Business Assets Income Tax Question

Business Asset Income Tax Question

We purchased a computer for use in our home-based business.

The computer was purchased in Oct. last year, and we are making monthly payments on it.

For our tax returns this year do we report the cost of the computer as what we actually paid (3 payments) towards its purchase or the actual total cost of the computer in the year?

Business - Car Payment

Am I permitted to claim car payment on a vehicle which is used for the business in transporting supplies?

Business Loss

Can I claim a business loss several years after the loss occurred? I sold the business in 2004 and was never paid for it. I want to claim the loss for tax year 2009.

Business Losses

by Gayle Woods
(Laramie Wyoming)

I own a rental building. Is a business loss (which includes depreciation of the building) shown at end of yr effective in reducing my income tax?

Business Tax and Pension Tax

My husband and I have started a cleaning business and he is retired military, when we make estimated tax payments is it just on the money we make on the business or does he also include his pension.

Business Taxes

My husband and his brother started a logging company and so they pulled the money they had left over after paying everything and split it between them and so how does that affect mine and my husband's taxes?

Buying a Business

How do I report the purchase of the business and do i need to 1099 the seller for the purchase price?

Thanks,
Steve
Denver, CO.

Home Business

by Cynthia
(Riverside, California)

My husband and I both have small businesses we run from home. On our taxes, where you can deduct a portion of household expenses for having a homebase business, do we each claim these expenses or can only one of us claim them? (house payment,insurance, utilities, etc.)

Small Business Tax ID

by Ann
(Boston, MA)

Hello,

I closed my business in 2009 and at the end of last year got a call from a friend of a friend who was looking for some help in the field I used to do. I referred to to a friend. The client is now looking to me for my tax id to deduct it from their taxes. I no longer have the business did not claim those 3 nights on my taxes.

That do I tell them?

Small Business Tax Question...

by Michael
(Oakland, OR)

Hello,

My fiance owns a very small cleaning business and earned less than $9,000 last year. Does she still have to file? If she has to file and ends up owing, what if she can't afford to pay the taxes owed. Also, do you know of any tax credits or anything she can file to help if she does have to file. Thanks.

Michael~

Small Business Taxes and Medicaid

by Jackie
(Ohio)

Business Taxes

We have filed a loss on our business for about the past three years. My husband, during this time, became ill. Can we file for Medicaid even though we own a business but filed a loss?

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Starting a housekeeping business in NYS

by Shelby
(Albany NY)

I have been cleaning houses for some extra income and would like to do this as a more formal business. I need to track my income and write off my expenses. What do I need to do to "get on the books"? I have no employees...just me and make about $400/wk.

Starting a Small Business

Hello. My family has not filed taxes in 5 yrs since our only income is from my husband's SSDI. This summer, we started selling produce and baked goods at the local farmers market. It really took off, and over the summer, I'd say we made about $4000. I also have a long list of receipts for seeds, ingredients, business cards, office supplies, etc. Rough estimate, around $1000 or so.

Should I file and try to get reimbursed for some of the expenses? Am I required to have a business license and be a "Real" business in order to do that?

If I should file, what form would I use?

Hello,

Thank you for your question.

You are required to file if you made over $400 in self-employment income. You will be able to claim expenses to offset the income. Since you made under $5,000 you should be able to file the small business form Schedule C-EZ.

Qualifications For Small Business Exclusion From Sale of Stock

by Sam
(Minnesota)

I sold all my stock last year in small business I started. Acquired it (no cost basis) 12 years ago when I started the company. Would it qualify for a section 1202 exclusion of up to 50% of the capital gain as a qualified small business?

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