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Questions tagged [expenses]

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

4
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0answers
58 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 ...
0
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1answer
41 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, ...
2
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0answers
30 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 ...
2
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0answers
37 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 ...
1
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1answer
83 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 ...
1
vote
1answer
173 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 ...
0
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1answer
69 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 ...
3
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3answers
257 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 ...
0
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1answer
57 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 ...
1
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0answers
38 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 ...
0
votes
1answer
45 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 ...
3
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2answers
113 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. ...
4
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3answers
643 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 ...
0
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1answer
57 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 ...
2
votes
1answer
74 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 ...
11
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4answers
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 ...
3
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7answers
524 views

Should I buy a new car if I have only worked at my job for 8 months?

I am in my mid-late 20's and I just got a job in my chosen career field about 8 months ago. It pays well for my location (64k per year) and I'm trying to avoid raising my expenses with my income. My ...
4
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1answer
156 views

USA: Renter had major medical setback and may become unable to make rent. What implications?

For 2017 taxes (USA) I formally converted my first home to a rental by declaring income, establishing cost-basis for depreciation, etc. The tenant's lease is July/2017-July/2018. Complicating things, ...
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0answers
17 views

Can the interest on a HELOC used to fund rental repairs be claimed as an expense to the CRA?

I have a rental property which is a single unit in a strata/condo association. Currently there is a very large special assessment to replace the envelope with a new cladding. I have paid the special ...
2
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2answers
74 views

What should be kept for college expense tracking

Parent of a Freshman - looking at AOTC for 2017 taxes and planning for 2018, haven't gotten good advice on how to prepare for this year's taxes, getting an extension, and looking for a list of ...
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2answers
94 views

Can 1099 workers have “purchase” type expenses?

In the USA, say Jane is a 1099-type worker - she's self-employed. She has various expenses which are generally deductions from her profit, but note that... https://www.irs.gov/businesses/small-...
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2answers
57 views

Can you “expenses-in-a-corp V. standard deduction” in the USA?

This seems like a "too good to be true" tax dodge in the USA milieu. Is it correct? Sally is a graphic designer married with a typical family. She gets $100,000 in 2017 as 1099 income. She buys a ...
3
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1answer
392 views

How to get my money back from the Police?

On June last year I have attended a court case as a witness. I had to spend a lot of money on travelling and food because the case was in a different Country. I was asked by the Police officer that I ...
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2answers
147 views

How to easily compute annual expenses?

When doing retirement planning it is important to know what your annual expenses are. I'd like to compute my expenses for 2017 but in a way that isn't tedious. I'm thinking of doing this: Get ...
3
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1answer
121 views

What are risks / expenses to buy a house in Germany?

I think about buying a house in Germany (Frankfurt). How can I learn full list of expenses I should pay next at least ~15 years? My friend scares me that there are always hidden problems like central ...
3
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1answer
85 views

What do I need to file as far as taxes if I give out a one time commission to a friend

I have an LLC and I own a small recruiting side business. One of the people I "placed" at a company was through a friend. I paid that friend $3000 for his services or helping me find a candidate. My ...
27
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5answers
6k views

What method do I use to pay current expenses while paying off credit card debt?

I’m hoping you can help me with a question that seems very hard to google for some reason. I have $20K in debt on 4 cards, and I have set up a plan to pay off the deferred card on time, and the ...
2
votes
1answer
50 views

Paying tax across two or more self-employed businesses

I'm self employed, and may be about to take on an open-ended contract working for a separate company. They would pay me as a contractor, and I would then pay taxes on that (self-assessment) at the end ...
0
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1answer
341 views

How to track iTunes transactions as business expenses?

I have some business expenses that go through iTunes. I want to include certain business expenses in iTunes with my overall business expenses report created in my financial software (Quicken). The ...
1
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1answer
78 views

UK sole trader who often buys products/services on behalf of clients – do I deduct from declared income or claim as allowable expenses?

I'm a UK-based sole trader who regularly buys products and services on behalf of clients (e.g. hire photographers, buy stock images, etc.) and I invoice them for these costs after. Should the cost ...
3
votes
2answers
266 views

Expenses to consider for first time home buyer

As a first time home buyer, I'm making sure I have all of my expenses accounted for and I can afford everything I'm getting myself into. I'm currently allocating money for: Mortgage Home Insurance ...
2
votes
1answer
77 views

Self assessment expenses - billing date or payment date?

For my HMRC Self Assessment (expenses), I am wondering if I should put the date of transactions as the billing date or the payment date. Or doesn't it matter as long as I'm consistant?
17
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2answers
11k views

Should there be a copay after “out-of-pocket maximum”

I have individual health insurance and have met my out-of-pocket maximum due to a surgery earlier this year. I saw my (in-network) PCP this week and was still charged the regular $30 copay. Should ...
4
votes
1answer
186 views

Car repair tax deductible?

I live in California and I have a rental house in Washington State. I claim the rental as income and have been paying taxes on it. Last year, I drove from California to Washington State to check on my ...
13
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6answers
9k views

How to account for startup costs for an LLC from personal money?

If I start a business (LLC, specifically) and incur some of the startup costs with my own money, how do I account for this in the bookkeeping once the LLC's bank account is up and running? For ...
2
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0answers
74 views

If I have a home office and report to a main office, what are the travel expense deduction rules?

I have a sales job where I have a home office and I report to a main company office twice per week. My job is to visit potential clients and visit/support existing clients. When I visit the main ...
2
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0answers
69 views

Where to report 1099-Misc income and attorney expenses for a lawsuit settlement? [duplicate]

I personally received a 1099-Misc for a settlement income with a creditor that was incorrectly reporting information on my credit report. The settlement read in part: Bank agrees to pay Customer $...
2
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1answer
93 views

Tax Benefits of Business Paying for Personal Rent

Someone mentioned this to me but I didn't fully understand and would like more info. I heard that a C-Corp being a one person shop (no other employees but the owner) can pay for the full amount 100% ...
1
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1answer
70 views

Against what income are broker fees deducted?

Let's say I purchase a share of a stock for $10 and the the broker charges me a $5 commission fee. A year later I purchase a second share for another $10 and the broker charges me again a $5 ...
0
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1answer
72 views

Deducting Expenses with Income or Profit - LLC

So I have an LLC for a construction company I started in 2015. During 2015, I started it late in the year. I'm the only one listed on the LLC. The main expenses in 2015 were the business license which ...
1
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1answer
81 views

Formula for finding income needed?

If I have X dollars in committed money each year (expenses, savings, investments, etc.), and I need to pay 30% income tax (simplifying), what is the formula for figuring what my income should be to ...
2
votes
1answer
360 views

Coding Expenses to Vendors Without Entering a Bill in GnuCash? [closed]

In QuickBooks, when using the "Batch Transactions" window to enter transactions, I can allocate the transaction to a vendor without creating a bill. I.e., when I charge an "Office Expense" for copy ...
1
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1answer
658 views

GST and Per Diems.

As an independent contractor I charge GST for my services. When I travel outside of my home area for work I charge a per diem to cover meals and incidental expenses that are not itemized. It is a ...
5
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3answers
224 views

How to manage paying expenses when moving to a weekly pay schedule and with a pay increase?

I'm terrible at managing my money. This is likely the cause for this entire issue. I'm being moved from a bi-weekly (1st and 15th of the month) pay schedule, to a weekly pay schedule. At the same ...
28
votes
2answers
7k views

Charging the company I work for to rent from myself

I have a Vacation Rental By Owner (VRBO) rental in a city that the company I work for (large company - W2) requires I travel to regularly. I am authorized to use either hotels or VRBO/AirB&B ...
8
votes
2answers
158 views

Is there a measure that uses both cost of living plus income?

I don't know much about economy and financial measures, but was looking at a website that compares cost of living in different countries, as I am considering relocating elsewhere, but then I realized ...
0
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1answer
285 views

What's the best way to account for a risky investment - As an asset or an expense?

We normally account for investments as a separate account in assets: Assets:Banks:Bank ABC => Assets:Risky Investments:Investment XYZ which is consistent with the fact of having an asset that ...
3
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1answer
127 views

What does HMRC (the UK tax agency) view as valid expenses for travel?

I understand that any expenses must be wholly for business purposes, so that means normal eating doesn't count, it has to be outside the usual pattern of business. However there seem to be a lot of ...
2
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4answers
5k views

Personal credit card for business expenses

If I have a personal credit card that is only used for business expenses, is there any disadvantage? The company is a sole prop. If the company becomes an LLC, will that make any difference?
3
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2answers
118 views

How do I evaluate reasonability of home improvement projects?

Assuming that I could afford to make improvements to my home, how do I evaluate whether a project is worth undertaking and not too expensive for the value of my home? I'm not running my household as ...