I’m helping a friend do taxes, but not well-versed in the area of home ownership myself. He moved from Alaska to Texas this year with his wife, and purchased a house to "flip". He bought the house in Sep 2007, and wants to sell this summer and immediately move into a second "flip". Based on what I’ve been reading, he has two options:

Path 1: Be a home investor, and wait until one year to sell, and then tax his cap gains at only 15% , instead of 35%.

Path 2: Declare himself self-employed, making his house his business, which I would think give him a lot of tax deductions.

I’m not actually clear on what path is most advisable. What deductions can he take following either path? What "errors in thought" should he be aware of? He thinks that if he sells within the year and goes to another house he gets a tax break. But I’ve not found anything about that. I want to help him, but don’t want to give him bad advice, so thought the community could help.

Thanks.

Isn’t this the biggest rip you’ve seen??

Got this in the company mail today:

Dear Valued Employee:

As you know, President Obama has asked Congress to pass the beginning of his health insurance plan for all Americans. The starting plan will cost some billion a year, of which the President has proposed billion in higher taxes for firms doing business overseas, which is half our company’s business. He asked Congress to find the rest of the money.

Congress has said the other billion a year will come from disallowing corporate tax deductions for employee health insurance, as well as raising the general corporate income tax rate to 35%.

The company will absorb the higher taxes on our foreign operations and the tax increase to 35% even though we expect this to eliminate our currently low net income.

Our corporation pays approximately ,000 per year per single employee and ,000 per year per employee family for the health insurance coverage you presently have.

This means that Congress has decided to raise our taxes by 00 per employee with single coverage and 50 per employee with family coverage.

As you know, our company’s sales have recently fallen by more than at any previous time in our company’s history. Our company is paying no dividends to the owners and may soon be in danger of not earning the interest cost of our debts.

Accordingly, we must pass onto our employees the entire added tax that Congress will impose on your health insurance plan. It is either this, go out of business, or move operations and most jobs overseas.

Effective the first of next month, all US employees electing single coverage health insurance will have their monthly contribution increased by 175 dollars and those electing family coverage will contribute an added 262.50. For hourly employees paid every two weeks, this is .75 and 1.15 respectively.

Thank you for your continued efforts to make the company profitable,

Human Resources Department

When I sold my 50% share in an LLC partnership, I took the credit card debt with me as part of the agreement. I paid it off later that same year. Are there any tax deductions I can take for this in the sale of the business?

Hello!

Not sure if this question is against the community guidelines, the guidelines were rather ambiguous towards it.

In any case, my friend and I are taking part in "shave for a cure" this year. What happens is, we raise money for the Leaukaemia Foundation which will provide funds for cancer research and support groups for cancer patients.

We’re just asking if anyone on Y!A would like to sponsor us. It’s a secure online donation, and it’s but a reputable Australian organisation. The donation comes with a receipt for tax deductions (apparently some businesses can claim donations).

This is the link to sponsor our team: http://my.imisfriendraising.com.au/TeamPage.aspx?teamID=41064&langPref=en-CA

Thanks for any donations as it’s for a good cause. The money does NOT go to us. Go to the leukaemia foundation homepage for World’s Greatest Shave for more information.

Beau =)
Cancers such as Leukaemia (bone marrow creates too many leuokocytes, bone marrow makes red blood cells), Lymphoma (lymph nodes, related to blood filtration, very complex for you unintelligent people who believe "blood cancer" doesn’t exist) and Myeloma (bone marrow cancer, bone marrow make blood cells)…

I went to the ford website and the label the epa mpg as "NA" apparently trucks over 10,000 lbs are not required to have epa tests. Why I have no idea. here is the link to see for yourself

http://www2.showroom.fordvehicles.com/Showroom.jsp?space=Trucks

I’ve looked allover the internet and can’t find the mpg for this truck can someone help me? possibly give me links to reputable websites. I’ve manged only to get ads for adds for edmunds used cars and dealer websites selling the truck . I want to know what the gas mileage is. I use it for work and I don’t mind a truck aslong as I’m getting atleast 15mpg city and 20,mpg highway. I don’t have any family I’m single and I use the truck for business expenses so the tax deductions will make it cheaper for me to just own a truck with an extended cab for driving multiple people. instead of having a piece of crap truck and a car all at once.

there are many kinds of tax deductions when running my business. right?

1.) Are cost of goods sold are 100% deuctable?

2.) if the cars are for business and personal I can deduct $.485 per mile, if it’s for business only Can I duduct the payment and gas costs?

3.) If I buy equipment like a computer, I can’t deduct the cost of the computer, because it’s still an asset that is taking the place of what was cash right? What if it’s part of the start up costs? If I sell the equipment do I have to consider it income?

4.) Are consumables like electricity and printer paper are 100% deductable.

5.) what about waste? We have a vinyl graphics business and have mistakes sometimes. Can I deduct the retail value of the wasted item.
This is so confusing. how do I keep it straight?

So people, there is concrete evidence that global warnmimg is here; the north pole for the first time in human history will not be a complete frozen block of ice.
Urban Rambos in SUV’s and in trucks on lift kits aren’t just dangerous to others around them but they also destroying the planet. How about taking away the huge tax deductions for ANY business owner that buys a truck or SUV and banning them completely for those who don’t need them for work?

1. Do you believe the government focuses enough attention on alternative energy?

2. Should the government focus more money and legislation towards improving existing energy sources or alternative energy sources?

3. What do you feel is the biggest concern regarding alternative energy? (Cost/Efficiency/Emissions)

4. Should the government put price limits on gas?

5. Do you believe that alternative fuels would increase the prices of materials used to make them?

6. Do you feel that the government should cut other spending and use more money to research alternative energy sources and fuels?

7. Do you feel that the government should offer tax deductions to businesses that use alternative energy sources and fuels?

8. Should the government mandate that gas stations offer alternative fuels to their customers?

9. What type of home heating do you use?

10. Have you thought of using an alternative form of heating in your home? If so, what?

1. Do you believe the government focuses enough attention on alternative energy?

2. Should the government focus more money and legislation towards improving existing energy sources or alternative energy sources?

3. What do you feel is the biggest concern regarding alternative energy? (Cost/Efficiency/Emissions)

4. Should the government put price limits on gas?

5. Do you believe that alternative fuels would increase the prices of materials used to make them?

6. Do you feel that the government should cut other spending and use more money to research alternative energy sources and fuels?

7. Do you feel that the government should offer tax deductions to businesses that use alternative energy sources and fuels?

8. Should the government mandate that gas stations offer alternative fuels to their customers?

9. What type of home heating do you use?

10. Have you thought of using an alternative form of heating in your home? If so, what?

This is a new venture in to western canada. I am told it is big in the USA and eastern canada. It is multi-level marketing, looks kind of like a pyrmaid, but am told it is not. It is investing in a company and their advertising market. You do not sell the products, but promote them and in turn you then have a home based business and therefore tax deductions. If anyone is familiar with this or has any information on United Pro media it would be appreciated