Business taxes, any advice?? - Mothering Forums

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#1 of 7 Old 04-16-2012, 09:27 AM - Thread Starter
 
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Hi, I am hoping some experienced mamas on here have a moment to offer any tidbits of advice about filing federal business taxes. I am clueless and any help is greatly appreciated. I am helping my husband file his taxes, due tonight, and really dont know much. In future we will be better prepared, but for now will do our best.

 

If filing online, is it a government website we do it? (not like personal state tax where there is a bunch of different places to choose from) ?

 

We know what my husbands income was, so now we need all of our SS numbers (have those), and need to know what our expenses were so we can write them off? What can we list as expenses....the truck he bought, gas, tools and materials. Can you think of anything else?

 

I worked part time last year and still need to do my personal taxes, should we list childcare costs? They came to about 2500-. But it is a preschool, not a "daycare" or babysitter. I dont know if that makes a difference.

 

DHs biz is LLC. For our personal taxes does it make any difference whether we file jointly or not, does it affect how we file DHs biz taxes?

 

A big thank you to anyone who can offer any help ;)

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#2 of 7 Old 04-16-2012, 09:50 AM
 
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Here is a list of common/main business operating expenses / expenses you can claim

 

Rent / business property. (home office or rental)
Utilities
Communication Expense (phone, dsl)
Wages
Taxes and Licenses (social security, medicare, unemployment tax - FUTA, workers comp)
Insurance Payments (Health Insurance, business insurance, disability benefits etc)

Business Insurance
Miscellaneous Expenses (office supplies (paper,ink), bank fees, stamps, office hardware (laptop,printer), memberships)

Vehicle expenses

Contractors

 

There is a section for major equipment purchased, (perhaps in your case, tools, truck) and an option for depreciation and claiming it all at once or over several years. (again, Turbo Tax or other programs can walk you through this)

 

Another expense that you can report is the online tax program that you pay for, although that may be expensed for the next year.


Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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#3 of 7 Old 04-16-2012, 01:48 PM
 
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Here is a list of common/main business operating expenses / expenses you can claim

 

Rent / business property. (home office or rental)
Utilities
Communication Expense (phone, dsl)
Wages
Taxes and Licenses (social security, medicare, unemployment tax - FUTA, workers comp)
Insurance Payments (Health Insurance, business insurance, disability benefits etc)

Business Insurance
Miscellaneous Expenses (office supplies (paper,ink), bank fees, stamps, office hardware (laptop,printer), memberships)

Vehicle expenses

Contractors

 

There is a section for major equipment purchased, (perhaps in your case, tools, truck) and an option for depreciation and claiming it all at once or over several years. (again, Turbo Tax or other programs can walk you through this)


Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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#4 of 7 Old 04-16-2012, 02:00 PM - Thread Starter
 
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Thank you soooo much Sunrise, I will be using this information tonight and post back here and LYK how it goes, I really truly appreciate all your info. Have to dash out right now to pick up DD but will read over everything you said in a little bit joy.gif

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#5 of 7 Old 04-16-2012, 05:12 PM
 
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Will look forward to hearing how it goes. (I was just fixing some typos in the first post I made, an somehow the 2nd post copied over the first one...not sure how that happened - very strange and annoying. BUT Hopefully the 2nd post is helpful ... )


Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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#6 of 7 Old 04-17-2012, 09:05 AM
 
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Hoping all went well for the OP- but just in case anyone else needs to know- you need a login for EFTPS- which takes a good week to get a pin (ask me how I figured that one out :/)  Anyway- the other way to pay federal business taxes are with a wire transfer.  I don't think they actually take a check anymore... or at least that is what my CPA told me.


Iowaorganic- mama to DD (1/5/06), DS1 (4/9/07), DS2 (1/22/09), DS3 (12/10/10), DD2 (7/6/12) and a new kid due in early 2014

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#7 of 7 Old 04-17-2012, 08:01 PM
 
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We don't take the home office write-off, because it is deferred taxes, not a true write-off.  If you sell the home, you owe the taxes.  But if you do write off a home office, you also write off a percentage of utilities.  For the truck you can take the mileage write-off, which has been better for us until this year when we paid for a new engine so we itemized the expenses.   We were advised just to write off a percentage, not 100%.  We chose 90%.  

 

Sorry if this is not timely for this year.


Give me a few minutes while I caffeinate.
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