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18 Replies
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Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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? -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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??? -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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? -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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-
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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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Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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? -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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? -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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. -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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. -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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, -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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.-
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
how we can see the answers based on the forums questions?-
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
View this thread "Live Q&A with Barbara Weltman from 2-5PM Going On Now!" to see Barbara's answers
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Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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. -
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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?-
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
HI Barbara
Thanks for your wonderful input. I had posted this question and awaiting your response.
Thanks-
Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
Hi lalithabrahma,
Great question - There is an article on the homepage that Barbara has written called "Changing to the Type of Entity That's Right for You" that provides insight to your question.
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Re: Join Barbara Weltman on the SBOC March 5th from 2 – 5PM EST
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