Joseph incurred a number of expenses in relation to his legal practice and investment

property for the year ended 30 June 2010:

_ He paid 0 on 24 October 2009 to his tax agent to lodge his income tax return for the

2009 income year.

_ He paid 00 in borrowing expenses on 1 February 2010 to his bank for a 12 year loan

to purchase a new rental property that commenced earning income on that day.

_ He paid 50 in insurance premiums on his business premises on 1 May 2010 for

insurance cover to 30 April 2011.

_ He paid 00 for six months supply of stationery to use in his business on 13 June

2010. The stationery was delivered on that day and he had 00 of that stationery on

hand at 30 June 2010.

Assuming that Joseph is not eligible to be a small business entity (SBE) what amount can

Joseph claim as deductions (to the nearest dollar) for the year ended 30 June 2010?

A:91.

B:50.

C:50.

D50.

E:92.

I own two small businesses, a print shop and a landscape company.

I find enough tax deductions from these to zero out my tax bill each year.

As a small business, the loopholes are everywhere. We live in a country where the tax laws were written by and for business.

I have a 36 foot sailboat at a marina in Florida. The marina is a customer of my print shop so I have to go and visit them pretty regularly.
I have my landscape crew cuts all my friends grass for CASH. I can write off the labor.

I keep my Mom and Aunt on the payroll as " consultants". They are elderly, retired and don’t need the money, so they give me the money I pay them back in CASH.

Is this a great country or what?

There are, of course, millions of Americans who don’t have to pay tax because they are elderly, disabled, a student or someone who only earns minimum wage.

I worked for a small business from June 09 to Oct 09.
I never filled out a W4 while working there. Also, my checks never came with a stub.
I always just got a check written out from their personal account. I know from the amounts of
the checks that deductions were being taken out. At the time I trusted them and didn’t do anything about it.
The business was obviously shoddily run and I had a lot of problems with them. I should have amended that situation earlier, but I didn’t even want to deal with them anymore at the time.
I know it’s still early, but I haven’t gotten a W2 yet and cannot get in touch with anyone from the business to request one.
What can I do if I don’t get a W2 form from them?
Can I still file if I don’t have pay stubs? I have no idea exactly what they took out for taxes.
My checks were always what I expected them to be after taxes, SS, etc were taken out as compared to other jobs where I made the same hourly wage.

I was definitely on their payroll during this time and legally should get a W2. I know this because I filed an unemployment claim. The employer appealed, but an UE judge ruled in my favor and I qualified. I am sure that decision didn’t make the employer very happy, but they still have to give me a W2.
Maybe it will still come before the 15th.

I didn’t know until I looked on the MN Dept. of Labor website today that legally they had to issue a paystub at the end of every pay period.
I could go on and on about the things that go on in that place.

I have a very small business that is an Scorp…made absolutely no money …income is pretty much equal to expenses and I do not draw a salary. Once again I have put off till the last minute to file taxes. In reading some of the questions asked by others, am I correct in that I have to do this by March 15? (that was yesterday!!!!). I also worked full time for another company and have w2 forms for those jobs. I will be taking standard deductions since I don’t have enough to itemize. I am hoping I can just find a program online that will take me step by step. Oh… also have nothing that will be depreciated. Am I making a big mistake by trying to do this myself? help!

Hello again… just asked this question, but thought I would point to this IRS regulation I found:

"12.1 Small Business/Self-Employed/Other Business : Entities: Sole Proprietor, Partnership,

Can a husband and wife run a business as a sole proprietor or do they need to be a partnership?

It is possible for either the husband or the wife to be the owner of the sole proprietor business. When only one spouse is the owner, the other spouse can work in the business as an employee. If a married couple who file a joint tax return elect to conduct their business activities as a qualified joint venture… the spouses must divide the items of income, gain, loss, deduction, credit and expenses in accordance with their respective interests in such venture. This is effective for taxable years beginning after December 31, 2006."

My wife and I both received our own 1099s in our own names, but as I’m reading this regulation, couldn’t that still be considered a "joint venture" under my sole office?

Hi, help me please
Morgan and Maggie are married and have two dependent children. They also fully support Mary’s mother who lives with them and has no income. Their 2006 tax and other related information is as follows:
Total salaries 0,000
Bank account interest income 3,500
Municipal bond interest income 1,500
Value of employer provided medical insurance 3,500
Value of premiums for ,000 of group term life insurance provided by employer 0
Dividend income from ABC stock ,000
Loan from Morgan’s parents ,000
Gift from Morgan’s parents ,000
Gain from the sale of qualified small business stock held more than 5 years ,000
Total itemized deduction ,000
compute Morgan and Maggie’s taxable income

I have been selling few items on ebay and thru craiglist, mostly re-selling items for a profit. I kept an xl sheet document of my costs and money received. I have not registered myself as a small business or self employed. I am (planning to report) the income on our tax returns. Does this qualify me as self employed (so that I can claim dependent care deductions, otherwise I cannot claim – spouse works, I have no w2 & turbo tax wont let me add ebay earnings as income for dep care purposes)

Here’s the situation. My boss has been paying me under the table for the past few weeks (I have been working there for the past few weeks). I work for a small business that he is the owner of. His tax accountant’s computer is fried and cannot input new data. It was fried before I started working there. So I haven’t filled out any forms yet and he’s been paying me the full hourly wage without any deductions because well, he can’t. My question is: when the accountant’s computer is back up and running and I fill out the taxforms, will I be forced to pay back the money that I made that wasn’t deducted? Like, will I have to pay him the difference? Is he legally allowed to do that?

Please answer as best you can.

This is a deduction for cost of meals and supplies when away from home. I am a company driver, and am not self-employed or operating as a small business or corporation of any kind.

is being held until I agree to sign a waiver releasing my employer his obligation to pay my state, federal, and payroll taxes. In other words allowing him to change my status to independent contractor. I’m not willing to do that because he hasn’t even come close to paying me my full salary. I was hired with as an employee to a small business with an offer letter in January for which I have the documentation. My paychecks, since being hired in January, reflected a tax deduction, but none were ever paid to the government. Now, in order to receive my final paycheck he is demanding I sign a waiver and is only willing to pay me 10 of the 19 days owed. Obviously this is illegal on many levels so what do I do to expedite the process?