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Questions tagged [expenses]

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

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90 views

Can I claim the equipment cost as expenditure of my (small) business?

I am using freetaxUSA, but I am not seeing the result that I want, or maybe I am misunderstanding something. I want to claim the cost of my GoPro as my business expense for my YouTube channel. I also ...
TheTechGuy's user avatar
0 votes
1 answer
58 views

Medical expenses filed as losses for small business

I am looking at starting a small business. I have some upcoming medical expenses and would like my small business to provide health care as a benefit (US). Is there any issue with: Start my LLC Have ...
Francis Smart's user avatar
1 vote
1 answer
53 views

Can and should we use all of our 529 and ESA money in one school year?

When our child was a preschooler my wife and I set up 529 and ESA funds. However, that was limited because the public schools in our area are badly overcrowded, somewhat dangerous, and do not provide ...
GreenMatt's user avatar
  • 434
1 vote
1 answer
86 views

Quickbooks: how to keep track of mortgage installments as expenses?

I am new to Quickbooks. Anyone can help answer this quick question? I need some help figure out mortgage installments bookkeeping rules.
Carson B's user avatar
-6 votes
1 answer
145 views

How can I effectively track my expenses? [closed]

How can I effectively track my expenses?
Arunabh's user avatar
  • 91
1 vote
2 answers
154 views

Sole proprietor paying expenses from personal account

A couple of business invoices have been debited off my personal bank account instead of the business account recently and I am wondering about how to account for this. In essence, I don't really need ...
aldavigdis's user avatar
5 votes
0 answers
139 views

What counts as different sources of income?

I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
No Name's user avatar
  • 331
6 votes
3 answers
2k views

US: how to prove business expenses?

I'm a freelance writer who works from home. My internet fees should count as business expense and be deducted from gross, but the question becomes how much? Since I also use internet for entertainment ...
No Name's user avatar
  • 331
4 votes
1 answer
694 views

Is a purchase still a Schedule C expense if its paid using a gift card?

I've made an Amazon purchase for my business (self-employed) solely using an Amazon gift card which I received for non-business reasons. Does this still qualify as a business expense on my tax return?
Ben Soyka's user avatar
  • 165
2 votes
0 answers
125 views

GnuCash: How to create an expense report from individual accounts

I'd like to calculate my average monthly spend over a year from an individual asset account to an individual expense account. Is there a way to do this please? In the Expense Over Time report I can ...
Jackie B's user avatar
0 votes
1 answer
87 views

Questions regarding large expenses in the first year of LLC

Apologies for the long post. I have contacted multiple accountants and tax experts with diverging views on my business developments. Around 5 people were contacted, 4 considered my case ordinary and ...
Anthony Zaid's user avatar
0 votes
3 answers
190 views

Taxes on cash back credit card rewards

Me and a friend discussed a potential loop hole in cash back credit cards. I want to write up a research article to pursue this further. Lets says I have a credit card with 10% cash back rewards. I ...
SILENT's user avatar
  • 111
-5 votes
2 answers
287 views

Is it becoming normal for young people to spend most of their income on rides and meals out? [closed]

Is it becoming normal for part-time and hourly employed people in their 20s (not college students) to spend most of their income on rides and meals out? If someone works 8 hours, spends 2 of those ...
user avatar
22 votes
7 answers
9k views

"Buy assets, not liabilities": How is it possible to buy a liability?

Some personal finance gurus such as Robert Kiyosaki claim that people should "buy assets, not liabilities". This made me wonder: is it even possible to buy a liability? From what I have ...
Flux's user avatar
  • 17.1k
5 votes
5 answers
6k views

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 ...
user117582's user avatar
1 vote
2 answers
388 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, ...
Kevin's user avatar
  • 151
3 votes
1 answer
492 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 ...
OrganicLawnDIY's user avatar
0 votes
1 answer
73 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 ...
aJ-47's user avatar
  • 23
1 vote
0 answers
24 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, ...
crowne's user avatar
  • 111
1 vote
1 answer
235 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 ...
Guy Lester's user avatar
0 votes
3 answers
150 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 ...
user avatar
3 votes
2 answers
247 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?
user366312's user avatar
1 vote
1 answer
140 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 ...
guanciale's user avatar
16 votes
3 answers
6k 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 ...
Gergő Horváth's user avatar
1 vote
1 answer
86 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 ...
WARhead's user avatar
  • 113
3 votes
1 answer
431 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, ...
Brian Rogers's user avatar
2 votes
1 answer
68 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 ...
Lori's user avatar
  • 21
1 vote
2 answers
441 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 ...
O oLo O's user avatar
  • 11
1 vote
0 answers
30 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, ...
crazyTech's user avatar
  • 113
1 vote
1 answer
947 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 ...
François Beaune's user avatar
40 votes
14 answers
19k 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 ...
Karnell A.'s user avatar
1 vote
0 answers
28 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 ...
ma11hew28's user avatar
  • 507
0 votes
1 answer
167 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 ...
Duke Leto's user avatar
  • 133
1 vote
0 answers
169 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 ...
Lloyd Banks's user avatar
3 votes
0 answers
46 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 ...
dikuw's user avatar
  • 131
-5 votes
1 answer
234 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 ...
Lionheart's user avatar
0 votes
1 answer
346 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 ...
user avatar
0 votes
0 answers
96 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 ...
Antoni Parellada's user avatar
1 vote
1 answer
376 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 ...
Chris Calo's user avatar
4 votes
4 answers
608 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 ...
JacobIRR's user avatar
  • 453
56 votes
20 answers
15k 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: ...
seventyeightist's user avatar
2 votes
1 answer
249 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?
Robert Barry's user avatar
0 votes
1 answer
407 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?
Krish Munot's user avatar
2 votes
4 answers
215 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.
Rod's user avatar
  • 29
3 votes
4 answers
1k 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 ...
lizziv's user avatar
  • 1,746
15 votes
3 answers
4k 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 ...
Patoshi パトシ's user avatar
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 ...
Debanik Dawn's user avatar
3 votes
1 answer
244 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 ...
user2213307's user avatar
9 votes
2 answers
289 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 ...
Debaser's user avatar
  • 191
0 votes
1 answer
620 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, ...
2q.'s user avatar
  • 105