Watson CPA Group - Knowledgebase

Knowledgebase

Sub Categories
folder Independent Contractors
folder Hobby Versus Business
folder LLC and S-Corps (superseded)
Ins and outs specific to LLCs and S-Corps


Small Biz FAQs - Watson CPA Group
Can I deduct the purchase of my cell phone or tablet?
By Jason Watson (Google+) Perhaps. There are three options- Section 179: There is a provision in the tax code allowing you to deduct the entire purchase provided the property was new when purchased and you used it more than 50% of the time for business. You can take a Section 179 deduction...
30 Oct, 2012 Views: 0 Comments: 0
Can I deduct my cell phone charges?
By Jason Watson (Google+) Yes, and you have always been able to. However, the Small Business Act of 2010 removed cell phones as “listed property” and therefore the recordkeeping requirements have eased. Previously, each individual phone call needed to be logged, and the essential business...
03 Oct, 2018 Views: 0 Comments: 0
Can I deduct internet expenses?
By Jason Watson (Google+) Yes. Here is a snippet from a 2012 Tax Court Memo 2012-272- A taxpayer may deduct the cost of home internet service pursuant to section 162 if the expense is ordinary and necessary in the taxpayer’s trade or business. See Fessey v. Commissioner, T.C. Memo....
30 Oct, 2012 Views: 0 Comments: 0
If my employer provides a cell phone, is that income?
By Jason Watson (Google+) Typically No. Since cell phones have been removed from the 'listed property' provision of the tax code, the IRS has been wrestling with how to deal with employer-provided cell phones as a fringe benefit. In many cases if your employer provides you with a benefit, such...
30 Oct, 2012 Views: 0 Comments: 0
What are tax issues with an LLC owning a rental property?
By Jason Watson (Google+) None. However, if you elect to treat your LLC as an S-Corp you might run into another level of unnecessary taxation. Here’s why- rental properties are considered passive income even if you actively or materially participate in the rental activity. Passive income by...
15 Dec, 2013 Views: 0 Comments: 0

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