Income Tax Deduction Business Expenses

by Robert
(Colorado Springs)

Income Tax Deduction Business Expense

How does deducting expenses work?

If I make 50,000 gross income and claim 10,000 for business expenses, does that mean I only pay taxes on 40,000?

Is the 10,000 I claimed as business expenses free money back?

Self-Employed Income Tax Deduction

by Jackie
(Kansas)

Self Employed Income Tax Deduction

I just started working as a massage therapist. I work in a spa but not as an employee.

I pay rent on a room there. My question is if I need to have a certain amount of business expenses to be able to claim them?

In other words, if I add up rent and equipment and it is less than the standard deduction, can I not claim that stuff?

Realtor Income Tax Deductions

Realtor Tax Deductions

Can I deduct the course fees for my realtors license in Alberta?

Is Coaching Income Tax Deductible

Coaching Income Tax Deductible

I used a business coach last year to help me develop my business.

Can I deduct those costs and if yes, where exactly?

Coaching Income Tax Deductions

by Jason

Coaching Income Tax Deductions

How much is the maximum deduction if I pay my assistant coach from my own compensation?

Thank you
Jason

Income Tax Deductions and Expenses

Income Tax Deductions and Expenses

Are you required or entitled to report deductions/expenses on your schedule C

Training Income Tax Deductions

Training Income Tax Deductions

I am trying to become a Tour Director. As such I plan on taking a 2 week training course away from home. I was wondering what all can be deducted.

Can I deduct my plane ticket, lodging, and tuition? I have heard that you cannot deduct if you are not in the line of work, so if I did the training and didn't get a job until say February the next year could I still deduct it on my taxes if I waited?

Income Tax Deductions as a Realtor

by Lora
(Ontario)

Realtor Income Tax Deductions

Can I claim/write off dental costs?

Can I claim/write off dry cleaning?

Can I claim/write off costs associated with the ownership of my cottage if I send clients there as a thank-you gift?

greatly appreciate any advice on these topics

Lora

Business Purchase Of Personal Collection Income Tax Deduction

by Alex
(Scottsdale, AZ)

Collection Income Tax Deduction

I have a collectible stamp store online for my company.

I also have a personal stamp collection worth quite a bit.

Can I buy my personal collection for my business from myself, to make it tax deductible?

I want to do this so that I have some official proof of owning this collection, to have the value of the asset belong to the business.

Is this possible or is there a better way to go about this?

Tools Income Tax Deduction

by Nick
(Superior, WI)

Tools Income Tax Deduction

I am in a partnership and received my K-1.

I was told I can deduct the tools (about $33,000 worth) I put into the partnership on my personal taxes.

Where and how do I do this?

Thank you.

Unregistered Business Income Tax Deduction Question

(British Columbia, Canada)

Business Income Tax Deduction

Hi! I love your site - very informative. Thank you!

My questions are:

I have a business that is a bit of a mish mash of different things, among them fine art, business consulting (just started) and farming - egg sales at this point. :)

I am registering my business now because I've just added the consulting services.

Question 1: I have been selling eggs since September (but started raising them last April).

Can I deduct their production costs from last April - even though I didn't sell anything until September (i.e., chick purchase costs, feed, electricity used)?

Question 2: As well, I got a domain name and set up a website and hosting, etc., for the consulting in December. And I also had a website and hosting for my artwork since last year - but I haven't sold anything except window painting services.

Are the website hosting expenses, supplies, etc., tax deductible (as an unregistered business)?

Are any of these tax deductions allowed to create a loss for 2010? Except for the home expenses - which I read on your site are not allowed to create a loss.

Question 3: As well, when registering my business now... I am not clear as to what I should put for a start date! Would I register the business as starting last April?

Or September? December? Or should I just start it now, and have any allowable deductions be allocated to the unregistered business?

Any suggestions would be appreciated :)

Thank you!

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