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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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1answer
48 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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0answers
36 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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1answer
43 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
102 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
638 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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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
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1answer
72 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
513 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
141 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
16 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
92 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
votes
1answer
391 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
145 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
118 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 ...
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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
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1answer
49 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 ...
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1answer
244 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 ...
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1answer
77 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
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2answers
256 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
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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?
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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
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1answer
174 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 ...
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6answers
8k 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
72 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
66 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
92 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
71 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
80 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
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1answer
325 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
628 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
218 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
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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 ...
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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 ...
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1answer
275 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
126 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
4k 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
116 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 ...
5
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1answer
184 views

UK tax returns with expenditure higher than income

I live in the UK and work a day job, but I also have a small freelance income, for which I file a tax return. The work I do demands that I have access to fairly powerful computer hardware, so buying ...
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2answers
8k views

Can I claim GST/HST Input Tax Credits (ITCs) on Uber, taxi, or limousine fares?

Uber invoices do not include a GST/HST number, and tax is not separated. On the other hand, Uber drivers ARE required to be registered for GST/HST and collect & remit the tax. http://...
1
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1answer
431 views

GnuCash register reimbursements

I just started using GnuCash for personal finance, and I'm still figuring out how to register different types of movements of money. The issue I'm not sure about now, is how to register ...
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5answers
2k views

How much of my spendable income should I set aside for travel and tourism?

Some indications about my income and expenditure patterns may be in order. I save more than 50% of my salary and I earn about 5 times the minimum wage in my country. I am in my early forties. I am ...
8
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2answers
2k views

In the U.K., can I deduct coffee as a business expense if I work from cafés?

I have a U.K. limited company of which I am the sole director and employee. I work from home most days, but I occasionally work at a local coffee shop when I need to get out of the house. Can I claim ...
5
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1answer
113 views

How does revenue shared with someone else go into my tax return in Canada?

I'm contracting to publish a game for someone on Apple's App Store. I will take 15% of the revenue, he gets 85%. But Apple will report the full amount to the government. Let's say for example this ...
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2answers
633 views

Claiming business expense from personal credit card

I started my business (LLC) by filing online, and paying a fee for a registration, and that makes it a business cost right? Also in the meantime while I bought some electronics to use for my business ...
5
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1answer
804 views

For dependent care benefits, what's the dividing line between “camp” and “music lessons”?

For dependent care benefits, what's the dividing line between an eligible expense and one that's not? According to IRS publication 503, "The cost of sending your child to a day camp may be a work-...