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May 22, 2024
Question

Do you have where all the below questions are answered?

  • May 22, 2024
  • 2 replies
  • 0 views

I wish this was a webinar..

Should I separate personal and business expenses?

Can I expense vacation costs if I've conducted business?

What is included in the cost of goods sold?

How do I maximize the deductions for my side gig?

Are there any tax benefits if I employ my family members?

Can I deduct business use of my phone and car?

2 replies

Employee
May 22, 2024

This is not a webinar, though.

 

You should post separate and specific questions.

May 22, 2024

Welcome to the Event, Msebony96!

 

We are not a webinar - but we are real Tax Experts here for you!

First off, yes, you should separate personal and business expenses. This helps keep a neat record to create your Profit and Loss statement. 

 

Here is a useful link for you that covers Self-Employment Business Income and Deductions including travel, cost of goods sold, vehicle deductions and others:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income-and-deductions/L3Unchx1x## 

 

Here is a great link about employing your children to work for you:

https://blog.turbotax.intuit.com/business/the-benefits-of-employing-your-children-and-the-tax-breaks-involved-65022/

Here is the IRS guidelines for hiring family members:

 

https://www.irs.gov/newsroom/tax-treatment-for-family-members-working-in-the-family-business

 

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