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When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
Can you deduct credit card interest?
No
What would be the effect of outstanding expense on accounting equation?
As we know, in accounting and book-keeping, expenses are debited in order to cause a decrease in the owner's (or stockholders') equity. So in this case, we record outstanding expense as: ASSETS = LIABILITES + CAPITAL Nil = +(outst. expense) - (outstanding expense) Outstanding Expenses are added to Liabilities because it is business' CURRENT LIABILITY and deducted from CAPITAL because it causes a decrease in owner's equity. NOTE: At the time of payment we deduct it from Liabilities as well as from Cash ( or in JOURNAL ENTRY: we debit Outstanding Expense and credit Cash) ASSETS = LIABILITES + CAPITAL -outst. exp. = -outst. exp. + Nil
Can you deduct a donation your business made as a business expense if you promote it as part of your marketing?
I own a marketing company and gave away a couple of videos to promote my new business. Can I deduct what I would have charged for those videos?
Deduct Your Laptop Computer Expense?
Are you a blogger at home? Do you run a hair business at home? Whatever the case, you may be able to deduct the expense of a laptop computer for your personal business. Do not forget to deduct the expense of a laptop computer when filing your taxes. A laptop computer can offer a great opportunity for potential savings on your taxes. Bloggers are able to deduct the expense of a laptop, because a majority of their income comes from their creating blog posts through a laptop computer. A hair stylist may also deduct the expense of a laptop computer if she uses it so make hair appointments.
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
Can you deduct life insurance as a business expense?
Not likely.
Can you deduct private mortgage insurance?
PMI is not a deductible expense.
Can you deduct stock website membership fees?
Yes, you can deduct them either as an itemized deduction if you are filing a personal return, or if you are treating it as a business you can deduct them as an itemized deduction. The problem is that's not very fun because most people typically take the standard deduction. Maybe you were considering offering business advice, and as such the subscriptions are an expense. So, you could deduct them on a Schedule C. Generally I write mine off as a business expense because I have a business which deals with investments, because if they go as an Itemized Deduction I lose them at some point.
Can you deduct credit card interest?
No
What would be the effect of outstanding expense on accounting equation?
As we know, in accounting and book-keeping, expenses are debited in order to cause a decrease in the owner's (or stockholders') equity. So in this case, we record outstanding expense as: ASSETS = LIABILITES + CAPITAL Nil = +(outst. expense) - (outstanding expense) Outstanding Expenses are added to Liabilities because it is business' CURRENT LIABILITY and deducted from CAPITAL because it causes a decrease in owner's equity. NOTE: At the time of payment we deduct it from Liabilities as well as from Cash ( or in JOURNAL ENTRY: we debit Outstanding Expense and credit Cash) ASSETS = LIABILITES + CAPITAL -outst. exp. = -outst. exp. + Nil
Can your employer deduct credit card fees from your wages?
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What percent of health insurance premiums can business deduct as business expense?
about 10-20% because of the off and on differences the health has. the 401(k) would most likely benefit from this.
What is the maximum allowable educator expense adjustment for an eligible teacher?
you may be able to deduct up to $250
Can you deduct health insurance premiums you paid?
If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
