Day in, day out, for eternity, they need to file taxes for me:
Married filing jointly, 2 kids
One of us owns a small business
Income in 2 states ...
Day in, day out, for eternity, they need to file taxes for me:
Married filing jointly, 2 kids
One of us owns a small business
Income in 2 states (one being New York)
Home office deductions
Meals and travel expenses related to small business
Capital gains realized from stock sales
401k distribution from an old employer who corrected some math
They need to do all of this without the benefit of a tax professional or software to help. Just the IRS and it’s lovely forms and publications.
After spending a weekend doing our taxes – WITH help – I am certain this would be a special version of Hell which would make politicians wonder why they have created this crazy complicated monster.
It was both created and has evolved.
Every little stupid step and extra hoop is someone’s election promise brought to life.
Tags: benefit, business income, capital gains, election promise, eternity, hell, irs, math, monster, politicians, small business capital, stock sales, tax professional, travel expenses
Posted in Tax Deductions Q & A | 3 Comments »
Hi…I run a business out of my home and am using Tax Act to do my taxes. I completed the " Vehicle Expense" questions, which had me separate out commuting miles, from business miles and went with the standard deduction for my business miles.
The next set of questions were for "Transportation, travel, meals and entertainment". It asks for "local transportation expenses" and "Overnight travel expenses". Am I supposed to claim the same mileage that I just did with the "Vehicle Expenses" category again???? I’m totally confused.
Thanks!
I figured out what the problem was…one set of questions was for "employee" expenses, the other for "business"expenses. As employee, they go on schedule A and subject to 2% rule, as business, they go on schedule C and not subject to 2% rule. Guess I was a little too tired to catch that when I posted. Thanks everyone.
Tags: business miles, mileage, overnight travel, schedule c, standard deduction, tax act, transportation expenses, travel expenses, travel meals, vehicle expense, vehicle expenses
Posted in Tax Deductions Q & A | 3 Comments »
I have an ABN (my company is in the Technology/Web industry) and I will be traveling from Australia to Asia by plane to try and expand my business overseas. Am I able to get any deduction from any of the travel expenses?
Tags: asia, australia, technology web, travel expenses, web industry
Posted in Tax Deductions Q & A | 1 Comment »
Hi. I own a business, and I’m traveling to another state for a business seminar. I haven’t made any sales from my business yet, so I’m using the paycheck from my job for the travel expenses (gas, lodging, etc). When I file my tax return, can I get a refund from the government in the amount of the travel expenses?
Tags: business seminar, job, paycheck, tax return, travel expenses
Posted in Tax Deductions Q & A | 6 Comments »
I’m a wedding photographer and was wondering if I could deduct the travel expenses to goto my sisters (sole photographer) /cousin’s wedding (they hired another photographer I was photographing for my portfolio)? They did not pay me for my services but I did it to get more photos for my portfolio to advertise to future clients.
Tags: cousin, photos, sole photographer, travel expenses, wedding photographer
Posted in Tax Deductions Q & A | 3 Comments »
If I take a business trip to an establishment to check out the competition and how they "do things" (i.e. a bed and breakfast in another state), would I be able to deduct the travel expenses and meals completely, or will I only be able to deduct 50%?
Tags: bed and breakfast, business trip, travel expenses
Posted in Tax Deductions Q & A | 3 Comments »