Questions tagged [writeoffs]

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Should I form a General Partnership? [US-CA]

A friend and I are planning on going into business together in California. We plan to purchase $20k worth of parts to build a computer to rent out on vast.ai. We project that our revenue will be $2500 ...
uPaymeiFixit's user avatar
6 votes
2 answers
486 views

What accounting entries should I make for writing off a personal loan?

I loaned my father $20. This is how I recorded the transaction in GnuCash: Account Debit Credit Assets:Loans:Father $20 Assets:Banks:USD $20 Now, I want to forgive the debt. What entries should I ...
Flux's user avatar
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1 vote
3 answers
102 views

Understanding diminishing returns for write-offs

Do write-offs become "useless" at a certain point? I assume that if a person's taxable income is at $0 for the year then there's no benefit to keep searching for write offs. Is this the case?...
Jacksonkr's user avatar
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-1 votes
1 answer
172 views

Create LLC to invest and make big purchases?

If I want to do the following: Make a few big purchases (laptops, cars, etc) Invest in public and private equities, cryptocurrency, NFTs Will a vehicle (e.g. LLC) be useful to accomplish all of ...
Tinker's user avatar
  • 449
0 votes
3 answers
172 views

If corporations can claim loss of $600 million and a person can claim loss of only $3000 per year, then what if we operate as Corp2Corp or 1099?

It was said that Amazon was able to have $627 million claim of past loss against any gain. So if a person in US can only claim maximum of $3000 per year, then what if we all operate as a 1099 or ...
deeper-understanding's user avatar
8 votes
2 answers
444 views

Tax write-off for donating a mural

Question Can one write-off the donation of a mural? Context: A mural was "donated" to a local community municipal building by painting it free-of-cost onto the side of the building. This was ...
Rorschach's user avatar
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-1 votes
3 answers
90 views

Company Mortgage - Can I write off Principal as a Business Expense?

Our business purchased a home that is used as one of our business locations - employees working there are allowed to have room & board taken out of their payroll (pretax). Question If we use ...
Jacksonkr's user avatar
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0 votes
1 answer
53 views

Actual Expense method vs mileage method self-employed

If I were to fill up gas for Postmates does the actual expense method mean whatever I paid for gas, that exact money will be returned back to me when filing for taxes? If I do this method could I also ...
John Rawls's user avatar
2 votes
2 answers
10k views

Can items bought second hand be a tax write off? How does buying from an individual instead of a business work?

I am planning on buying a second hand computer monitor off Craigslist. I would use it for my work as a contractor. What steps should I take to be able to write it off as a business expense? I can take ...
Latchar3's user avatar
  • 264
3 votes
1 answer
544 views

How do I write off an invoice in GnuCash?

I've tried 3 ways pay the invoice and then record a debit offsetting the payment. Messes up the totals but the balance is the same. pay the invoice and then apply a 100% refund in the payment ...
Interlated's user avatar
1 vote
2 answers
72 views

Personal versus business mileage question

My question is how to write down miles Personal versus Business, in relation to this circumstance. I finish work at location A.(work related) I drive toward Location B.(work related)to do a job. ...
Andrew's user avatar
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1 vote
2 answers
381 views

Why is CAPEX better than OPEX? [closed]

I have been tasked with managing our timesheet system at work. When filling out timesheets, people can select tasks which are classified as Capital Expenditure (CAPEX), such as writing code, or ...
falsePockets's user avatar
6 votes
2 answers
2k views

In the U.S., can I deduct coffee as an expense if I am a self-employed software developer?

I work in coffee shops every day as I develop. Coffee shops have an unwritten (sometimes written) rule that you cannot use their wifi, power, and bathrooms without buying something. Because of that I ...
MingMan's user avatar
  • 171
0 votes
1 answer
91 views

USA - Can I write off time spent using this metric [duplicate]

Situation Let's say my organization does pro bono work for company X - a non profit I pay 3 employees Y amount and can write that off to the Federal Government Question I'm in a pass-through LLC, ...
Jacksonkr's user avatar
  • 943
0 votes
2 answers
190 views

USA - Why can't I write off my IRA contribution for 2017?

Backstory Last year I made 60k from earned income and 25k from moving an investment - I was forced to realize the gain even though I reinvested into a managed portfolio. All in all I'm taxed at 85k. ...
Jacksonkr's user avatar
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4 votes
1 answer
121 views

In this scenario can I write off more than $25 for a gift?

Let's say I buy a big Holiday basket for a client's team. Basket cost: $100 People on team: 4+ Can I say that the gift is for 4 people instead of 1 client? The write off then is $25x4 rather than $...
Jacksonkr's user avatar
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5 votes
1 answer
139 views

How can I argue for a higher motorcycle write-off value?

I was in an accident in June, other driver at fault. I had only liability coverage, so I've had to deal with his insurance directly. The bike was towed to a dealership and a week or so later I got a ...
Egor's user avatar
  • 151
2 votes
1 answer
159 views

Tax Write-offs and knowing how much I need to spend before the end of the year

I have a small LLC that makes a decent amount of money. I have always been told that come tax time, you can either pay money to the government, or you can buy equipment, supplies, etc for your ...
Nic Hubbard's user avatar
7 votes
1 answer
637 views

Write off personally owned computer parts used in company owned computers?

The company I'm employed by contracts labor to other companies (clients). I'm one of the non-exempt minions that perform that labor. The client I currently work with provided me with a laptop solely ...
Ouroborus's user avatar
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1 vote
2 answers
156 views

Can I write off investment losses into future years?

If I lose $1 million due to a bad investment, but my income is only $100,000 and my annual taxes are $35,000. Can I write off all my income for the next 10 years?
Five Bagger's user avatar
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