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  • business charges supplies

    Hello.......

    I have a new business that is about 18 months old. This year when the economy got so bad I found myself charging supplies and carpet but then when the bill came to pay it off we needed the money for something else.

    Here is my question.... I thought last year that my CPA told me I couldn't take off those expenses if they weren't paid for. If that is the case that eliminates a lot of expenses for me this year and that will really hurt.

    Can someone clarify this for me please. Thanks
    Divorce Solicitors Lincoln

  • #2
    Re: business charges supplies

    Hi

    You obviously need professional help, can't imagine how you've gotten this far without it frankly.
    I'm sure there are lots of qualified CPA's and financial planners in Atlanta. Do you have friends in business?..if so, ask them who they use and if they would recommend them. Chambers of Commercee, SBA offices, college business schools etc. are also good place for referrals. Do not just pick the cheapest yokul you can find out of the yellow pages, and don't continue to try to do something you are obviously unqualified to do (financial planning) yourself. This is because if undercapitalization (not enough money) isn't the #1 reason businesses fail to make it, it's certainly got to be top 5. Good luck. I'm not trying to be cruel or sarcastic, I just get the sense that you need some good professional financial help immediately if your business is to survive.
    Last edited by belablasko; 07-04-2009, 04:37 AM.
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    • #3
      Re: business charges supplies

      Yes, I am agree with belablasko. you need to professionals.
      Business accounting services || Accounts payable management services

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      • #4
        Re: business charges supplies

        Originally posted by belablasko View Post
        Hi

        You obviously need professional help, can't imagine how you've gotten this far without it frankly.
        I'm sure there are lots of qualified CPA's and financial planners in Atlanta. Do you have friends in business?..if so, ask them who they use and if they would recommend them. Chambers of Commercee, SBA offices, college business schools etc. are also good place for referrals. Do not just pick the cheapest yokul you can find out of the yellow pages, and don't continue to try to do something you are obviously unqualified to do (financial planning) yourself. This is because if undercapitalization (not enough money) isn't the #1 reason businesses fail to make it, it's certainly got to be top 5. Good luck. I'm not trying to be cruel or sarcastic, I just get the sense that you need some good professional financial help immediately if your business is to survive.
        Yes I do agree with "belablasko" that you require hiring a professional. A professional is the best for solving this matter because your business size and location are the most important. I highly recommend to you that hire the best professional.

        Best Regards,
        Last edited by Parkin; 02-10-2010, 07:58 AM.
        All American Packaging USA is a premier packaging supplier

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        • #5
          Re: business charges supplies

          Hi guys

          1) Have you deducted all of your business taxes, and business-related dues, memberships and subscriptions?
          No one forgets that business licensing fees or business taxes are an income tax deduction, but sometimes people overlook some of the annual membership dues they pay to business-related organizations. If you're like me, you belong to several - so make sure you're deducting all the appropriate fees on your income tax.
          2) If you've borrowed money to run your business, have you deducted all the interest and all the related fees?
          Generally, the interest you pay on the money you borrowed to run your business is tax deductible. You can also deduct related fees, such as a fee you've paid to reduce the interest rate on your loan, or a fee related to your purchase or improvement of a business property, if that's what the loan was for, including application, appraisal, and relevant legal fees. For more information on this tax deduction, see the Interest section of the CRA's Business and Professional Income Guide.
          3) Have you deducted all your insurance business expenses?
          Although life insurance premiums aren't a permissible income tax deduction, you can deduct the insurance premiums you've paid for insurance on the building(s), machinery or equipment you use in your business.
          4) Have you deducted all your management and administration business expenses?
          Whatever management and administration charges you've incurred over the past year are legitimate business expenses and legitimate income tax deductions, and this includes bank charges!
          5) Have you deducted all your relevant maintenance and repair business expenses?
          You can deduct the cost of the maintenance and/or repairs you've made to the property you use to earn income over the past year. In most cases, the full cost of both labour and materials will qualify as a small business tax deduction, unless you did the work yourself, in which case you'll only be able to deduct the cost of the materials on your income tax.

          Thanks for all friends
          Ppi

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          • #6
            Re: business charges supplies

            Supplies are the assets of business. I know that assets are source of your earning. So we charge against it .
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            Match Dating UK

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            • #7
              Re: business charges supplies

              Yes, you can easily get deductions on different type of insurance investments.

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              • #8
                Re: business charges supplies

                Small businesses that purchase office supplies in small quantities will find that ... But you have to compare their total costs including shipping charges
                Body Armour | Safeguard Clothing

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