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For Tax purposes Could I expense car payments and the insurance for car you use to get to your auditions?
If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
You can generally figure the amount of your deductible car expense using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, before choosing a method, you may want to figure your deduction both ways to see which gives you a larger deduction. Please refer to Publication 463, Travel, Entertainment, Gift and Car Expenses, for the current standard mileage rate. If you use the standard mileage rate, you can add to your deduction any parking fees and tolls incurred for business purposes.
To use the standard mileage rate, you must own or lease the car; the car must not be used to transport persons or property for compensation or hire, for example as a taxi; you must not operate five or more cars at the same time, as in a fleet operation; you must not have claimed a depreciation deduction using the Modified Accelerated Cost Recovery System (MACRS) on the car in an earlier year (including any additional first-year depreciation or "bonus depreciation" or any method other than straight-line for its estimated useful life; you must not have claimed a Section 179 deduction or the special depreciation allowance on the car; and you must not have claimed actual expenses after 1997 for a car you leased. You cannot use the standard mileage rate if you are a rural mail carrier who received a "qualified reimbursement".
Further, to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.
However, for a car you lease, you must use the standard mileage rate method for the entire lease period (including renewals).
To use the actual expense method, you must determine what it actually costs to operate the car for the portion of the overall use of the car that is business use. Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles.
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What is a receipted bill?
A receipted bill is a document that acknowledges payment for goods or services received. It typically includes details such as the amount paid, the date of payment, and a description of the items or services provided. The receipt serves as proof of transaction and can be used for record-keeping or expense reimbursement purposes. It is an important document for both the payer and the payee in financial dealings.
What is gaap for accounting for audit fees you intend to record the estimated current year audit fees to the provision for audit fee account your CPA states you cannot accure until service is rendered?
You are booking a known expense.
What is mrs hannigans real name?
Mrs. Hannigan's real name is Agatha Hannigan. She is a fictional character from the musical "Annie," where she serves as the cruel matron of the orphanage. The character is known for her harsh treatment of the orphans and her desire for personal gain at their expense.
Why didn't peter like josh?
Peter didn't like Josh because he found him overly arrogant and dismissive of others' opinions. Additionally, Peter felt that Josh often sought attention and validation at the expense of those around him, making social interactions uncomfortable. This behavior ultimately led to a lack of trust and respect between them.
What does utak wang wang mean?
"Utak wang wang" is a Filipino expression that translates to "money-minded" or "money-oriented." It often describes someone who is overly focused on financial gain or material wealth, sometimes at the expense of other values or relationships. The phrase can carry a negative connotation, suggesting that the person prioritizes money above all else.
What is a expense that does not change from month to month called?
An expense that does not change from month to month is called a fixed expense. Fixed expenses remain consistent regardless of usage or consumption, such as rent or mortgage payments, insurance premiums, and subscription services. These costs are predictable and essential for budgeting purposes.
Is insurance on inventory a direct expense?
insurance is an indirect expense.............
Is insurance an administrative expense or selling expense?
Insurance is an administrative expense as administration is authorized to do all these kind of expenses.
Are COBRA premium payments for dental insurance an allowable medical expense deduction for tax purposes?
Yes. However, remember that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Check with a tax accountant for your specific situation.
What is the difference between prepaid insurance and insurance expense?
When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.
Is insurance a direct or indirect expense?
indirect-expense
What is a cobra payment?
Under certain circumstances, a separated employee may retain his group health coverage at his own expense. COBRA (Consolidated Omnibus Budget Reconciliation Act) payments are these post-employment health insurance payments.
Is insurance expense an asset or liability?
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.
Is life insurance premium considered an expense?
Do you mean to write off for tax purposes? It can be depending on the business situation but if you personally write of your own insurance your death benefit would be a taxable event. 4LifeGuild
What is another word for a regular expense?
Another word for a regular expense is a "fixed expense." Fixed expenses are costs that do not fluctuate in amount and occur consistently over time, such as rent or mortgage payments, insurance premiums, and subscription services. These expenses are predictable and typically remain the same each month.
How can I deduct rent as a business expense on my taxes?
To deduct rent as a business expense on your taxes, you need to ensure that the rent is for a property used for business purposes. Keep records of your rental payments and include the amount on your tax return as a business expense. Be sure to consult with a tax professional for specific guidance on deducting rent for your business.
Where in Dallas Texas can you find a dentist that will not charge any out of pocket expense and accept only the insurance payments?
AnswerIf you have a co-pay and the dentist does not accept it (only accepts payment from insurance as full) then the dentist is committing insurance fruad. This can lead to revokation of license, fines and prison.
