Strayer Acc 555 Assignment 2 Your Own Business

Strayer ACC 555 Assignment 2 Your Own Business

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ACC 555 Assignment 2 Your Own Business – Strayer

1. Determine the best way to address $6,641 in medical expenses for your family.

Healthcare costs can carve a big slice out of annual income, so claiming medical expenses may be a way to get some of that money back during tax time. The most useful tip for claiming medical expenses is to be informed. Knowing what types of medical care can be deducted and who is included in deductions is the best place to start figuring healthcare deductions.

2. Explain how to handle the fact that your best friend cannot repay a $4,300 loan you made two years ago.

Anytime anyone loans or borrows money you should document it with a loan agreement. If not, the IRS could argue that the transfer was a gift. The loan document should include reasonably sufficient terms to make it a real note that really protects the lender’s interests. The check (if the loan was made by check) should indicate in the memo column “Loan”. Both parties to the transaction, in this case you and your mom, should treat the transfer as a loan (e.g., if you keep records on Quicken, set up a loan payable account).

3. Discuss how to expense your three (3) trips to Los Angeles interviewing for a new job offer this year (with expenses totaling $4,138).

Business travel is a specific term determined by the IRS to describe travel away from your tax home that is “substantially longer than an ordinary day’s work” and that requires you to sleep or rest while away from home. You must also sleep away from home to be able to deduct these costs. The travel must also be “temporary” (lasting less than a year).

4. Discuss the best way to expense your new home office; (imagine...