how about membership fees to Canon Professional Services, does that go under "Legal/Professional Services" or Office expense?
thanks!
PO Box and such should go under mailing and/or office
179 deduction allows up to 50K to be written off up front. Stick them there unless you are bumping up against the 179 limits
One more question, the 50K upfront write-off, is that only good for the first year (2011)? Can I write off full purchases of equipments purchased this year or do I have to depreciate them over 5 years or something like that?
thanks
I worked for a firm as an independent contractor. Every week I would submit my hours/pay, as well as my expenses (hotel, etc). I would then receive a check the next week for my pay and reimbursement for the expenses. I received a 1099 MISC and it appears as the non-employee compensation, the figure includes both my pay and the expenses I submitted. Is this right?? This is my first time receiving a 1099, but this doesnt look right to me as it seems I am basically paying tax on my travel expenses (which were already reimbursed)??
If you file your taxes using the Schedule C; you can expense off the non-employee compensation as wells as a multitude of other items. :thumbsup:
for examples of what to look at, research through previous years threads.
Also, the line items on the Schedule C provide a good clue on what to look for.
Enjoy!
I do volunteer IT work for a local non-profit, I know I can write off my miles to and from the place. Am I also able to write off my time? My accountant says no, theirs says yes.
In my own business am I able to track my employees mileage from building to building and write that off? Currently I don't offer them reimbusment, but I would like to if I can in turn be compensated.
Thank you!
Write off your time? Generally speaking, you can't take a deduction for something unless you first pick up the income. So sure, if you want to say your time is worth $20/hr, pick that up as income on Schedule C and then write off the same amount on Schedule A as a charitable deduction. You don't really want to do this. It's not in your best interest.
As far as your employee's mileage. Set up an accountable plan. For more info, read here: http://www.irs.gov/publications/p463/ch06.html#en_US_2011_publink100034114
Donations are just that, giving of yourself.
The government has allowed you to cover some expenses incurred while doing so.
My daughter received a 1099 misc for an internship, Do I need to use schedule c or cz or does she file it as other income.
Thanks
I filed a 1040EZ on February 3rd, and it was accepted by the IRS on February 4th. My status says "Your tax return has been received and is being processed." That status has not changed since February 5th. No ETA, and no sign of my money.
Any ideas as to what I should do? I was supposed to receive it based on the IRS schedule in mid-February.
I have already done my taxes and received my refund, got a letter in the mail today from the US Oil Fund that included a schedule K-1. shit. What should I look for on this form to figure out whether I need to amend my return. I lost ~$500 on this particular investment.
For recipients of Schedules K-1
Report income in the proper location on individual returns as instructed on Schedule K-1, page 2, and in the instructions.
Avoid netting or combining income against separately stated losses or expenses. Refer to Form 8582, Passive Activity Loss Limitation, for instructions on properly deducting passive activity losses. Ordinary business income should be reported separately from other related deductions, such as unreimbursed partnership expenses or Section 179 expenses. Refer to the Schedule E instructions for information on properly accounting for deductions related to Schedule K-1 income.
Report deductible At Risk or Basis Limitation losses carried forward from prior years on a separate line from current year transactions. Do not combine (net) them with any current year amounts.
Identify estimated K-1 income. When the Schedule K-1 has not been received at the time the Form 1040 is filed, the income should be estimated. Form 8082, Notice of Inconsistent Treatment or Amended Return, generally should be used to identify estimated K-1 income or when the investor disagrees with the amounts reported on the K-1.
Have you logged onto the IRS website and entered your filing status, SS# and refund amount?
If, so; what did it state?
What system is saying that "Your tax return has been received and is being processed."?
You have not provided enough information to formulate an answer your question.
Sorry for the confusion. I filed via TurboTax online and the IRS status page ("Wheres my Refund" says that message when I enter in my status, SS#, and refund amount. No other information is given.
Got another question:
How should I go about filing taxes for a deceased relative with no legal estate? All I have for her is a W2 and a still open bank account.