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Archive for the ‘Phone Tax Deductions’ Category

Question: Can I do business under my own name?

I’m currently a college student and am getting back into freelance web design. I know that I need to report the income I make from it (I asked a question about it here: http://answers.yahoo.com/question/index?qid=20090617130930AATB9pX). What I need to know now is if I can do business under my own name? I would prefer to be able to deposit the checks to my personal checking account, much like my on-campus job, and not have to open a business checking account.

Also, again in regards to taxes, how exactly do I report this additional income? Do I report it as “other income” or do I have to report it as something else? And how do I include expense deductions (cell phone, computer, mileage, etc)?

Answer: In the U.S. you can do exactly this (although there may be better ways to go about it).

You would be starting a sole proprietorship. The only start-up requirements would be any business licensing that may need to be completed in your state.

Under a sole proprietorship you can legally co-mingle all of the assets of the business with your personal items (all though this may not be advisable, simply for clarity sake).

You will want to maintain some semblance of order, for easier tax preparation, because, as you mention you will want to be able to itemize your Tax Deductions for maximum value

Items on Amazon Right Now for Tax Deduction Cell Phone:

Proposed procedures for simplifying employer-provided cell phone substantiation rules.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on November 1, 2009. The length of the article is 1393 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Proposed procedures for simpl…

TYT – Extended Clip – May 5, 2011

Question: Are consumer phone contracts VAT deductable?

If you take out a residential landline (connected to a offiice) and a consumer mobile phone (in one of the company directors names) rather than a business tariff, are they still VAT and corporation tax deductible?
Both lines would be soley for business use

Answer: Yes – if being used solely for business then it doesn’t have to be on a business tariff with the mobile phone provider.

Items on Amazon Right Now for Mobile Phone Tax Deductible:

Business News, 01/17

Business news, 01/17

Cell phone floor statement

Question: Compute the taxable salaries of Mrs Rama for the assessment year 2008-09

Mrs rama has the following incomes :

(1) Salary(after deduction of income tax Rs 12000) Rs 1,02,000 p.a
(2) Dearness allowances( under the terms of employment) Rs 8000 p.a
(3) Medical allowance (actual expenditure Rs4000).
(4) Education allowance (for three children) Rs 5200 p.a
(5) Rent free house in delhi for which the employer paid RS 5000 AS RENT .
The house is equipped with rented furniture,rent of which is Rs.3000 p.m .
the employer has also provided gardener for maintenance of garden attached
to this accomodation .The gardener is paid Rs 300 P.M
(6) The employer has provided her a domestic servant ,a sweeper & a watchman.The
employer paid RS.200 P.M to each.
(7) The employer spent Rs3500 on her refresher course.
(8) The employer paid her personal telephone bills of Rs 2200.
(9) Proffessional tax paid Mrs Rama Rs1,200.

Answer: The income is below Rs 1,80,000/-. No tax is payable.

Employer will pay FBT on fringe benefits like gardener, servants, telephone, training, etc.

The employer should not have deducted TDS of Rs 12000.

This amount should be claimed back thru ITR.

Items on Amazon Right Now for Telephone Tax Deduction:

Proposed procedures for simplifying employer-provided cell phone substantiation rules.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on November 1, 2009. The length of the article is 1393 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Proposed procedures for simpl…

Deductions for cellular phone commissions fall victim to INDOPCO. (U.S. Supreme Court case): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 1998. The length of the article is 1150 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: Com…

Guidance on characterizing gross receipts from telecommunications services.: An article from: The Tax Adviser $9.95 …

IRS: Ten tips for deducting charitable contributions

When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A.

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Question: If I am self employed, what can I claim as a tax deduction?

I’m not the one self employed, my fiance is, he is a logger. He has our daughter as a dependent, but other than that, can phone bills, internet bills, utilities be claimed if he works out of our home office? The cell phone is his main source of communication for business though he does use all of the others. Any info would help!

Answer: The answer is yes, but it’s not that simple. You need to talk to a professional one-on-one. Who does your taxes. You should be able to discuss this with them. I would be happy to talk to you free of charge. Feel free to email me.

Leslie

Items on Amazon Right Now for Tax Deduction Phone:

J.K. Lasser’s Your Income Tax Professional 2012 $50.90 America’s number one tax guide for professionalsJ.K. Lasser’s Your Income Tax, Professional Edition 2012 is an essential guide for tax professionals. Filled with easy-to-use tax planning tips and strategies, this comprehensive guide arms you with the information needed to maximize your clients’ tax savings.Completely updated with all the latest tax law changes, this guide makes preparing 2011 tax …

Proposed procedures for simplifying employer-provided cell phone substantiation rules.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on November 1, 2009. The length of the article is 1393 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Proposed procedures for simpl…

Deductions for cellular phone commissions fall victim to INDOPCO. (U.S. Supreme Court case): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 1998. The length of the article is 1150 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: Com…

Community briefs – March 3

Around the community

Question: are cells phones tax deductible for truckers?

Answer: If it’s there only phone, no.
If it’s a second phone and you can show the exact cost of their business use, maybe. If it’s bundled service, probably not.

Items on Amazon Right Now for Tax Deductible Cell Phone:

Use your cell phone as a budgeting tool

You can use your phone to track expenses as you incur them by texting, e-mailing or tweeting.

It’s Just A Question Of Time…Before You Start A Business F