Questions tagged [expenses]

a generic tag related to spending. To be used along with other related tags like accounting etc

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In a Budget is Saving Considered an Expense?

I created a personal budget with a savings section but I'm not sure if it is considered an expense. Is it an expense, and how do I account for it? Thank you all for your great insights. I decided its ...
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0 votes
1 answer
45 views

Converting a De Minimis safe harbor business expense for personal use

My question is about self-employment business expenses. The De Minimis Safe Harbor election allows us to deduct the expense of items for a business, rather than depreciating them over several years, ...
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2 votes
1 answer
82 views

How to track business mileage in GnuCash?

I have a small business which involves some driving to clients using my personal vehicle. I track both my individual auto expenses and my mileage in GNUCash but so far have only been using the ...
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0 votes
1 answer
65 views

What is an acceptable daily expenditure budget for Melbourne Australia? [closed]

this is a very generalist question and I understand will have lot of variables at play. However, I'll try my best to make it as specific as I can. I'm after an acceptable everyday living expenses ...
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  • 23
1 vote
0 answers
22 views

Claiming an income-tax loss on property rental in ZA

I have a property which has been let out for the past several years. Last year the property was vacant for six months and there were also several expenses incurred for repairs - plumbing, electrician, ...
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  • 111
1 vote
1 answer
70 views

Adding an Expense subaccount in a budget in Gnucash

I am learning Gnucash to do my household finances. You can easily add subaccounts to a parent account in Gnucash, but I can't figure out how to do it in a budget. When you create a new budget, it has ...
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0 votes
3 answers
108 views

Depreciating vs expensing purchases to track net worth and personal expenses

Which purchases should you depreciate and which ones should you expense in the context of personal bookkeeping (and not for tax purposes)? My personal goal for bookkeeping is mainly keeping track of ...
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3 votes
2 answers
217 views

How can I calculate which country has the best wage to living expense ratio?

Suppose, I have the following data in my hand: PPP Index Cost Index Monthly income tax rate living expense etc. How can I calculate which country has the best wage to living expense ratio?
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1 vote
1 answer
111 views

When budgeting how do you take into account that some income is bi-weekly yet some expenses are on a specific day of the month?

I'm tackling a problem with budgeting in that I'm unsure if I should be making a budget from my weekly/monthly/yearly expenses and income. My income is paid bi-weekly on Friday but I have rent and ...
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16 votes
3 answers
5k views

Can I send back money I "loaned" from my personal account to business account?

I opened a self-employed business (in the UK). As a starting budget I sent £100 from my taxed salary to my business account to have something on it. Can I send it back from my business account to my ...
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1 vote
1 answer
74 views

How to accommodate for bills payed on my behalf in book keeping

I track my expenses and assets using an android application. It allows for a system similar to double entry bookkeeping. Where a recorded transaction make appropriate changes in two accounts. (an ...
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  • 113
3 votes
1 answer
194 views

Schedule C: where to report revenue split and professional supervision fees for a therapist?

My wife is building a business as a therapist. She has signed an agreement with an established private practice whereby they provide certain services/benefits to her -- things like office space, ...
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2 votes
1 answer
58 views

independent contractor compensation

My husband works as an instructor for an educational company, as an independent contractor. The company invoices the students. When he is paid by the company for his teaching fee it is reduced by the ...
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  • 21
1 vote
2 answers
423 views

How do locals in Germany finance their lifestyle seemingly above their salary levels? [closed]

I am foreigner in Germany, and I have noticed that my neighbours seemed to have no problems financing very expensive lifestyle, which I doubt can be afforded by salary alone. My question is: Is there ...
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1 vote
0 answers
27 views

Approximation percentage of Administration costs based of Revenues

Sorry, I'm really naive about the finance and accounting fields. I'm trying to contribute to some Christian relief/missionary/medical organizations, and trying to go through their balance sheets, ...
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  • 113
1 vote
1 answer
176 views

Tricount balances change after each reimbursement

My friends and I are using Tricount to keep track of shared expenses during our trips. It is an excellent app but it seems to have an absolutely infuriating problem: whenever someone makes a ...
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40 votes
14 answers
18k views

Is $20/day and $603/month (USD) a lot, average or little for one person's "food and related" costs?

I've calculated that I eat for $603/month or $20/day (assuming 30 days in an average month). I do not live in the USA, but "basically the same" ("the West"). I've been trying, but failing, to get a ...
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1 vote
0 answers
19 views

How to report a C corporation's post-dissolution expenses?

We're filing 2019 Form 1120 for a C corporation (XYZ Inc). In January 2017 my cofounder and I incorporated XYZ Inc in Delaware and registered it as a foreign corporation in Connecticut. We dissolved ...
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  • 488
0 votes
1 answer
146 views

Paying for deceased parent's final expenses

My father recently passed away, leaving my disabled mother on her own. She is unable to manage her household affairs, so I will be doing so until I can secure a stable arrangement for her care. I ...
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  • 123
1 vote
0 answers
96 views

Can You Switch Between Actual Expenses and Per Diem Expensing For Meals / Entertainment?

I currently report the actual costs for my meals and entertainment expenses on business trips. I am thinking about switching over to the Per Diem method. Are there any regulations against using both ...
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3 votes
0 answers
41 views

How Should a US Expat in Vietnam Optimize Compensation Package to Maximize Net Pay?

I may have the opportunity to work on a project in Vietnam starting in early 2020, and am hoping to get some advice on how I should negotiate my compensation package with regard to taxes. I am a US ...
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-5 votes
1 answer
216 views

How much money can you save by buying gasoline at a different time of day? [closed]

As a general rule, if you want to save money, fill your car tank at night when it is cold rather than at noon when it is hot. The price of gasoline is fixed per unit of volume (gallon-liter) and not ...
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0 votes
1 answer
132 views

How can separate businesses account for shared expenses?

I have an LLC which holds two separate DBAs. Each business has its own checking account. Most expenses are distinct, but some, like office space and internet are shared expenses. How can I properly ...
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0 votes
0 answers
93 views

Is it wise to purchase a new car when faced with big repairs? [duplicate]

So you are frugal, and understand that driving to work is not an exercise in style. Therefore you hope for your car to get to 250,000 miles. However, parts start to break down at 150,000 miles and you ...
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1 vote
1 answer
268 views

What's the double-entry bookkeeping method for tracking a Safe-to-Spend balance and amounts saved towards goals and expenses?

The bank Simple has three great features: Safe-to-Spend Goals Expenses The Safe-to-Spend balance is pretty simple: it's just the balance in your checking account minus the total amount set aside for ...
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4 votes
4 answers
401 views

how to budget for random annual expenses in a monthly budget

I have a solid monthly budget, but I'm noticing that every few months a significant expense is needed (car tabs/registration, identity protection service, precious metals account fee, a trip to see ...
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56 votes
20 answers
14k views

Are there any financial disadvantages to living significantly "below your means"?

By living "below" your means I'm asking about spending significantly less than you could, rather than living "within" your means which of course is sensible if you are able to do it! So for example: ...
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2 votes
1 answer
237 views

How do we guarantee my live in girlfriend’s interests when we share expenses?

I am buying a house because my credit is better than my girlfriend. How do we go about after the purchase if we share expenses and how do her rights get protected?
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0 votes
1 answer
360 views

Is it wise to invest money in USD or INR? [closed]

I have both USD and INR, and considering the interest rates are the same, which one is better to maintain the maximum currency in to yield maximum profit?
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2 votes
4 answers
206 views

Expense tracking

If I go camping (or on vacation) would the money spent on food be categorized as food/eat out or camping(vacation)? I have been struggling with this for a while.
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  • 29
3 votes
4 answers
851 views

Strategies to earmark money for large expenses

Like most people, we have several large expenses that we only have to pay once or twice a year like homeowner's insurance, car/home repairs and improvements, and saving money for a vacation. What's a ...
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15 votes
3 answers
3k views

What does an IRS interview request entail when called in to verify expenses for a sole proprietor small business?

I received an IRS audit for the following: I had to call them within 10 days to confirm receiving the letter. And I've scheduled an appointment 2 weeks later. They basically said I just need to ...
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43 votes
12 answers
19k views

How to manage monthly salary

I am a 22-y/o guy starting my first job. I am interested to know how I should manage my monthly expenses. Keeping in mind that I need to pay for my rented apartment, food, water, etc., save money for ...
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3 votes
1 answer
237 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
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9 votes
2 answers
268 views

Sold wall map as fundraiser for a 501c3 non-profit. Need to report on tax returns? How?

In my spare time outside of my full time job, I produced a wall map for as a fundraiser for a 501c3-registered non-profit organization. I then sold the maps via FundRazr.com and money from sales was ...
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  • 191
0 votes
1 answer
424 views

How to account for purchase on behalf of client when expecting to get paid the following fiscal year?

If a company buys an equipment for a client and bills the client at exactly the same cost, no more, no less, and the client pays the company back in the exact amount in the subsequent fiscal year, ...
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  • 105
2 votes
0 answers
43 views

As a UK LTD Company should my allowable expense claims be inclusive of VAT

I'm starting a LTD company in the UK and have a question surrounding the way that allowable expenses are claimed. I understand that this question has probably been asked numerous times but no matter ...
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2 votes
0 answers
112 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
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  • 21
1 vote
1 answer
124 views

Freelance Writer / First Year Paying Self Employment Taxes

This year I pay taxes on income earned in 2018 for freelance work I did for a foreign company. According to the IRS, because this was my first year, I didn't have a previous years income for quarterly ...
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  • 81
1 vote
1 answer
245 views

Taxi fares - business expense?

In order to minimise the time I'm away from the office for a medical appointment, it makes sense to take a taxi rather than using the bus (driving is not an option because there's no parking at the ...
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0 votes
1 answer
173 views

Travel expenses reimbursement taxation?

I own a small (one person) "Ltd" company in Hungary. (They are called Kft. here) I work as a consultant for a U.S. company located in San Francisco. I emit regular invoices to them and then I pay ...
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3 votes
3 answers
379 views

Splitting rental expenses between friends

I am moving in to a rented apartment in London with 2 other friends. Our contract is for 1 year, and we all intend to stay in the property for at least that long. We are trying to work out a good way ...
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1 vote
1 answer
387 views

GnuCash to track expenses when refunds occur

I've started using GnuCash to keep track of my expenses so that I have an idea of how much I spend each month for food, clothing, etc. My main goal is to be able to see if I went out of budget one ...
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  • 11
1 vote
0 answers
49 views

Can I claim standard business expenses incurred earlier than the date my LLC was formed?

I want to form an LLC for my web development business. However, I incurred a bunch of expenses during the year that I'd like to be able to deduct. I know you can claim startup costs, but these are ...
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  • 155
0 votes
1 answer
178 views

ETF annual expense ratio: how to calculate on a portfolio?

I'm building a portfolio on Excel that includes the following data: price at purchase number of shares commission/fees current price How should I calculate the impact of the Annual Expense Ratio to ...
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  • 103
4 votes
2 answers
178 views

Is it advised to minimize life insurance cover as investments grows over the time?

I am investing for retirement. I have covered myself with term/life insurance. I understand importance of insurance; that is not what I am asking here. Premiums paid for insurance are expense. ...
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  • 611
4 votes
3 answers
750 views

Am I being fair to my partner, or will she lose money?

My partner and I both have good degrees, and should be able to figure out simple arithmetic, but ... We work through our own company, which we share equally. I purchased an item which I will use for ...
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0 votes
1 answer
75 views

How to account for transactions which may have multiple causes?

Say I have a transaction from my bank in a foreign currency (say a taxi) which causes me to incur a "foreign currency transaction fee" (e.g. 2% of the transaction). One way to look at this cost is ...
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  • 269
2 votes
1 answer
121 views

Expense lower due to reimbursement. How to put in administration?

I only recently started to document my financial administration properly. Before, I had an Excel file with all transactions of my bank account (and a separate one for my savings account). Recently I ...
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11 votes
4 answers
7k views

How to categorize time spent on family work as billable expense

I have spent 20 hours building a family member a website. While I am not actually sending them an invoice and having them pay it, I did spend billable time on it that I could had spent on paying ...
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