I wouldn't depreciate those, just write them off as educational expense. It's too small an amount to consider a fixed asset worth depreciating like that.
But, then again, I Am Not An Accountant....
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Great. Thanks! Will look into that.
I wouldn't depreciate those, just write them off as educational expense. It's too small an amount to consider a fixed asset worth depreciating like that.
But, then again, I Am Not An Accountant....
This is for $100 to $200 worth of textbooks and...
You should be fine expensing the books, magazines and repairs to the musical instruments. I am assuming the musical instruments are used in the business.
I don't think you've provided enough...
Textbooks and books: deduct or depreciate? And other questions...
Hello all!
We just have a few questions on writing off items on our tax returns. We are a partnership.
1) Textbooks, Books, Magazines, Journals. Are these deducted immediately or are they...
Wow, awesome, thank you so much!
It is...
So in scenario B, if the low-stakes partner transfers money to the partnership (EIN), then that money would have to be distributed according to the partnership agreement; in scenario A, the money...
The low-stakes partners are part of the...
How is your partnership agreement structured? In other words, how is revenue generated by the partnership (i.e., amounts paid to the EIN) supposed to be distributed to the partners? Are the...
BTW, thanks so much for your replies. It has been...
BTW, thanks so much for your replies. It has been really helpful to us!
After looking over the 1099-MISC we have just a few questions. We are having some trouble finding the information on the...
Excellent. Thanks for the info!
If the cumulative amount passed from the nominee to one of the other partners over the course of the year, not on a per job basis, but cumulative, exceeds $600, then yes a 1099 is called for. There...
On the flip side sometimes you've got extra time...
And you think getting an accountant to help you the partnership -- paid for by the partnership -- with your taxes is a bad idea... why? For less than $400 you can probably get this all cleared up...
Thanks :)
It is complicated but the low stakes...
Welcome to the forum das8. I'm not entirely sure I'm following the problem. If I'm understanding correctly, the problem is that one of your low-stakes partner received a 1099 in some amount, but that...
Okay, so elsewhere there is mention of...
Okay, so elsewhere there is mention of "Nominee/middleman returns." Specifically http://www.irs.gov/pub/irs-pdf/i1099gi.pdf.
Generally, if you receive a Form 1099 for amounts that actually...
Reconcile 1099-MISC within a partnership
We are a group of about 5 people in a partnership. We complete work as Independent Contractors in an online Marketplace. We also perform some work outside of the Marketplace.
Employers hire ICs...