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18 Replies Last post: Mar 5, 2008 4:30 PM by SBOCTeam

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Pre-event user questions for Barbara Weltman, March 5

Apr 11, 2008 4:28 PM

sboc

SBOCTeam 194 posts since
Jul 27, 2007

If you have tax questions, she has answers. Join Barbara Weltman, one of the nation's leading authorities on taxes and small business, as she appears live on the Small Business Online Community, Wednesday, March 5^th^ from 2 PM Eastern until 5 PM Eastern. Barbara will be on the site answering questions community members have about business taxes. Remember in order to ask a question, you must be a member, so sign up today if you haven't already; it's free and easy.

About Barbara:

Barbara Weltman is a contributing writer for Inc.com, PINK magazine and New York Enterprise Report, and is a sought-after media commentator who has been featured in The New York Times, The Wall Street Journal, The Washington Post, Reuters, Forbes.com, Marketwatch.com, WABC-TV, Fox News, CNNRadio and CNBC. Barbara is also a top selling author and has written the titles "The Rational Guide to Building Small Business Credit" which features a foreword by Dun & Bradstreet, "J.K. Lasser's Small Business Taxes" and "The Complete Idiot's Guide to Starting a Home-Based Business."

The SBOC Team will take advance questions all this week from users who want to pose a question to Barbara. If you have a question for Barbara, post it here and then check back with the site on March 5^th^ from 2-5 PM Eastern or anytime after that for Barbara's response. You can also pose a question to Barbara anytime during the event hours on March 5^th^.

Tags: barbara_weltman, taxes, small_business_taxes Report as inappropriate

Founders

BDS INC 131 posts since
Jul 20, 2007

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1. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 26, 2008 2:39 PM

I will ask my accountant anyway but here is a question for your guest:

I own a property management company and I have had tenants break their leases on home rentals. Since my business expected full revenues from those rental agreements, can I write off the rent I didn't collect as bad debt?

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Authority

MagPublisher 11 posts since
Dec 11, 2007

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2. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 26, 2008 2:45 PM

How about this question:

I volunteer my services to a local non profit organization, designing and writing their monthly newsletter. I know I can declare expense I incur like image fees, etc. to create the newsletter, but is their anyway to "bill" my time, so that I can declare my time as a donation???

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Start-up

Noel Building 1 posts since
Jan 25, 2008

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3. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 27, 2008 10:16 AM

I don't currently provide health insurance for my employees but I'd like to give my employees a monthly stipend to help them go to the doctor or pay medical cost but I don't want them to pay taxes on the money. A colleague of mine told me that if I could somehow pay into an HSA for these employees, they would not have to pay taxes on the stipend. Is this true? If not how do I get my employees money for health care without them paying taxes on the money?

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SCORE

LUCKIEST 5,733 posts since
Aug 6, 2007

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4. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 27, 2008 12:17 PM

What a great service. Question. Social Security Benefits??
If we (my wife and I) put our Social Security Benefits into an Individual Retirement
Account (IRA), does that save us from being taxed on the Social Security??
Thanks

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Authority

LT Lawn Care 36 posts since
Oct 4, 2007

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5. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 28, 2008 8:53 AM

I bought into a pre-paid legal plan last year, initially for my personal use but because of a potential law suit that was threatened against my business, I used the service at times for the business as well.

My question is can I write the $39.99 a month premium off as a business expense, given I did use the service for my business too?

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Mogul

Ed O'Gee 215 posts since
Oct 25, 2007

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6. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Feb 28, 2008 12:54 PM

Yes, why does my accountant charge me so much money???

No the serious question is:
This year we contracted two workers who were recently incarcerated, to do some manual work for our firm. These guys were paid as contractors, but my question is, I know what I paid them is included in our overall labor costs, but is my firm also eliigible for a tax credit since we provided work to recently released ex-offenders?

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Mogul

Wingman 58 posts since
Oct 10, 2007

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7. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 3, 2008 10:58 PM

I am self-employed and my wife has purchased both health care coverage and extended care coverage for the both of us. Can I deduct the portion of these insurance policies that are attributable to me if that can be determined? I think we can look at her basic coverage for employee only and deduct the additional premiums that is being paid to extend the coverage to me.

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Professional

kdoublehs 13 posts since
Dec 5, 2007

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8. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 4, 2008 1:35 AM

Can tax system(s) be more diversified? I webhost a small online company @ http://kdoublehs.org/default.aspx. For your review, it might have so many barriers to get through. Can you imagine a nation without border controls? I have an international base, with regard to the property concerns. So, here I am with a webhosting business and have all unnecessary hurdles to run with. Thanks. If any of the prospective viewers or any inquisitory eye have a question, simply click on the site and have a say or leave a comment. Thanks. God willings.

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Start-up

DeLaRosaConst 1 posts since
Mar 4, 2008

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9. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 4, 2008 4:39 PM

Good afternoon Barbara,

Can you provide guidance regaring Sales Tax in NJ? We recently launched our Construction Company and have been discussing with our Accountant options for billing the Sales Tax on the labor portion. Is it feasible to include a clause " Sales Tax Not Included" so that our customers can remit the Usage Tax themselves?
Appreciate your time and response in advance,

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sboc

SBOCTeam 194 posts since
Jul 27, 2007

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10. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 5, 2008 10:19 AM

Community members, don't forget - today at 2:00 PM Eastern, Barbara Weltman will be live on your Small Business Online Community, answering your questions about business taxes. You still have time to post an advanced question on this thread and of course Barbara will take as many questions as possible during the event starting promptly at 2:00.

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Start-up

daddave 1 posts since
Mar 5, 2008

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11. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 5, 2008 10:54 AM

Your books are great and I have all of them from Lasser, but as a self employed independent contractor, where is the goverment publication or regulation that specifically lets me write off temporary away from home expenses at the GSA rate for 2007 or 2008 in the area that I am working. There is a lot of information for the employee to use per diem, but how can I use the equivalent as my expense if the company I am working for has no plan in place (they are in early start-up mode and I got my 1099 late which showed the full income with nothing for expenses). I had asked them to separate my expenses so they would not be taxed, but it did not happen.

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Mogul

lalithabrahma 39 posts since
Mar 1, 2008

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12. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 5, 2008 1:29 PM

Hi Barbara

I understand a business owner opearting as Single member LLC cannot be an employee in the company. Is it beneficial to elect a Single member LLC in NJ as an S Corp ? Can you explain some advantages both from liablity/legal and tax point of view?

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Start-up

Joseph 4 posts since
Jan 7, 2008

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13. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 5, 2008 1:47 PM

Dear Barbara,

I want to find out how can I file my income tax this year if I don't have a 1099 from my last employer. Can I just claim the money I deposited in my bank account? How can I do this filings? What would be the ramification on my part without having a 1099?

Thank you,

Joseph

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Start-up

rusty50 1 posts since
Mar 5, 2008

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14. Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST Mar 5, 2008 2:07 PM

in response to: LUCKIEST

HI BARBARA - I have an insurance business & I own my building. I recently added a 1650 sq foot addition on the building. Can I expense any of the costs related to this building addition on my income taxes?? For example, can I expense permit fees, architect fees, or surveying fees??

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