Ask An Accountant: Purchasing Items for a New Business

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Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question
:
I am in the process of registering the blog as a business and wanted to know if I am going to be able to claim all of the stuff I have already purchased for it from the time I started or if I cannot start claiming until it is registered.

Answer:

If you are operating the blog as a business and your intent in purchasing the items was to have a blog as a business than yes. You can claim items purchased as long as they are solely for the business.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation
.

photo credit: austinpost.org

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Massive Ground Turkey Recall

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My family eats a lot of ground turkey.  My state was not mentioned as one of the affected areas but with 26 states affected, this is a huge recall!

Cargill, a major meat distributer, is recalling 36 million pounds of ground turkey linked to a nationwide salmonella outbreak that has killed one person in California and sickened at least 76 others. They are recalling both fresh and frozen turkey.

If you find the affected meat in your freezer return it to the store you purchased it for a full refund. All of the packages recalled include the code “Est. P-963″ on the label, according to Cargill. The packages were labeled with many different brands, including Cargill’s Honeysuckle White.

The states with the highest number sickened were Michigan and Ohio with 10 illnesses each, 9 reports in Texas, 7 in Illinois, 6 in California and 5 in Pennsylvania.

The remaining states affected include Alabama, Arizona, Georgia, Iowa, Indiana, Kentucky, Louisiana, Massachusetts, Minnesota, Missouri, Mississippi, North Carolina, Nebraska, Nevada, New York, Oklahoma, Oregon, South Dakota, Tennessee and Wisconsin.

Thanks, Time, Yahoo News & Coupons are Great!

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Ask an Accountant: Deductions from Stockpile Donations

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Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:

I donate from my stockplile quite frequently. When claiming these deductions, do I deduct what I paid out of pocket or what the items would normally cost without coupons/sales?

Answer
:
There are 2 schools of thinking for this question. One side says you do not get to deduct something you have not paid for (assuming the item is free after coupons). The other side is that you still get to deduct fair market value. Generally speaking, I agree you deduct fair market value. For example, on average, diapers are priced around $10. If you buy a pack of diapers but there is a sale, you have coupons, and you have store rewards (such as register rewards, etc) so your final price is less than $10, you can still deduct $10 since the value of the diapers did not change, despite how much you paid out of pocket.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation
.

photo credit: austinpost.org

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Savings.com Savings Pledge: A Readers Birthday Pledge

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Have you joined the Savings Pledge presented by Savings.com?

Over $4 Million has already been pledged to save this year!

To take the Savings Pledge, simply log-on to the Coupon Challenge Facebook page and tell us how much you plan to save and what you are saving for.  Just look for the app on the left-hand side of the page.

You can learn more about the Savings Pledge or if you missed it, you can also read all about what my family is saving for on my personal Savings Pledge post.

Now to highlight one of your Savings Pledge’s:

Reader Debbie is savings for a trip to Maui, Hawaii for her 50th Birthday!  She needs $1,500 to cover Air Fare, Food, Hotel fee’s, and maybe even a lil Shoppin…..

That will be a birthday to remember! Thanks for sharing your Savings Pledge Debbie!

What is your Savings Pledge?

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New 3rd Party Safety Requirements For Toys

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Mama Loves Her Bargains is sharing with us the new testing requirements for children’s toys.  I hope this helps eliminate some of the safety hazards that we have been seeing with the toys are children play with.

The U.S. Consumer Product Safety Commission (CPSC) voted 5-0 on July 20 to approve new third party testing requirements, through a notice of requirements, to ensure the safety of children’s toys. While the toy industry has had to comply with mandatory toy safety requirements for more than two years, the Commission voted to give manufacturers, importers and private labelers additional time to put a third party testing program into place.

CPSC has approved a stay of enforcement on the requirement for third party testing and certification of children’s toys until December 31, 2011. The Commission will enforce third party testing and certification of compliance based on the testing for toys manufactured or imported after that date.

In the Consumer Product Safety Improvement Act of 2008 (CPSIA), Congress required that the existing voluntary standard become a mandatory standard and directed CPSC to require testing to that standard. In May 2009, the Commission adopted the updated voluntary ASTM standard known as F 963-08 as the mandatory safety standard for toys and ASTM F 963-07-1 as the mandatory safety standard for toy chests. [Read more...]

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Dating on a Dime: Date Day

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Creating quality time in a marriage or with a significant other is imperative to the strength of a relationship.  But how to you stay on budget with everything else going on in your lives?  Living on Love and Cents & Madame Deals have put together a great article for this weeks Dating on a Dime series:

This week Living on Love and Cents is bringing us a great idea!

[Read more...]

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Ask an Accountant: Claiming a Contest Won Vacation

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Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:
In 2010 I won an all expense paid trip as a prize for winning a contest. The company immediately asked for my social security number for the purposes of taxes. I expected I would be responsible for taxes on the value of the trip (I think it was $1,800.00.) In February of this year I contacted the company to see if they were sending me a 1099-Misc so I could file my taxes. They said they were going to send the form by the end of February, but I never received the forms. I needed my tax return funds, so I went ahead and filed my taxes without their information. If they claimed my trip on their taxes for 2010, is it likely that the IRS will see that I didn’t claim the trip and come after me tacking on interest?
[Read more...]

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Ask an Accountant: Tax Audits

Disclosure: This post may contain an affiliate link.

Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:

I have been audited for medical expenses for 2008 (my husband became very ill) and have close to 300 individual expenses. If I copy every bill, check, explanation of benefits from the insurance company, flexible spending account reimbursement, credit card bill, prescription receipt, etc., I will be paying for and sending a 12 x 12 box. Will the IRS take scanned documents on CD or do you have another idea? Also, can I write off the time, postage, printer ink and paper to do this?
[Read more...]

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Dating on a Dime: Quick Date Night Idea

Disclosure: This post may contain an affiliate link.

 

Creating quality time in a marriage or with a significant other is imperative to the strength of a relationship.  But how to you stay on budget with everything else going on in your lives?  Living on Love and Cents & Madame Deals have put together a great article for this weeks Dating on a Dime series:
[Read more...]

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Join the Savings Pledge on Facebook & Tell Us What You’re Saving For

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Take the Savings Pledge

I have a couple of fun announcements to share.  First, I was selected as a 2011 Savings.com DealPro! I can’t tell you have excited I am to be part of the savings.com team!

I know most of you are already familiar with Savings.com.  Not only will you find great deals and discount codes, but you can ask questions and get expert advice as well!  If you’re not already a member, sign up here.

Even more important, today is the launch the Savings Pledge!

Savings.com, the premier destination for online coupons and coupon codes, has helped Americans save more than 150 million dollars by providing the very best deals and expert shopping advice.  But they want to reach 1 billion dollars.  To help reach this goal, Savings.com and the 2011 DealPros are launching a campaign to get Americans to take the Savings Pledge and make a commitment to saving on the things they need so they can spend on the things they want.

To take the Savings Pledge, simply log-on to the Coupon Challenge Facebook page and tell us how much you plan to save and what you are saving for.  Just look for the app on the left-hand side of the page.

To help you keep your pledge, you’ll receive ongoing expert advice and tips from the 2011 DealPros via your Facebook news feed and on the blog.  Savings.com will be celebrating key milestones along the way by offering consumers who have taken the pledge exclusive deals and offers!

In addition, five randomly selected consumers from the first 500 people to take the pledge will win a one-on-one, personalized advice session with a 2011 DealPro!

Find more information on the Savings Pledge and meet the Deal Pros on the Savings.com website.

While you’re there, make sure to Follow Me :-) Follow me on Savings.com!

*Don’t worry, the Savings Pledge app doesn’t require you to “allow” all your personal information.

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