Recent content by luis27501

True im not disencouraging any one not to get an accountant or lawyer. But I see it like this if any one is doing actual expense like they should for any business they should have all receipts for every deduction they claimed on there taxes in case of an audit. My self I have all my receipts...

No neither im an O/O but I would like to help others with tax questions. I have learn most of the things I know now from my mother in law which shes a loan officer now but she did bookkeping also, lil bit of research and a good accountiing software I have used for over 5yrs quicken home and...

Expenses - Advertising (line 8) - advertising and promotional costs like print or media ads, business cards, mailers, brochures, wavers out front, signs, pens and give-away items with the company name, samples or freebies to promote business, Include here also any sponsorships like buying an...

A lot of good information and debating on standard milage VS actual expenses. Heres what I was told by a representative from the IRS about the standard mile deduction. I was told you can only take the standard mile deduction for up to 5yrs since the deduction is including all your expenses...

Independent Contractor Defined From IRS website People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the...

Actual you are correct my mother inlaw is a 25yr loan officer and I dont think she is a moron forsay. We all know when you fill out a loan application you will have to provide proof of income on paper not just say I make X amount of dollars. For example how can someone lend a 100k loan with...

When you are self employed, yes they only look at AGI for a minimum of 2yrs. So you will need 2yrs taxes being self employed to proof income. I am sure everyone has gotten a loan before becoming O/O, when we worked for an employer, they takes taxes out of paychecks. Which at the end of the...

Yes, lenders will not consider you if you have a low AGI if you are self employed its like a red flag to them, hiring a good accountant will help maximize AGI with little or none on paying taxes. Like I stated on my privious post, being self employed you will have to decide what you wanna do in...

I have always used quicken home and business

In this business you can take a lot of deductions but you have to choice from what you wanna do in the future. Taking all of the possible deductions will decrease your AGI which eliminates the possibility of you paying a small amount in taxes or nothing at all. Even with perfect credit lenders...