Timeline for US: how to prove business expenses?
Current License: CC BY-SA 4.0
9 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Mar 16, 2023 at 14:06 | answer | added | keshlam | timeline score: 0 | |
| Mar 16, 2023 at 12:33 | comment | added | NathanOliver | My grandmother ran a dog kennel business out of her house and she would deduct a percentage of the bills based on the percentage of the total square feet the business used. | |
| Mar 16, 2023 at 10:38 | answer | added | mhoran_psprep | timeline score: 1 | |
| Mar 16, 2023 at 2:03 | comment | added | user4574 | You should consider whether it's worth your time to track an expense like this. If for example, you are paying like $100 a month for internet and claim 25% of it as a business expense. You are claiming $300 a year in expenses. If you pay a 20% tax rate, then all the work you put into tracking it only saves you $60 a year on your tax bill. I don't know what you charge per hour for your service, but if your profit is say $30 an hour, then you are losing money if you spent more than 2 hours on this. | |
| Mar 15, 2023 at 14:51 | comment | added | Stewart | It's like having a phone line. It's just a fixed overhead. | |
| Mar 15, 2023 at 13:47 | comment | added | 0xFEE1DEAD | You might want to consider talking to an actual CPA | |
| Mar 15, 2023 at 13:42 | history | became hot network question | |||
| Mar 15, 2023 at 5:05 | answer | added | littleadv | timeline score: 16 | |
| Mar 15, 2023 at 3:33 | history | asked | No Name | CC BY-SA 4.0 |