How to claim a business tax expense from sponsoring?

March 6, 2010 by admin · 1 Comment
Filed under: Canada 
business
Doradia asked:

An individual and a company are sponsoring an idividual athlete. What do they need from the athlete in order to claim it as a business tax expense.

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What start up costs of a business are tax deductable?

January 22, 2010 by admin · 1 Comment
Filed under: United States 
business
inforseeker2008 asked:

I have a rental property business in nj and a wedding business in nys.

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What is the average mileage reported on business tax deductible automobiles?

January 5, 2010 by admin · 3 Comments
Filed under: Other - Taxes 
business
New York College Student asked:

Just wondering because I am estimating the cost of a business me and my partner are planning on running. I live in the new york city and surrounding areas.We are also planning on running a second location in Los Angeles. Both businesses require automobiles.
Im aware I cant add averages on a tax return, however for car purchasing purposes im just wondering if there is any type of statistics available for people that report mileages on their business vehicles.

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What is the difference between a sole proprietorship business and an independent contractor business?

December 4, 2009 by admin · 1 Comment
Filed under: Small Business 
business
Okobojibel asked:

Tax wise, I am trying to decide how to set up my business. It am alone, a freelancer and am trying to find out if I should incorporate etc. Thanks.

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Business start up tax record keeping questions?

September 20, 2009 by admin · 1 Comment
Filed under: United States 
business
inquisitor asked:


Already paid for many things from my personal acct. Finally got the business checking acct. opened.

Shall I write myself checks on the business acct. to pay msyelf back for the items I paid for from the personal acct?

My reasoning: I want all income and expenses clearly accounted for from within the business acct. (and quicken).

Is this an acceptable practice?

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

August 30, 2009 by admin · 2 Comments
Filed under: United States 
business
Jack asked:


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?

(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?

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Does my small business need to file a tax return?

August 20, 2009 by admin · 4 Comments
Filed under: United States 
business
greg b asked:


I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially “opened for business” we do not have a profit line. Do I need to file? What about the business expenses that I incur?

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

August 15, 2009 by admin · 3 Comments
Filed under: United States 
business
Eric M asked:


I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?

Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?

I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.

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