Mileage Rate Deductions

What is the IRS publication that explains auto expenses?

Asked Monday, November 28, 2011 by an anonymous user

CPA Answer:

IRS publication 4636 deals with Travel, Entertainment and Car Expenses.
CPAdirectory
Answer Provided by: CPAdirectory

Auto & Truck Expenses

Publication - auto expenses

Asked Monday, November 28, 2011 by an anonymous user

CPA Answer:

IRS publication 463 deals with Travel, Entertainment and Car Expenses.
CPAdirectory
Answer Provided by: CPAdirectory

Taxes - My Tax Return

Artists - Special rules

Asked Monday, November 28, 2011 by an anonymous user

CPA Answer:

If you meet certain requirements to be identified as a "Performing Artist" you can deduct all of your car expenses as a adjustment to income directly on Form 1040 instead as a itemized deduction on Schedule A. There is a 5 step requirement test that must be answered before a person is identified as a Performing artist.
CPAdirectory
Answer Provided by: CPAdirectory

Business Start-ups

Web site available to help small businesses

Asked Friday, November 18, 2011 by an anonymous user

CPA Answer:

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.
CPAdirectory
Answer Provided by: CPAdirectory

Small Business Services

Web site available to help small businesses

Asked Friday, November 18, 2011 by an anonymous user

CPA Answer:

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.
CPAdirectory
Answer Provided by: CPAdirectory

Sole Proprietorship - Schedule C

Web site available to help small businesses

Asked Friday, November 18, 2011 by an anonymous user

CPA Answer:

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.
CPAdirectory
Answer Provided by: CPAdirectory

Keogh Plans

Do employees have to be included in Keogh plans?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

Yes. All employees who have reached age 21 with at least 1 year of service. Generally, a employer does not have to cover seasonal or part-time employees who work less than 1,000 hours during a 12 month period.
CPAdirectory
Answer Provided by: CPAdirectory

Keogh Plans

What is a Defined-Contribution Plan?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

A Defined-Contribution Plan is a type of Keogh plan. It is a retirement plan in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties.
The limitation increased in 2014 from $51000 to $52,000.
CPAdirectory
Answer Provided by: CPAdirectory

Keogh Plans

What is a Defined-Benefit Plan?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

A Defined-Benefit Plan is a type of Keogh plan. It is a employer-sponsored retirement plan where employee benefits are calculated based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.
CPAdirectory
Answer Provided by: CPAdirectory

Keogh Plans

What is a HR(10) Plan?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

HR(10) plans are Keogh plans.
CPAdirectory
Answer Provided by: CPAdirectory