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#2
08-09-2006, 06:54 AM
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 Re: employee expenses ? jag wrote: - quote - > this is my first post here. me and my wife registered S corp
The first thing you would be wise to do is to engage a local> and i made her as owner. i put myself as an employee. what > kind of expenses can i show as an employee? tax professional. An EA or CPA will be able to answer all your questions. They will save you more money than they cost. Missy Doyle << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
08-09-2006, 06:35 AM
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| Re: employee expenses ? "jag" <jagdip[at]gmail.com> wrote: - quote - > this is my first post here. me and my wife registered S corp
You need an accountant yesterday. From the sound of it,> and i made her as owner. i put myself as an employee. what > kind of expenses can i show as an employee? running everything past a lawyer wouldn't be a bad idea either. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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08-09-2006, 06:35 AM
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| Re: employee expenses ? "jag" <jagdip[at]gmail.com> wrote - quote - > this is my first post here. me and my wife registered S corp
What kind of expenses can you get reimbursed for? I hope> and i made her as owner. i put myself as an employee. what > kind of expenses can i show as an employee? that's what you mean, because that's the best place for them, on the company books and not on Schedule A as unreimbursed employee expenses. In any event, you can be reimbursed for most anything the company decides to reimburse you for. However - whether or not the company can deduct said reimbursed expenses depends on if they are ordinary and necessary business expenses. The facts and circumstances play strongly on that. Most common reimbursed employee expenses are for travel (mileage), meals and entertainment, office or other supplies, and maybe telephone expenses. Of course, all those must be business related to be deductible by the business. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
08-07-2006, 11:08 AM
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| employee expenses ? this is my first post here. me and my wife registered S corp and i made her as owner. i put myself as an employee. what kind of expenses can i show as an employee? regards, jag << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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