Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-14-2015, 03:00 PM
Junior Member
 
Join Date: Oct 2015
Posts: 1
can i estimate expenses on NOL tax form 1045?

need to file my net operating loss on a small retail biz, hard to determine exact expenses like repair costs, starting inventory etc...

can i estimate repairs (near accurate, say around 4k) or do i need an exact number?

does starting inventory include the bill of sale cost for the turn key biz, or just what i purchased at opening for resale?

do i subtract cost of CC merchant machine, beverages for resale, merchant account fees, etc?

my NOL for 2014 is somewhere between 25 and 50k

thank you very much in advance !



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-14-2015, 09:23 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
can i estimate repairs (near accurate, say around 4k) or do i need an exact number?======>Needless to say accurate / exact number is better;however you may claim estimate repairs with some evienc of proof ,i.e., bank stmt or etc, later. All of your claimed business expenses on your income tax return need to be supported with original documents, such as receipts. if you are ever audited, you may have to show receipts to prove that these expenses actually occurred.. Generally speaking, canceled checks, credit card , your bank statement ,transaction records and bills can be sufficient proof of an expense. Many people have online access to these records. You may also be able to access receipts for purchases made online.
does starting inventory include the bill of sale cost for the turn key biz, or just what i purchased at opening for resale?===========>>No I do not think so UNLESS you buy personal pty and place it in your biz as inventory; your beginning inventory is the recorded cost of inventory at the end of the immediately preceding accounting period, which then carries forward into the start of the next accounting period UNLESS yourr biz is in its first year.

do i subtract cost of CC merchant machine, =====>On SCh C of 1040, you need to depreciate your biz machine as eqmt; aslongas you have equipment used exclusively for your business, you can deduct depreciation expenses. For "useful life" depreciation, you deduct a fraction of the equipment value each year for as long as the equipment is expected to last. I mean assume that the machine is supposed to last 10 years, then you deduct 1/10 of the initial cost each year. Ordinary and necessary costs you incur in running your business can be deducted from your income, which reduces the amount of tax that you will owe

beverages for resale,=====> you can deduct the payments you made for estimate sales and use tax on Sch C of 1040 also.

merchant account fees, etc? ====>yes

my NOL for 2014 is somewhere between 25 and 50k====> You have the option of applying your NOL only to future tax years insteaf od carryng it backward back to 2 years. You can carry the NOL forward for up to 20 years and use it to reduce your taxable income in the future. When you do this, you must attach a statement that includes a computation showing how you figured the NOL deduction.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Estimate tax for LLC members jaarso81 Limited Liability Company 3 09-11-2015 01:43 PM
Calculating NOL with Form 1045 Schedule A JRuby2004 Rental Real-Estate 0 04-06-2015 02:34 PM
LLC estimate tax JohnAZ Estimated Taxes 2 02-26-2013 05:25 AM
Need help with LLC Estimate Tax JohnAZ For 2012 0 09-11-2012 06:16 PM
What tax form is required to claim the tuition deduction and fee expenses in 2009? TaxGuru Tax Credit 0 11-29-2009 04:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.