Questions tagged [expenses]
a generic tag related to spending. To be used along with other related tags like accounting etc
163
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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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1
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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-...
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1
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853
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How to report a personal expense for an LLC partnership paid in one year and reimbursed in another?
My business partner and I have a very small partnership LLC. This is my first year filing IRS tax forms for the LLC.
In late 2014 I made a $30 purchase (from my personal money) on behalf of the LLC. ...
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3
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How do I efficiently add credit card expenses to my monthly budget?
I use a credit card for most of my purchases as I get to keep money in my account for a longer duration and that earns me extra interest.
But I have been having a little difficulty to include the ...
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Does CAPEX include intangible assets?
CAPEX is defined here as funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment.
The video states that "the value of the capital ...
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Must tangible assets be depreciated or can I take a one-time expense? [closed]
Let's say my company purchases some tangible/fixed/long-term asset. Am I required to take a prorated depreciation expense each year for the life of the asset? Do I have the option to report the ...
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1
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Accounting for reimbursements that exceed actual expenses
When I travel on business, my employer pays for my meals by reimbursing me at a statutory "per diem" rate. Often this exceeds the amount I actually spend on meals. How should I account for the ...
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Maintenance costs for home geothermal heating & cooling / ground source heat pump systems?
My realtor showed me a brand new house that has a geothermal cooling and heating system built in. I did some online research and here is the link to that builder's geothermal system explanation.
...
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How much should be our expense and savings ratio? [closed]
What is the right ratio of expense to savings ?
is 80-20 alright ?
Although we follow high standard living, here in Bharat(India) we can save upto 50%.
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1
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Changing jobs but ended up in same city after moving away for a month. Can I deduct both ways?
I'm referring to the moving expenses deductions listed here: http://www.irs.gov/publications/p521/
I lived in City A for 1.5 years, briefly moved to City B for about a month (never established ...
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1
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Square reported my credit card transactions as personal income?
I run a TNT Fireworks tent one week every summer and use Square to process my credit card transactions. I've had no issues with that setup until this year when I received a notice from the IRS ...
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How should accounting software be categorized in terms of business expense?
I'm using online payroll software to manage payroll for employees and contractors.
What category would the expense of this software fall under?
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What home expenses can I claim back from working full time at home for a business in the UK?
Our company is considering no longer having an office and making all the staff work from home.
We all work primarily online running a website, so our work is done purely on a computer.
With working ...
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Recording claimable expenses in GnuCash
I am new to accounting and trying to learn a few things as my accounts get more and more complicated. I currently use GnuCash to record simple income/expenses/assets/liabilities and have had a new ...
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1
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Total Yearly Expenditures for a Single Person in the USA
I recently calculated every single penny I spent in 2014 (literally everything). Let's round up and say the total came to $21,000. I would like to know where I stand in terms of spending. I was trying ...
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295
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Can I deduct expenses incurred to earn side-income, while full-time employed - in Canada?
I've just been hired full time at a firm I used to independently consult at. As a sole proprietor, I'm used to writing off my home office space, various software subscriptions, equipment, web hosting,...
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Would it save money to have company pay for living expenses by taking it out of salary?
If one necessarily has to live in an apartment in order to be able to perform work for a company (e.g. relocation to a big city in Europe), would it one save money (in taxes, etc.) if the company ...
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End of year crowdfunding and taxes
I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing ...
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Shared groceries expenses between roommates to be divided as per specific consumption ratio and attendance
My apologies if this question is in the wrong section.
Couple of my roommates & I (total 5 people) share the groceries expenses. We record the purchases in an Excel sheet, and also have the ratio ...
2
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1
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173
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what's the best option to save money on everyday expenses? [closed]
It's difficult to manage everyday expenses in this tight economy. How can I discover changes in daily spending habits that will yield the greatest results?
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Need exit strategy for aging mother who owns aging rental properties, please
I'm terrified for my 71-year-old mother's immediate future. She owns 12 residential rentals. We desperately need an exit strategy but she owes as much as or more than market value, and cannot afford ...
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159
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Reporting of amortization expenses to FTB California
I have registered a corporation in Californa. So far, there have only been start up costs and no income. I have lodged a Form 1120 with IRS and amortized the expenses over 60 months. Do I report the ...
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What are the variable costs for an information company?
For a company like GoodGuide, who make their money not by selling a hard product (with investment costs etc) but by selling product placement and business intelligence, what are their variable costs?
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What is fuel surcharge in India?
In Bangalore (INDIA), when you purchase fuel with cash, you never have to pay for a 'fuel surcharge'. When you pay for it using your credit or debit card, a fuel surcharge is added on later? What and ...
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Should I remodel or buy a bigger house?
My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
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210
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San Francisco vs Madison
I am currently getting a 102K salary in Madison and have an offer for 125K from SFO. Should I accept this offer from a monetary perspective or not?
I will like to maintain the same life style that I ...
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1k
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When claiming a moving expenses tax deduction in Canada, does order of events matter?
I know I can claim moving expenses if I move because of a new job. But does the sequence of events matter?
While I'm doing interviews, I'd like to sell my house and buy my new house in the new city. ...
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3
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282
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Saving money on the electric bill: What are some worthwhile ways to reduce consumption & costs?
What are some worthwhile ways to reduce household electrical power consumption & costs? Here are some of the actions I've taken so far:
AC - turned thermostat to uncomfortable level
Electric ...
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3
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558
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How to find cheaper alternatives to a traditional home telephone line?
I cancelled my home phone line last year after many years with POTS (Plain-Old-Telephone-Service), and I replaced my home phone with a VoIP service provider which provides a variety of services ...
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668
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What percentage of my income/assets should I commit to vehicles?
The past few years have been rough financially (housing crisis and collapse in real estate prices). As a result I have been educating myself about personal finance (credit, debt, budgets, etc). I ...
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Should I deduct or capitalize the cost to replace a water heater in my rental property? (details Below)
Recently had a water heater die in my rental property and it had to be replaced with a new one.
Here are the specifics:
Old water heater that was in the unit when I bought it.
The property was ...
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4
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28k
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What percentage of my income should go towards expenses?
Graduated in May from school. Student loans are coming due here in January. Bought a new car recently. The added monthly expenses have me concerned that I am budgeting my money correctly. I currently ...
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In what category would I put a loan I took to pay an expense
If I have to pay my phone contract which is 1000 and I took a loan of 2000 with interest of 300 to pay that phone contract, in what category would you put the loan - an expense, an income or both ?
...
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Does it make sense to incur a business expense just because it can be deducted?
I am trying to prove to myself that incurring expenses just for the purpose of writing them off never saves money. It is always better to not incur the expense at all if you can avoid it. This is my ...
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Can my own corporation deduct my expenses even if I am a full time employee?
Say I decide to become a software developer contractor and open a corporation. So, I am allowed to write certain things off as corporation expenses (e.g restaurant bills, gasoline bills, etc.)
Then, ...
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2
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380
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Should withheld income tax be included as income?
Situation:
Company C buys a flight ticket for employee E, for him to relocate.
Ticket costs $X, so C increases the income of E by $X, and reports it as income on Form W2 form, Box 1 (Wages).
C also ...
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Processing PayPal transactions Via GNUCash
I am taking the time to set myself up to record finances in GNUCash, and I have slowly been refining my recording processes. I am curently twiddling my thumbs about how to treat "Middleman" ...
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2
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Which expenses eat up investments the most: sales charge (front / back-end load), foreign exchange spread, or expense ratio?
I am a bit confused as to which expenses eat up most of the investment.
Some brokers have low sales commission but the foreign exchange spread is high. Some have higher sales commission but lower ...
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Can the interest on a cash out refinance for a rental property be claimed as an expense?
I currently have my home all paid off. I am thinking about purchasing another property as my primary home, and renting out my paid off current home. My question is should I:
Get a regular loan for ...
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1
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1k
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Do transaction fees for investing in funds offset the benefit of a low expense ratio?
When looking for low expense-ratio funds (specifically Target Date funds), they all seem to be one of two options:
No transaction fees and high expense ratio (Example: AREVX $0 transaction, %.98 ...
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2
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170
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If you work from abroad for a week, does that count as a business expense?
I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out.
Can I deduct the plane ticket for this trip ...
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Two Different Websites List Different Expense Ratios - Which One Can I Trust?
I'm trying to find VXF's expense ratio.
Finance.yahoo.com says that it is .10%.
Seeking Alpha says that it is .16%. (and I suppose that I should consider that a tracking error of .11% further ...
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3
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How to budget or gain control of daily spending if suffering from OCD (Obsessive-Compulsive Disorder)?
I want to get better at saving money as I am a spendthrift. I am not always able to control myself since I suffer from Obsessive Compulsive Disorder (OCD). I am not able to spend money wisely since ...
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1
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277
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1099 for settlement what about lawyer fees?
I am getting a settlement from a business over a suit but most of the settlement will go to the attorney to cover their fees incurred on contingency. If the 1099 reports the full settlement, will I ...
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359
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Expensive agenda book/organizer. Office expense or fixed asset?
I am unsure how to book an agenda book/organizer that was purchased for our business. Normally I book office/organizational expenses (notebooks, printer ink, etc.) as "Office Expenses" but the cost ...
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3
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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 ...
3
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1
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5k
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How to record expense sheet as journal entries in Quickbooks Online?
Let's say I own a business and I make 3 business-related purchases on my personal credit card in August. Given the following example expense report:
08/01/2011 - $20 - Web Hosting
08/05/2011 - $130 -...
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2
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190
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Run for the Gold!! Which one though?
There are many gold based ETFs, let's take GLD and IAN for this example.
GLD trades approximately at $160
IAN approximately at $16
If you compare the performances of the two in the past weeks, ...
3
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2
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9k
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How to transfer personal auto lease to business auto lease?
What is involved in transferring a personal auto lease to a business auto lease? We have a car for our business that was leased prior to establishing our LLC, therefore it is under our names, ...
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6
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15k
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How to determine how much to charge your business for rent (in your house)?
I started a business this year and have a dedicated room in my home for this business. How do I determine the rate at which I will charge the business rent for the space?