Comments on: Tracking Your Business Expenses http://savvyblogging.net/tracking-your-business-expenses/ From Blog to Business Wed, 08 Sep 2010 19:17:15 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Angela @ Homegrown Mom http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1035 Angela @ Homegrown Mom Tue, 09 Mar 2010 03:19:53 +0000 http://savvyblogging.net/?p=485#comment-1035 Thanks, that is good to know! Thanks, that is good to know!

]]> By: Claire at Saving Money Plan http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1016 Claire at Saving Money Plan Fri, 05 Mar 2010 18:03:28 +0000 http://savvyblogging.net/?p=485#comment-1016 I totally didn't realize you were an accountant Shellie! This is a great post -- so much valuable information and I'll be bookmarking this one for life;) I totally didn’t realize you were an accountant Shellie!

This is a great post — so much valuable information and I’ll be bookmarking this one for life;)

]]> By: 5 Dollar Dinner Mom http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1015 5 Dollar Dinner Mom Fri, 05 Mar 2010 17:44:22 +0000 http://savvyblogging.net/?p=485#comment-1015 Liz, I only deduct food that I use for cookbook recipe development...not for blog recipes. You might ask an accountant. Liz, I only deduct food that I use for cookbook recipe development…not for blog recipes. You might ask an accountant.

]]> By: Liz@HoosierHomemade http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1007 Liz@HoosierHomemade Fri, 05 Mar 2010 04:31:59 +0000 http://savvyblogging.net/?p=485#comment-1007 Great post! Thanks so much for the info! Can you tell me if I can deduct and if so, how much, of the baking supplies and food I buy to cook for posting on Hoosier Homemade? -Liz Great post! Thanks so much for the info!
Can you tell me if I can deduct and if so, how much, of the baking supplies and food I buy to cook for posting on Hoosier Homemade?
-Liz

]]> By: Shellie (Saving with Shellie) http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1005 Shellie (Saving with Shellie) Thu, 04 Mar 2010 18:10:26 +0000 http://savvyblogging.net/?p=485#comment-1005 Oops, I said CPA. I meant small business attorney. A CPA would probably work but I think a small business attorney would be better. Oops, I said CPA. I meant small business attorney. A CPA would probably work but I think a small business attorney would be better.

]]> By: Shellie (Saving with Shellie) http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1004 Shellie (Saving with Shellie) Thu, 04 Mar 2010 18:07:33 +0000 http://savvyblogging.net/?p=485#comment-1004 As an accountant I see people make mistakes on a regular basis and I also see the ramifications of what happens when the IRS finds out. It is a great idea to track your expenses -even those you aren't 100% certain about. But I strongly urge you to speak to a small business tax accountant before filing to ensure that you are doing everything correctly. They will help you adjust all those expenses you tracked to an accurate accounting. The time and expense will be well worth the security in knowing that you did it correctly in the end. Plus, the accountant is another expense you can use. As an accountant I see people make mistakes on a regular basis and I also see the ramifications of what happens when the IRS finds out. It is a great idea to track your expenses -even those you aren’t 100% certain about. But I strongly urge you to speak to a small business tax accountant before filing to ensure that you are doing everything correctly. They will help you adjust all those expenses you tracked to an accurate accounting. The time and expense will be well worth the security in knowing that you did it correctly in the end. Plus, the accountant is another expense you can use.

]]> By: Shellie (Saving with Shellie) http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1003 Shellie (Saving with Shellie) Thu, 04 Mar 2010 18:02:43 +0000 http://savvyblogging.net/?p=485#comment-1003 The IRS states that a Home Office must be a dedicated space. If your "desk" is your kitchen table, you cannot claim it as a Home Office. The IRS is very clear on this rule. Make sure your work space is used 100% for work or you cannot claim it. The IRS states that a Home Office must be a dedicated space. If your “desk” is your kitchen table, you cannot claim it as a Home Office. The IRS is very clear on this rule. Make sure your work space is used 100% for work or you cannot claim it.

]]> By: Shellie (Saving with Shellie) http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1002 Shellie (Saving with Shellie) Thu, 04 Mar 2010 17:59:19 +0000 http://savvyblogging.net/?p=485#comment-1002 Melissa is correct. If you do deduct your home office expense, when you sell your house you will have to pay gains tax. Conversely, if your house sells for a loss, you can claim the loss. This gain/loss issue is a big reason why many people don't claim their home office. The hassle isn't worth the benefit you're receiving. If you plan on selling your house soon you may want to consider this before you make a decision on claiming your home office. Melissa is correct. If you do deduct your home office expense, when you sell your house you will have to pay gains tax. Conversely, if your house sells for a loss, you can claim the loss. This gain/loss issue is a big reason why many people don’t claim their home office. The hassle isn’t worth the benefit you’re receiving. If you plan on selling your house soon you may want to consider this before you make a decision on claiming your home office.

]]> By: Shellie (Saving with Shellie) http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-1001 Shellie (Saving with Shellie) Thu, 04 Mar 2010 17:54:39 +0000 http://savvyblogging.net/?p=485#comment-1001 Anyone can get an EIN number. You don't need to be an LLC to get one. Plus this further protects your own social security number from Identity Theft. I would recommend speaking with a CPA before you make the decision to switch to an LLC so they can help you weigh the pros and cons. There are other ways to protect your personal assets without going the LLC route. Being an LLC is a good move for lots of people but it isn't a a good fit for everyone. Anyone can get an EIN number. You don’t need to be an LLC to get one. Plus this further protects your own social security number from Identity Theft.

I would recommend speaking with a CPA before you make the decision to switch to an LLC so they can help you weigh the pros and cons. There are other ways to protect your personal assets without going the LLC route. Being an LLC is a good move for lots of people but it isn’t a a good fit for everyone.

]]> By: 5 Dollar Dinner Mom http://savvyblogging.net/tracking-your-business-expenses/comment-page-1/#comment-999 5 Dollar Dinner Mom Thu, 04 Mar 2010 17:17:35 +0000 http://savvyblogging.net/?p=485#comment-999 No. You do not have to be an LLC to track expenses. I highly recommend becoming an LLC, as it provides protection over your personal assets...in the event that anyone take legal action against you (heaven forbid!). Once you are an LLC and have an EIN number, you can open a separate bank account for your business expenses...MUCH easier to track when they are separated! No. You do not have to be an LLC to track expenses. I highly recommend becoming an LLC, as it provides protection over your personal assets…in the event that anyone take legal action against you (heaven forbid!). Once you are an LLC and have an EIN number, you can open a separate bank account for your business expenses…MUCH easier to track when they are separated!

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