that without knowing what sort of assets the company owns, and what sort of net earnings are being generated it's impossi... |
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### Question:
Starting a large business with a not so large income?
### Answer:
There are three (or four) ways that a company can grow: (Crowdfunding is a relatively new (in mainstream businesses) alternative fina... |
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### Question:
Starting a large business with a not so large income?
### Answer:
For example, Biff Spoiles started an animation studio and production developing company to produce animations -- something in the bal... |
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### Question:
Requirements for filing business taxes?
### Answer:
While she can certainly get an LLC or EIN, it isn't necessarily required or needed. She can file as a sole-proprietor on her (or your joint) taxes ... |
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### Question:
Personal credit card for business expenses
### Answer:
Early on, one might not be able to get credit for their business. For convenience, and the card perks, it makes sense to use the personal card. B... |
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### Question:
Personal credit card for business expenses
### Answer:
Do you have a separate bank account for your business? That is generally highly recommended. I have a credit card for my single-member LLC. I p... |
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### Question:
Personal credit card for business expenses
### Answer:
You should be careful about mingling your personal money and that of the business, even if it is a sole prop right now. It is a good habit to ke... |
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### Question:
Personal credit card for business expenses
### Answer:
If you are just starting out, I would say there is no disadvantage to using a personal card for business expenses. In fact, the advantage of doin... |
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### Question:
IRA for work and my business
### Answer:
Yes, you can have both. You'll need business income to contribute to a SEP IRA though.
###end |
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### Question:
What are the ins/outs of writing equipment purchases off as business expenses in a home based business?
### Answer:
Most items used in business have to be depreciated; you get to deduct a small fracti... |
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### Question:
What are the ins/outs of writing equipment purchases off as business expenses in a home based business?
### Answer:
First of all, Dilip's answer explains well how the business deductions generally wor... |
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### Question:
What are the ins/outs of writing equipment purchases off as business expenses in a home based business?
### Answer:
Keep this rather corny acronym in mind. Business expenses must be CORN: As other pos... |
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### Question:
Advice on money transfer business
### Answer:
As soon as I see the word "friends" along with money transfer I think scam. But ignoring that red flag.... You will have American companies reporting to t... |
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### Question:
Borrow money to invest in a business venture with equity?
### Answer:
It's clearly a risk, but is it any different than investing in your own business? Yes, it is different. If you own a business, yo... |
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### Question:
How to transfer personal auto lease to business auto lease?
### Answer:
I'd approach the lender that you're getting the lease from, but be prepared for them either saying 'no' to putting the lease int... |
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### Question:
How to transfer personal auto lease to business auto lease?
### Answer:
See what the contract says about transfers or subleases. A lease is a credit agreement, so the lessor may not allow transfers. ... |
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### Question:
Tutoring Business Payroll Management
### Answer:
This is going to depend on the tax jurisdiction and I have no knowledge of the rules in Illinois. But I'd like to give you some direction about how to... |
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### Question:
As a small business owner, should I pay my taxes from my personal or business checking account?
### Answer:
Payment of taxes for your personal return filed with the IRS always come from your personal ... |
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### Question:
Should my husband's business pay my business?
### Answer:
It depends on the finances involved, but particularly if you're not billing anything right now and may have no revenue this year, it's probabl... |
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### Question:
Should my husband's business pay my business?
### Answer:
Is it worth it for me to "charge" him? I can think of two reasons why you might want to charge your husband:
###end |
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### Question:
Should my husband's business pay my business?
### Answer:
I agree with some of the points of the other answers but why not avoid all the guesswork? I highly recommend you not charge him now. Wait unti... |
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### Question:
Should my husband's business pay my business?
### Answer:
Just from my own experience (I am not an accountant): In addition to counting as 'business income' (1040 line 12 [1]) your $3000 (or whatever)... |
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### Question:
Why can't online transactions be completed outside of business hours?
### Answer:
Generally, unless you're doing a wire transfer, bank transactions are processed in batches overnight. So the credit ca... |
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### Question:
Full-time work + running small side business: Best business structure for taxes?
### Answer:
You should look into an LLC. Its a fairly simple process, and the income simply flows through to your indi... |
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### Question:
Full-time work + running small side business: Best business structure for taxes?
### Answer:
A tax return is a document you sign and file with the government to self-report your tax obligations. A tax... |
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### Question:
Full-time work + running small side business: Best business structure for taxes?
### Answer:
I have a very similar situation doing side IT projects. I set up an LLC for the business, created a separa... |
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### Question:
New vending route business, not sure how to determine taxes
### Answer:
You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just li... |
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### Question:
New vending route business, not sure how to determine taxes
### Answer:
Actually, calculating taxes isn't that difficult. You will pay a percentage of your gross sales to state and local sales tax, a... |
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### Question:
Finding a good small business CPA?
### Answer:
Ask your colleagues! I know that sounds obvious, but just go to where people who do your sort of business hang out (or better, find some venture capital... |
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### Question:
Finding a good small business CPA?
### Answer:
Check your local better business bureau. They can tell you who is in business, who's bonded, and who has had a lot of complaints levied against them for ... |
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### Question:
Finding a good small business CPA?
### Answer:
People to ask: Granted I live in a small town, but when the same guy's name comes up more than once that's who you should hire...
###end |
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### Question:
Finding a good small business CPA?
### Answer:
Ask for at least 10 references. Ask for 10 because it will be harder for them to refer you to ringer references like their family or friends.
###end |
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### Question:
Finding a good small business CPA?
### Answer:
I have had better experiences with accountants in smaller towns. It seems they are used to working with small businesses and their reputation is very im... |
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### Question:
Finding a good small business CPA?
### Answer:
The first place to look for an accountant is the American Institute of Certified Public Accountants which has a directory of CPAs, accounting companies, ... |
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### Question:
Finding a good small business CPA?
### Answer:
Consult your local Small Business Administration office - they may have resources that can help you find what you're looking for.
###end |
Below is an instruction that describes a task. Write a response that appropriately completes the request.
### Question:
Finding a good small business CPA?
### Answer:
Look for an accountant who brings not only expertise in number crunching, but consulting and business planning - a full package.
###end |
Below is an instruction that describes a task. Write a response that appropriately completes the request.
### Question:
Taxable income on full-time job + business earnings
### Answer:
In Australia, any income you earn is taxable despite where it came from. Using your example your taxable income is $70,000. Keep in mind... |
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### Question:
Taxable income on full-time job + business earnings
### Answer:
I'm not sure I am fully understanding the nuance of your question, but based on your answer in the comments you and your business are no... |
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### Question:
Taxable income on full-time job + business earnings
### Answer:
Possible alternative: In my case, the part-time locksmithing is a small enough portion of my I come that I just submit it as hobby incom... |
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### Question:
What's “wrong” with taking money from your own business?
### Answer:
I'm no expert on this, but I would say that, if you own the business entirely yourself, there is nothing terribly wrong with using ... |
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### Question:
What's “wrong” with taking money from your own business?
### Answer:
If you are the only owner: then morally there is nothing wrong with this, as long as you make sure that everything is tracked so th... |
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### Question:
What's “wrong” with taking money from your own business?
### Answer:
It's wrong in several situations: One, the business owner counts this as a business expense, which it is not, and therefore reduce... |
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### Question:
Can a entrepreneur hire a self-employed business owner?
### Answer:
Yes. I can by all means start my own company and name myself CEO. If Bill Gates wanted to hire me, I'll take the offer and still be ... |
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### Question:
How can I lookup the business associated with a FEIN?
### Answer:
I think much of that info is hidden behind pay-walls. Here is one site I've found. http://www.feinsearch.com/ Another that is for non... |
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### Question:
How can I lookup the business associated with a FEIN?
### Answer:
In most cases you cannot do "reverse lookup" on tax id in the US. You can verify, but for that you need to have more than just the FEI... |
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