Posts Tagged ‘personal income tax’
Income Tax 1040 – Deductions?
Posted by admin in US Tax Questions on January 10th, 2011
In personal income tax 1040 long form, if your total itemized deductions are more than your income, will you be refunded the total tax paid?
Invested Money in Small Business as Partner – Tax deductions possible?
Posted by admin in US Tax Questions on August 21st, 2010
I invested 3K in start-up money with 2 other guys plus spent another 4K in misc. such as travel costs, supplies, etc. and we haven’t taken a salary or any income and are actually barely breaking even. Can I get any tax benefits for my personal income tax by having invested in this business?
Thanks.
LLC is the entity. Will not be changing that. I also live 2 states away and will not be able to just go see a tax pro together with the 2 other partners. The solution will have to be individually solved for each of us. They both have multiple other businesses it is just not going to be us going to see the same personal accountant.
Thanks.
This is about my personal taxes, not the LLC which will be done by the company’s CPA. I will get a K-1 at the end of that process? I also don’t do my own taxes. I’m trying to figure out if a. I can take deductions and b. what I need to give to my accountant to get the deductions and c. what are the questions I should be asking my partners prior to doing my own personal taxes. So far it looks like I should be asking to see a Schedule K-1.
What are the tax benefits of owning your own home?
Posted by admin in US Tax Questions on August 17th, 2010
What personal income tax deductions can you make on your yearly tax returns when you own your own Personal home?
At what point can you take tax deductions for businesses?
Posted by admin in US Tax Questions on July 27th, 2010
A friend and I are developing a service that we intend to market, but it will be at least one year before we are able to generate revenue.
In the meantime, my friend will be incurring a lot of costs to get this service marketable. At this point would he be able to deduct these costs from his personal income tax? Would it be necessary or helpful to form an LLC now even though we won’t have any market activity yet?
Personal income tax return deductions?
Posted by admin in US Tax Questions on July 7th, 2010
what is considered a Personal income tax return? interest income? gratuities? med. expenses? I’m confused! Thanks