Tuesday, February 24, 2009
More on Business Expenses
I sent Christine my complimentary list of business expenses. She received it and here are her questions on business expenses. As most of you know I have a full-time accounting practice which serves wacky, wonderful indies. And so, because it's tax season, I am going to do the quick-answer mode for Christine. I EMBEDDED my response below ... June
Thank you very much.... YOU ARE WELCOME!
I plan on purchasing your book so I can look further into what I may deduct. SMART MOVE.
My main job as a Nurse Practitioner I am employed at a private practice but I also sub-contract for a physician at a local prison and I need to find some deductions for that. UNLESS YOU COMPLETELY SHUT-OFF WORK WHEN YOU ARE NOT AT THE PRISON YOU MUST HAVE SOME DEDUCTIONS. AND WHAT ABOUT TRANSPORTATION WHEN GOING FROM ONE WORK PLACE TO ANOTHER?
I have an office in my house with a computer and furniture that I do my research and continuing education in. WOW! I SEE LOTS OF DEDUCTIONS RIGHT THERE.
My husband keeps telling me that I can not deduct part of that as an expense IF THERE IS AN AREA USED EXCLUSIVELY FOR YOUR WORK THEN YOUR HUSBAND IS WRONG. AND WHERE DID YOU SAY YOUR HUSBAND STUDIED ACCOUNTING? I beg to differ with him, my accountant in the past has not been too much on some deductions but with the sub-contractor part I need to find some deductions. I
also have cleaning ladies that clean my house but also they clean my office how do I deduct that as part of an expense? I guess what I am asking is how I deduct part of the utilities, house payment, insurance or what percentage I guess would be a better question. YOU MAY FIND THE ANSWER IN THESE POSTS home office or studio (25). IF NOT THEN HOME OFFICE DEDUCTION IS COMPLETELY EXPLAINED IN MY BOOK.
Thank you I found that your website was very insightful.
Christine
Elida, OH
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2 comments:
Hi June,
I am a Real Estate Investor that has fallen on hard times. In my regular job as a W2 employee I made 90k in 2008. As a real estate investor I profited 100k on an investment held for 11 years. As a loss, I had 2 properties that sat on the market for a couple of years and went back to the bank this year.
How do I calculate my profit/loss on the investments I poored money into and gave back to the bank? Out of the 190k I put close to half of that into "keeping the project alive" now I have no more houses but a 140k "business debt" after giving them back.
Wow, Anonymous! Do you really think that a comment on a blog from me or any other tax pro is the way to go to get you out of your financial situation?
I sympathize with your plight. Get professional taxhelp right away!
-- June
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