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• 1. P

     Mileage allowance

     What is the name of your state? IN When I started business, I used my personal vehicle. I kept mileage records. A few months later I bought a vehicle for the business. My mileage log does not show which vehicle I used, just mileage and purpose. The title to the new vehicle shows the date of...

     • pito
     • Thread
     • Feb 28, 2008
     • Replies: 0
     • Forum: Starting and Operating a Business
  2. P

     Section 179

     What is the name of your state? IN Two questions... 1) I have purchased some specialty tools (not hand tools), okay to sec179, or should they be depreciated? I am sole prop. 2) I was a W-2 employee at beginning of year and purchased tools through my employer, which were reimbursed from...

     • pito
     • Thread
     • Feb 8, 2008
     • Replies: 0
     • Forum: Starting and Operating a Business
  3. P

     Startup costs

     What is the name of your state? IN I am a sole. When I started business, I created a new bank account. I did/do funds transfers into/out of this account. Since everything is filed as an individual, and Sch C is accurate, is it really necessary to capitalize the money I use to keep the bus...

     • pito
     • Thread
     • Feb 4, 2008
     • Replies: 2
     • Forum: Tax Law