I started a web business in 2009. It has no income yet, so I loaned the company 00 from my pocket. There were 00 in business expenses. On paper, it sounds like I will pay taxes on the 0 ‘profit’. Do I take the original 00 loan as a personal deduction? How should I handle this?

I am single, claiming 0, no business expenses or deductions, nothing but a very basic tax form is needed for me to file. Every single year prior to this year I’ve received a full refund of the amount withheld of both federal and state income tax (CA–so much for that one this year I guess) .. In 2007 I only worked about half the year, made a little over k, and received my full refund of around 0. In 2008, I worked the entire year, made a little over k, and federal income tax withheld almost 00. But when I tried to e-file (using turbo tax free edition) it showed a refund amount of only . What circumstances have caused such a drastic drop in my refund? If I am not entitled to a full amount refunded, I understand I guess, but why such a tiny fraction? I haven’t actually filed yet because I’m hoping I missed something on my return and will at least get more than back. My status hasn’t changed from 2007 to 2008–same company, same W4, no changes–why this drastic decrease? Can anyone explain?

http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx

I’m still in the same tax bracket according to this (???)

I bought a home in November, ’07 and am renting out my old property that I lived in until November. The renter moved in Dec 1, but due to a promotional two month no-rent period, they didn’t start paying until February ’08. I also did about 00 worth of repairs on the old property in November to prepare for the renter moving in.

Specifically, I’m interested in:
* Mortgage interested. Where do I place each? Is the mortgage interest for the old property a personal or business expense or a primary residence since I lived there 11 months? Or is it prorated?
* Are property taxes on the old property personal or business expenses?
* Are the property taxes on the
I paid mortgage interest on both the old and new property that year business or personal expenses?
* Can I deduct the promotional cost (2 month free rent) as a business expense?
* Can I deduct the repairs as a business expense?
* Can I deduct the last 2 months of association fees and homeowners insurance as business expense?

The owner of the company, is single and has no dependents. He uses the ,350 standard deduction in computing taxable income for 2007. The personal exemption amount for 2007 is ,400. This is his only source of income. Compute after-tax income if:

a. the company is a sole proprietorship, and the owner withdraws ,000 for living expenses during the year.

b. the company is a corporation, the owner is the sole shareholder, and the corporation pays out all of its after-tax income as a dividend to the owner.

c. the company is a corporation, the owner is the sole shareholder, and the corporation pays the owner a salary of ,950. This will increase the corporation’s business expenses to 9,950.

This is my first year of tax filing as a retired person. So need some clarifications.
(i) Is PF payment to be shown as salary and then deduction claimed? Is it deduction or exclusion?
(ii) Is Super annuation annuity from LIC be considered salary? (I had one annuity payment from my last employment where I retired voluntarily at the age of 50; Subsequently I took up another salaried job. I have been including the annuity as salary income all along. Last year I crossed 60 years of age and truly retired and have two annuities. In one website I read annuities are exempt.
(iii) Post retirement I have been doing some marketing for a commission from a US company to promote their product in India. I have business expenses, but have no formal company. Is the commission from this to be taken as Salary or other income? I have some associated business costs such as internet, telephone, car, petrol, office rent, electricity etc. So should I take commission minus these expenses and project resultant amount as net business income.
(iv) This business income is from a US source in dollars. Service was rendered for the source inIndia. Commission was paid in forex. Does the forex earning make this a service export and get any tax benefit?
Thank you in anticipation

In 2009, I worked full-time for my current employer and received a W-2. I also received a 1099 for about ,000 that was technically a loan from the previous company; when I couldn’t repay the loan they issued the 1099. I received commissions from the previous company in 2007 and 2008 and deducted business expenses in 2007 and 2008. I did not have business expenses in 2009 because I am now otherwise employed full-time. Am I stuck reporting this as income with no deductions at all? Of course, this means that I owe taxes. Hope this makes sense and thanks in advance for any advice or ideas.

My buddy and I own an LLC (taxed as an S-Corp). Can you deduct business expenses (such as phone) and health insurance premiums AND the standard deduction?

Also, do distributions/dividends have to be distributed equally (if we each own 50%, per say) can he take 60%, and I take 40% of distributions?

Thanks in advance.

FOR AGI deductions reduce AGI, the importance of classification is because the AGI is used for establishing limits on certain deductions FROM AGI such as medical expenses, education expenses, property taxes, charitable contributions, and interest found in the itemized deductions. Generally, deductions FOR AGI are related to business expenses while, deductions FROM AGI are personal in nature.

I’m a full-time student who worked sporadically last summer and fall moving furniture. I received a 1099c stating I earned about 00. With my education expenses, and other deductions, my "net income" is something like -6000 dollars.

However, Turbo Tax is telling me that I still made about 4300 dollars in "business profits" and that, despite living a student loan debtors life with a hugely negatively net income I still owe 615 dollars for business income. Is this right? Do I need to pay 613 dollars despite my income being incredibly inadequate to my expenses?
I did mean misc. Thank you Wayne.
Thanks Anna. It did dawn on me that there were probably "business expenses" that could be deducted.

Dr. Mcfee formed a medical corporation that had the following business expenses for the year:

Wages-,500
Utilities-,840
Interest-,000
Property taxes-49.00
Depreciation-,916.50
Other deductions- 00
Together they all equal out to be ,505.50

The corporations gross income for the year was 4,850. What is the federal corporate income tax for the year?

A. ,249.50
B. ,336.13
C. ,137.25
D. Not given.