Looking for information on meeting/business meals deduction?  (not 50%)?
596436
all of our clients only get 50% for both travel and entertainment.  \nperhaps the numbers have changed??  \n\ndo you work in a special program, ie. dept of transportation allows up to 70% deduction\n\njoe
428357
Wow, I wish I had a solid answer for you but tax laws are so squirrelly, and they vary from state to state. I can tell you that you want to be very careful to take the correct steps because nothing hurts a business (or your wallet) like IRS trouble. Consider a consultation with a CPA. These guys are worth their weight in gold, and usually know what your business needs long before you do.\n\nYou can also ask your questions here: http://www.irs.gov/\n\nAnd here's a real, legal list of deductions for the self-employed: http://www.irs.gov/businesses/small/article/0,,id=109807,00.html\n\n<<Personal Expenses\nGenerally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct as a business expense only the business part.>>\n\nBest of luck with this,\n~Tia~
23075
There is usually a percentage of expenses that can be deducted for a home office. There are federal guidelines that have to be followed. The accounting method will also have some impact on the method used to determine what and how much can be used. it is far to vast of a question for a forum and you should seek guidance from a licensed tax attorney or CPA tax specialist.
303190
You would trust your taxes to a place called "Food Exchange"???\nWould you go out to dinner at a place called "Tax Returns"?\n\nStick with something that has "Tax" in the name. Much safer.
287731
contact the Franchise Tax Board or whatever agency is in charge of collecting taxes in Michigan.  I live in California, and that's what California calls their tax collecting agency.  You may also want to contact the IRS (Feds) to get a Fed tax deduction table.
193379
Yes. As long as it is a business you can. You can take off food, vet bills, and anything that you spend on the business. If you do not sell the pups you can't. Look at pub 535 on IRS.GOV it explains business exp. Usually if the expense is ordinary and necessary for that business you can deduct it. If you have another dog that you are not using you can not add its food. Good luck. Breading can be a very profitable business.
1038857
Call 1-800-829-3676 and ask for publication #17. Look up Itemized deductions. You are entering into a 1040 situation, long form and will have to learn how to master Schedules A-E which allow you to deduct charitable expenses and business expense. Of course the more you make the harder it is to deduct charitible expenses. You make more money and chance to itemize gets harder as you have to spend more to surpass tax ceilings. Itemizing is not just a charitable section, you will have to do you business and casualty, and medical calculations as well. All of that will go against your standard deduction to see which deduction is greater itemized or standard. And if you are married and filing separately your spouse will have to do the same thing, so this may be more work tan it is worth and it may hurt eiter you or her. As for the business thing, it is possible to deduct the part of house used as an office if and only if you do business in person with customers out of that office and it is not against your deed restrictions to do business with customers in your house. Anything that is otherwise illegal is not tax deductible. Of course you will have to prorate your house expenses to calculate how much you can deduct, and once again it goes towards that itemized versus standardized question of which is greater. In the end you may find out that you wasted your time. Plus, the more forms you fill out the more likely you are to be audited. So, you may want to seek an expert. The IRS will answer your questions at 1-800-829-4477, if not immediately within a couple of days, especially if it is a complicated question. Good Luck, and remember the liability for your filing lies squarely on your shoulders unless you get a tax preparer to do it for you and they sign the forms accordingly. Computer tax programs may help but they are only as rliable as the information you feed into them
739460
They want to see 2003 and 2005 to see continuity of operations.\n\nFirst tell the auditor that you do not have all your receipts and why you do not have them.\n\nTry to legally recreate them.  For example you purchased a typewriter for your business.  Get the instruction manual and warranty card for it, find a office supply cataloge that shows what the purchse price would have been then.   Get what ever support you can to justify your deductions.  Look at your credit card statements (get copies if you have to or download them).  If you went to a seminar in Miami call them and have them fax you a statement saying you were there and what the dates were, same with the hotel where you stayed.  Get the software books and boxes to prove you purchased them.\n\nOnce the auditor starts looking at your return he will narrow in on only a couple of areas.  You did not say what type of Schedule C you did but the usual places they go are Entertainment Expense and Travel Expense.  \n\nThe one thing he will do is ask you for all your bank statements.  I mean ALL of them(personal and business accounts).  Have them for him.  If you do not have them now call the bank to get copies, or download them off the net.  \n\nWhat he will do with the bank statements is add up all of the deposits that went into every account, subtract from this transfers that came from other accounts.  This is the income that you should have reported as Gross Receipts on your schedule C.  If not you better be able to account for every difference.  If it is higher he will increase your income by that amount.  \n\nIf there were deposits to your account for reasons other than business income then you need to show proof where it came from.  For example your brother gave you $5,000 as a birthday gift.  \n\nGive him every thing in a nice orderly package, tie each amount on the return to the package.  DO NOT GIVE HIM A SHOEBOX.  If the auditor feels you are not hiding anything then he not ask for more information if you are upfront with a lot of information.\nBut do not give him more than he really needs to know.\n\nIf he asks you "Do you know what time it is?" the correct answer is "Yes" the wrong answer is "It is 9:45am"\n\nIf you do not know the answer tell him "I will check and get that information for you"  Do not lie, make up information.  you will trip over your own toes.  Do not have any one else there with you, they will give out useless information that can bite you.\n\nBefore your first meeting you will get an IDR#1 this is called a Information Document Request #1 and will list every item on it that he will need.  It will narrow down where he will be looking at.\n\nAt the end of the first meeting he will ask you for more information.  Ask him for another IDR.  Do not give him more information unless it is listed on the IDR!  \n\nAlso keep a list of what information you do give him.\n\nIf you feel you are getting into trouble CALL A CPA from a local cpa firm spend the money because he may save you from thousands if you are really going to get into trouble.  Or talk to your friends, one of them may know someone who works at a firm that could advise you for a small fee.\n\nBe aware that Schedule C returns are the most audited 1040 returns out there.
295555
Yep, but depending on what state you're in anwhere from 25% to 70% will be deducted for fines, court fees, restitution and any other court ordered debt, such as child support or alimony.\nThe completion of a pending civil matter is not considered "Conducting business"
250896
do an internet search for tax deductions. there are too many to list
249165
There IS no typical way, it's negotiated depending on your bargaining position vs. the seller's, which (since the seller won't be helping on operations) will be driven by how much the seller has into the business vs. what you bring to the table.  Seller wants out of operations so one big thing you bring to the table is your willingness to take over operations -- use this to ask for over 2/3 of the profits.  But seller may not agree to this if s/he has personally guaranteed restaurant obligations or has put a lot of money into it.\n\nOn how much typically gets put in, that will depend on what kind of restaurant it is and where it's located.  Here's some more info you need to make a rational decision....\n\nAny franchisor has to give a franchise circular (generally known as a UFOC, i.e., uniform franchise offering circular) to the franchisee.  Get a copy of that from the seller.  Get copies of all financials for the past 3-5 years and interim financials for 2006 (Jan and Feb 2006).  The financials will help answer this question, but ask how much money the seller has personally put into the franchise since starting it.  Also ask whether s/he has personally guaranteed any loans, leases or other restaurant liabilities, and whether you'll be expected to do the same.  Be extremely careful/skeptical if you're expected to personally guaranty anything because often times a seller will want the buyer to do this so the seller can get off personal guarantees, leaving buyer holding the bag.  Ask if the restaurant is in default on any liabilities.  Ask if there are any outstanding lawsuits against the restaurant.  \n\nYou need a lawyer (and maybe also a CPA) to help you -- no way you should proceed without one, you could really get burned.  I'd contact a corporate lawyer in your area who has experience with franchise purchases.  Generally speaking, you'd be looking at someone from a smaller firm since big firms charge a lot.  Good luck.
888110
Straight 12.5% service tax nothing else! There are few restaurants how took some extra taxes but they r fake, don't pay any thing else except ur bill+12.5%. Ask for proper bill.\n\none like this is khana unlimited, CP,New delhi. They charged me12.5% service tax+10% VAT. I fought with them and asked them to give me proper bill they returned me 10% VAT Portion!!! \n\nNormally they are used to give bill on plain paper which can not be used as proper evidence.
225432
There is a schedule on the IRS web site that will give you general terms for per diems.   Most companies average $30 to $40 a day for meals.  take into consideration where the person is traveling and time of year (seasonal areas tend to increase prices).
1035235
Well In order to keep from being audited unnecessarily, first of all the fact that you are running a business should be very clear meaning if your state has any kind of permits that are required, you need to get those.  It would also help to have a DBA account with a bank.  As far as within the home itself you can deduct things like a portion of the rent or mortgage and the utilities,  this is based on a percentage of your home that your home office takes up.  This space needs to be separate and not in use by any other members of your family.  So unfortunately if you are running your business from the kitchen table you legally cannot deduct any of those expenses.  But if you were to divide part of a room and again make sure members of the family do not use that part of the room designated as your office you can use it as a deduction.  \n\nIf you are interested in a more detailed answer, provide me with more details by e-mailing me @ psionyx1665@yahoo.com,  I will then post the answer on my small business blog for you. http://1001bizideas.blogspot.com/
23576
You can deduct all reasonable business expenses you incurred. Read: http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
254196
Yes. Any expense that is ordinary and necessary for you to run your business is deductible. There are to many to list here. To sum it up if you have to have it to make your business run than it IS a deduction. Also if you do your billing or keep you records in your home you might be able to take a home office. You can take such little thing as sunglasses off. I would not want to be behind a trucker with the sun in their eyes. Good luck.
356486
http://www.payroll-service.biz/WhitePapers/Payroll-ServiceGuide.htm\n\nTry this...