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Questions tagged [eligible-expenses]

Eligible Expenses tag is for questions dealing with expenses that qualify for a benefit or is allowed. Generally a tax question but could be for medical expenses, etc. Be sure to include additional tags to indicate what category of eligible expenses the question is about.

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2answers
180 views

Are wages from a corporation always immediately tax deductible? [on hold]

Suppose a corporation which constructs apartments and rents out those apartments expects to start earning money in its fifth year. Can it then just increase construction in that fifth year to create ...
0
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0answers
22 views

How to claim motor vehicle expenses on taxes with incomplete information?

I am currently doing my sister's taxes, as stated in a previous post. She started working at this new job in May and her previous work was done at one single office location, hence she is not eligible ...
3
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0answers
44 views

What defines a transportation-related medical expense to be “primarily for, and essential to, medical care”?

I'm trying to understand which transportation-related medical expenses are IRS-Qualified Medical Expenses for health savings accounts (HSA). I understand that Publication 969 defines what HSAs are, ...
0
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1answer
87 views

Does it make sense to seek tax deduction for a lecturer with 15K a year

I am a lecturer with salary 15K per year. Does it make sense to seek deductions in my current situation?
2
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1answer
59 views

HSA distribution for deferred insurance payment

My daughter recently started an orthodontics program that will last 13 months. We've covered the entire program cost up-front already. She is covered on my wife's insurance, and that will pay about ...
2
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3answers
98 views

Business-gift expenses in the US?

In the USA-IRS milieu, Consider these two examples: Sally is self-employed. Her business has various clients. So in the new tax year 2018 under whatever rules apply in 2018, Sally flies to Japan to ...
3
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1answer
66 views

Best way to manage frequent self-funded travel expenses to a fixed location for an indefinite period

I'm exploring a new job opportunity. The position will require me to be on-site at a location about ~2hrs away from my home and working 12-14 hour days for 3 days per week. As such, a hotel near the ...
7
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2answers
1k views

Hiring Foreign Contractors - Is This Tax Deductible?

I have a small start-up business in the US and I'm going through freelance sites like freelancer.com to get some work done. The appeal of this is that the rates for foreign contractors is often less ...
2
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1answer
153 views

Can I deduct some of the costs for a car if I write about it on my for-profit blog?

To preface, my goal is not to game the tax system. I'm trying to understand this to see if it is financially reasonable. So I am legitimately interested in starting a blog/YouTube channel in the tech ...
12
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5answers
5k views

Does the IRS reprieve those who have to commute for work?

Consider someone who for either family or affordability reasons is unable to live in San Francisco, where they make their living. Their daily commute is long. The cost of the commute is nontrivial, ...
1
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1answer
230 views

Does the CRA reprieve those who have to commute for work?

Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver). He makes most or all of ...
2
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1answer
68 views

Renting from self during out of area remodel project - deductible?

I own a nightly rental that's out-of-area. I was considering moving to that area for a month and renting and living in my own property while I (personally) do an extensive remodel on it. Would those ...
7
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1answer
229 views

Switch from HSA/Limited FSA to FSA only

In 2016 I had a High Deductible Health Plan/HSA and a Limited FSA through my employer. For 2017 during our open enrollment I decided to not use a HDHP, and chose a PPO Plan. In addition, I selected a ...
1
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0answers
100 views

Claiming FSA money for a nanny share?

We are two families (A & B) going for a nanny share (1 child each). A will be the principal employer where her paystubs come from (children will always stay at A's house, A has the insurance and ...
5
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2answers
273 views

Can an S-Corp write off work and merchandise expenses donated to a non-profit organization?

We are renting a commercial building from a non-profit. Can our company (s-corp) buy things and have someone on our payroll do things for the non-profit? Not asking for a donation receipt. Just ...
4
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2answers
153 views

Can I deduct previous year's business expenses related to a book I'm writing?

I am getting ready to publish a non-fiction book this fall. To do research for the book I had to buy various informational books which I plan to expense against royalties that my book generates. Can ...
5
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2answers
5k views

Can I use my HSA debit card to pay for vaccinations?

I am about to go on safaris in South Africa and Zambia and need to be vaccinated against a few diseases. The IRS publication 502 doesn't mention vaccinations explicitly, but does state that ...
0
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1answer
31 views

Claim expenses incurred in 2014 during 2015 filing

I have incurred some expenses in year 2014, which for some reasons i could not file during filing my tax returns for 2014. Now i am going to file my income tax returns for 2015, can i file those ...
3
votes
1answer
430 views

What amount of money can a corporation spend on entertainment

In Ontario, Canada, what is the amount of money that a small business corporation can spend on travel/leisure/entertainment expenses? Imagine a one person software developer running his own ...
1
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1answer
93 views

Can I write off time spent learning my trade - Two-Man S-Corp

I am a full-time freelance copywriter for an ad agency, who is my sole source of income. I am in the process of forming an S Corp, wherein I will pay myself a salary and take the rest as a ...
3
votes
1answer
2k views

How does 1099 work with my own company

I have a single member entity LLC set up and I am the only owner/member/employee of this company. I work at client place, i.e Client pay hourly rate to one other company, that company pay to my ...
0
votes
1answer
48 views

Deducting related educational trading expenses from LLC?

From what I understand, you need to trade full-time in order to deduct educational related trading expenses such as magazines, courses, or newsletter subscriptions. If I'm not a full-time trader but ...
3
votes
1answer
8k views

What are some FSA eligible expenses that can be used for baby care?

I signed up for a Flexible Spending Account (FSA), and am now trying to figure out what all is covered under it. I know some of the basic products like band aids and glasses are, but I'm really ...
3
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1answer
1k views

Are peapod orders considered supermarket expenses for American Express cashback program?

I just applied for an AmEx that gives 6% cashback on supermarket purchases, but I buy all my groceries from Peapod. I was just wondering if anyone knows if the peapod expenses are indeed considered ...
6
votes
1answer
724 views

What is considered a business expense on a business trip?

Scenario: I own my own business (LLC). There is a business-related conference that I wish to attend that requires travel. I assume airfare, cabs, hotel and conference tickets are all obvious ...
5
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1answer
761 views

Claiming mileage allowances, what are the rules/guidelines?

For my job, I often have to visit clients around the UK, normally for a couple of days at a time, so most of the time I will use my own car to drive there and back. My company pays £0.28 per mile, I'...
6
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1answer
7k views

RESP withdrawals: What are the eligible/qualified education costs or expenses, other than tuition?

A few years ago, my wife and I started an RESP to help us save for my daughter's eventual post-secondary education. We're doing well with it: we take advantage of the maximum government match, and ...
6
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1answer
583 views

How can we use up our Flex Spending Account (FSA) before the end of the year?

My husband and I signed up for a Flex Spending Account for the first time this past year. We've got about $100 left over now, in mid-November, and I've been told that money will disappear if we don't ...