is is okay for accountants to put personal expenses on expense reports?
831307
Only if you can assure you will never get audited.
695749
depends on your needs.. i do it by attach the annual financial report from previous year and current year.. so it will be easier to show to the reader the performance that has been done on current year
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~
912226
This is a good question to discuss with a tax accountant.  You are not restricted to anything, but some things may be tax-deductible, others may not be, and yet others would only be tax-deductible uo to a certain limit, which could be either an absolute number or a percentage of employee's earnings...
60546
I go to an accountant.  It costs a couple hundred dollars, but it saves me a lot of hassle and worry.  I know it will be done right and they will stand by the work they do if there are ever any problems.  \n\nMany people swear by places like H&R Block or Turbo Tax.
221078
http://www.aicpa.org/pubs/jofa/jul1999/financial_accounting.htm
102776
The difference between the cost of the merchandise and the amount of money you sold it for, minus legitimate business expenses, is taxable income and must be reported.  In additon you are actually supposed to make quarterly payments when you are self employed, although depending on how much you make the IRS may not make an issue of it.\n\nIf you can afford it it would be a good idea to have an accountant work it out for you.  The up side is, if you find out that, after expenses, you actually lost money, that's a deduction from your regular income.  But they won't let you keep showing losses forever... the usual limit is three years.
30197
amounts paid for goods and services\n\nIn accounting, an expense is a general term for an outgoing payment made by a business or individual. \nen.wikipedia.org/wiki/Expense
292704
depends on your accounting standards.  If the gain is unrealized and you keep your books on a cost basis -- you don't account for it.  The only time that you would account for it would be if you were going to sell your business and you wanted to illustrate a pro-forma Balance Sheet based on market price/value of your assets.  If you were doing that then you would increase the value of your assets and your capital accounts.
165064
no way, sorry. what you have is an asset, not an expense. \n\nif the money was stolen or the contractor went out of biz, you might have a casualty loss.
1076239
I would discuss this with your company management and see what they say.  If they're providing the home office, they probably have guidelines for deciding issues like this.
39351
No.  Ask your tax consultant, but it is not a cost of doing business...
112642
No, you can claim expenses once they are paid, not incurred.  I beleive payment is consider to be made when you either sign the check or a credit card statement making the payment.
760085
Capital expenditures ("CAPEX" )  or capitalisation in accounts,   are expenditures used by a company to acquire or upgrade physical assets such as equipment, property, industrial buildings. In accounting, a capital expenditure is added to an asset account (i.e. capitalized), thus increasing the asset's basis (i.e. the cost or value of an asset as adjusted for tax purposes).\n\nAn ongoing question of the accounting of any company is whether certain expenses should be capitalized or expensed. Costs that are expensed in a particular month simply appear on the financial statement as a cost that was incurred that month. Costs that are capitalized, however, are amortized over multiple years. Most ordinary business expenses are clearly either expensable or capitalizable, but some expenses could be treated either way, according to the preference of the company.\n\nThe counterpart of capital expenditure is operational expenditure-
485686
nope.. except when u giving info wherein the amount is gonna be deducted from ur acc when u buyin some stuff, then its not correct to give wrong info..\n\nother than tht giving wrong info in normal regn. wont do much harm..
409466
You should file schdule C for your Ebay business. You first account your sales from ebay, then you account your business expenses: cost to acquire the items for sale, ebay fees, paypal fees, shipping fees, advertisement, auto expenses, home office deduction, telephone expenses, supplies etc. The difference of sales and expense is the net income which is subject both income tax and selfemployed tax. Schedule C is complicated, please seek a qualified tax professional.\n\nZhicheng Lai\nEnrolled Agent
1177288
It is always best to consult a qualified tax professional in these situations. It depends of course on the amount in question as to whether that would be a desirable option. Personal legal fees are almost never deductible. You must generally be able to show that the fees are related to a trade or business. You may also write to the IRS and request a letter ruling. They will issue these for specific transactions such as yours.