All Questions
Tagged with small-business tax-deduction
37
questions
0
votes
1
answer
420
views
Is it better to get a resale certificate or register an LLC in CA?
I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
- 151
3
votes
1
answer
521
views
How to track business mileage in GnuCash?
I have a small business which involves some driving to clients using my personal vehicle. I track both my individual auto expenses and my mileage in GNUCash but so far have only been using the ...
- 131
8
votes
1
answer
420
views
Are donations to OSS projects necessary business expenses for tax purposes?
I run a small business and use open source software (OSS). I'd like to give money to the OSS developers to motivate them to keep doing it. I don't get anything in return.
Can I claim such a payment as ...
- 7,536
2
votes
2
answers
323
views
No more income. What are my options to keep my S-Corp from dissolving?
I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
- 21
14
votes
2
answers
3k
views
Can I claim/deduct my expenses for a part time recipe tester on my taxes?
I manage an app that generates income. It is a food recipe app and I would like to hire someone a few hours, once a week, for the next two months. I want them to test the recipes. In that two months ...
- 141
9
votes
1
answer
2k
views
Are real estate taxes deductible if I use home for business?
I use home for business - work as a contractor from home, on my home computer, but there is no area for exclusive use - desk and computers are also used for personal purposes. So I do not qualify for ...
- 201
0
votes
2
answers
151
views
Is employee's 401(k) contribution still a tax deduction for employer through "wages paid"?
Small business owners can claim wages paid to employees as tax deduction. If one of his employees would elect to contribute $15K of his salary into 401(k) account then would the employer still be able ...
- 709
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
3
votes
2
answers
1k
views
Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?
I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay.
I'd like to start a small ...
- 667
2
votes
1
answer
191
views
Can a full time employee who also owns a side LLC claim "self-employed" deductions?
I am working full time for a corporation in NYC (I have w2). I also own my own side Educational LLC (EdTech) which has claimed $0.00 in income for 2018, but has accrued several thousand in startup ...
- 135
1
vote
0
answers
40
views
Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?
I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...
- 661
0
votes
1
answer
80
views
How can all medical expenses be deducted from taxable income for a business with owner and 1 other employee?
How would I best set things up so as to fully fund my and my employees healthcare and reduce taxable income. I am am considering forming an LLC or S-Corp but don't know the pros and cons in this ...
5
votes
1
answer
287
views
I don't understand the Qualified Business Income Deduction?
In the USA, the new tax laws include a:
Qualified Business Income Deduction
I cannot find one place that explains this and whether it is good or bad.
Example situation:
Married person, with an ...
- 13.8k
11
votes
4
answers
2k
views
LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?
I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
- 111
8
votes
2
answers
3k
views
Hiring Foreign Contractors - Is This Tax Deductible?
I have a small start-up business in the US and I'm going through freelance sites like freelancer.com to get some work done. The appeal of this is that the rates for foreign contractors is often less ...
- 243