Small Business
The most frequently asked tax questions related to Small Business
Is there a website to get a calendar for small business filings ?
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
Yes. http://www.irs.gov/businesses/small/
Is there a website to contact an appraiser ?
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
Yes. www.appraisers.org. The American Society of Appraisers (the “Society”) is a multi-discipline non-profit international organization of professional appraisers (valuers). The mission of the Society is to foster the public trust of our members and the appraisal profession through compliance with the highest levels of ethical and professional standards. The American Society of Appraisers:
Independent Contractor Audit guide - website
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
You can find out what to expect on an udit as an independent contractor by going to www.irs.gov/bus_info/tax_pro/tax-law.html
Plumber - gloves and boots
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
The costs of safety equipment such as special gloves and shoes or boots as a plumber are deductible as an itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Power company Lineman - foul weather gear
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
The costs of your foul weather gear is deductible as an itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Lobbying expenses
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
Payments to an organization that devotes a substantial part of its activities to lobbying which tries to influence legislation is not deductible.
How much income earned abroad can be excluded ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
For Americans working abroad, the first $97,600 of their current year foreign earnings will be exempt from U.S. income tax,
Fraternity payments
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
No. Generally, checks written to fraternities and sororities are considered clubs for social purpose and not deductible as a charity.
What is the current years 179 deduction limitation ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
Self employed individuals and other small businesses will be entitled to immediately write off up to $500,000 of business equipment purchases in 2010 and 2011 without having to depreciate the costs over a period of years. The amount of the 179 deduction is reduced by the cost amount in excess of 2 million dollars.