Tax FAQ
 

Home Based Business Travel Expense Tax Question?

Question by fyrechick | Posted in United States

If you are leaving for your uniform job in the morning but do home based business work before you go can you right off the miles from your one job driving to the next. I have recieved 2 different take for this question for "tax pros" and want to see if anyone else might know. I ordered a reserve on home based business tax laws but it hasent arrived yet and I was curious now. Thanks

Answer: The IRS is active to see this as commuting expense. The first trip of the day from home to work and the last trip of the day from work to home is commuting. Commuting is not deductible.

Your home based business is NOT you brute job.
 
 

Home Based Business Tax Write Offs?

Question by John S | Posted in Small Business

I perfectly started network marketing home business. And my question is what can i write off for the taxes? I know that I can author a register off millage, office equipment. What else can I write off. How do I write off a cell bill I use for personal and business? Any sites where I can find this?

Answer: If you have a room phone on an unlimited minute plan, $0 is deductible.

As for the office apparatus, you need to document (log) the time spent on personal vs.business use. updating your facebook number is personal time. So is twitter.

For mileage, keep a log of what each trip was for, who you met, and what business you got from it. Taking someone out to dinner that you never get business from is not contemporary to pass muster with the IRS.

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Home Based Business Tax Deductions?

Question by tabjo1 | Posted in United States

I have a home based business. Let's say that I obtain a computer that is needed for the business. I know that this is considered a business expense and is tax deductible. Do I need a certain amount before they can be captivated off taxes? For instance I know you have to have a certain amount of medical expenses before you can deduct them. Is it the same for business expenses?

Answer: In the IRS local office or website for specific help.
If the computer is used for a home business,you cannot have any games installed (even if you don't cause trouble them).
You might not be able to deduct the purchase outright,but depreciate the value over a few years.
You might demand to invest in a "Home and Business" financial software to keep personal and business records solitary.

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How Do You Prepare Your Home-based Massage Business For Tax Season?

Question by Tara Creech | Posted in United States

I'm getting adroit to open my home-based business in a couple weeks and I'm looking for advice on how to prepare my receipts for taxes. Because the business name is my name only, I only have to enter yearly on my personal taxes. I've been told to use manila folders or an accordian place in order folder to keep things in order. How do you do it?

Answer: doesn't weight how you keep the receipts, shoe box, folders whatever is convenient to you
the important thing is your recording which needs to be also accessible and easy to use
you can use a spread sheet type layout, you can use a columnar pad that is in a binder, and each month is represented by side by side pages
you name each column for the dominate of the source, ie. income, rent, supplies, etc
and then when you have those totals for the month add to the next month

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I Am Starting A Home Based Business As Well As I Am A Full Time Employee In London, How Much Tax Do I Pay?

Question by buns | Posted in United Kingdom

My questions are;
1. Even though i pay tax on my full interval job do i still have to pay more tax on my home business?
2. If yes, how much tax do i need to pay if i earn 300£ p/w?
3. Are there any other taxes i need to pay for being self employed and working home based?
I deprivation to assess the financial situation before i jump into it. Please help. Thanks.

Answer: Thre are a lot of nutty guesses here.
You will pay tax on the profits from your business as well as class 2 NIC's (about £2.50 pm). If your earnings from your main job are over about £42k, the tax wil be charged at 40%, below that, tax is at 20%.
It is at the end of the day unlikely that you would be liable to business rates, assuming you are just using one room.

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Home Based Business Tax Breaks for 2011, 2012

Home Based Business Tax Breaks for 2011, 2012 www.harborfinancialonline.com

Ending a home based business – what are the tax implications ...

by WebMin

If I slow using that divvy up of my home solely for my business, how do I evince that on my taxes. Additionally, does anyone conscious of any resources that signify what the implications are of stopping a home based business make up-off. I see lots of intelligence on how/what to catalogue-off for a home based business, but can’t seem to find anything on what to do when that ends.

Source: Ending a home based business – what are the tax implications ...

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