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Ask An Accountant-Should I Pay Estimated Taxes?

Ask An Accountant-Should I Pay Estimated Taxes?

Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”.  See previous questions and answers HERE Question: I have an at home business that has started making me a small amount of income.  Should I be paying estimated taxes on what I am making? Answer: You need to pay in at least 90% of your prior … Read entire article »

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Ask An Accountant-Reporting Sponsorship To Blogging Conferences

Ask An Accountant-Reporting Sponsorship To Blogging Conferences

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”.  See previous questions and answers HERE. Question: I am a blogger and frequently attend conferences.  I accept sponsorship from companies for these conferences.  How would these sponsorships be taxed? Answer: … Read entire article »

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Ask An Accountant-Can I Deduct My Cell Phone Bill?

Ask An Accountant-Can I Deduct My Cell Phone Bill?

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”.  See previous questions and answers HERE. Question: I have just started selling Thirty One purses and I am curious to know if I can deduct any of my spending on my taxes. I make commission on sales and I do not anticipate making more than $3k … Read entire article »

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Ask An Accountant-Blogger Tax Question

Ask An Accountant-Blogger Tax Question

Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”. Question: I am in the process of registering the blog as a business and wanted to know if I am going to be able to claim all of the stuff I have already purchased for it from the time I started or if I … Read entire article »

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Ask An Accountant-Claiming Donations Bought With Coupons

Ask An Accountant-Claiming Donations Bought With Coupons

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an accountant”. Question: I donate from my stockplile quite frequently.  When claiming these deductions, do I deduct what I paid out of pocket or what the items would normally cost without coupons/sales? Answer: There are 2 schools of thinking for this question.  One side says you do not … Read entire article »

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Ask An Accountant-Claiming A Prize

Ask An Accountant-Claiming A Prize

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an accountant”. Question: In 2010 I won an all expense paid trip as a prize for winning a contest. The company immediately asked for my social security number for the purposes of taxes. I expected I would be responsible for taxes on the value of the trip (I think … Read entire article »

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Ask An Accountant-Audits

Ask An Accountant-Audits

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: I have been audited for medical expenses for 2008 (my husband became very ill) and have close to 300 individual expenses. If I copy every bill, check, explanation of benefits from the insurance company, flexible spending account reimbursement, credit card bill, prescription receipt, etc., I will be paying for and … Read entire article »

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Ask An Accountant-Small Business Software

Ask An Accountant-Small Business Software

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: What type of accounting software is the best when setting up my small business? Answer: The most widespread software for accounting is Quickbooks.  I personally recommend the online version.  There are several different options for the online version, so what version you need will vary depending on the business and it’s structure.  It … Read entire article »

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Ask An Accountant-Tax Penalties

Ask An Accountant-Tax Penalties

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: If you’re late filing your taxes and the government owes you a refund, are you penalized? Answer: You will not be charged if the IRS owes you a refund.  They can assess a failure to file, or assess tax based on the information they receive (which is all income from reportable sources … Read entire article »

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Ask An Accountant-Paying Taxes On Review Items

Ask An Accountant-Paying Taxes On Review Items

Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: Do I have to pay taxes on an item sent by a company to review? Answer: As far as products for review, the IRS requires you report the fair market value of the item.    That being said, I would take one of the 2 aggressive positions: 1.  A “de minimis” fringe benefit of the … Read entire article »

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Ask An Accountant-What Can I Not Deduct?

Ask An Accountant-What Can I Not Deduct?

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: What expenses can you not claim on your taxes? Answer: The items not deductible are expenses that would not be used to generate a profit.  One example would be groceries.  You could not deduct groceries from a shopping trip that you used to post on your website.  The groceries are a necessary item needed to … Read entire article »

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Ask An Accountant: Setting Up Your Business

Ask An Accountant: Setting Up Your Business

  Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com I have received A LOT of questions lately about setting up a business.  I wrote a post HERE about deciding on what entity to be.  My husband (the accountant) has created a graph below that may make things more understandable. There are several choices for set up…however, depending on the structure … Read entire article »

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Ask An Accountant-Will My Taxes Be Raised Next Year If I Am Self Employed?

Ask An Accountant-Will My Taxes Be Raised Next Year If I Am Self Employed?

Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com Question: I read on Yahoo today that Social Security Tax is being raised. The article said that in 2012 the rate will go up to 12.4%, meaning 12.4% of a self employeed person’s income goes straight to Social Security Tax.  Is this true? Answer: Social Security tax has always been 12.4% except this past year … Read entire article »

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Ask An Accountant-Deciding What Type of Business Entity To Be

Ask An Accountant-Deciding What Type of Business Entity To Be

Recently, I have received numerous requests for assistance in “setting up” blogs from a tax perspective, so I figured I would address this to give a basic understanding of the options that are out there & compare them.  Let’s start with the need behind organizing the entity.  1.  Taxes – a necessary part of our economy…nobody likes to pay them, but without a tax structure,  we would not be where we are today as a country.  2.  Liability protection … Read entire article »

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Ask An Accountant-Determining Home Office Space

Ask An Accountant-Determining Home Office Space

As we all know, it’s that dreaded time of the year-Tax time!  In honor of tax season, I have a new series called “Ask An Accountant”.  Send in your tax questions each week to momondeals@yahoo.com and I will post the question and give an answer from an experienced accountant Question: How do I determine the amount of office space to use for a write off? Answer: A home office is defined by IRS guidelines as “any area of your … Read entire article »

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