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Tax law changes for B&B's for 2010 tax year?

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JBloggs

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(disclaimer - this is about our businesses, not political. Just wanted to be upfront and cut off at the pass any frustrations that may rear up)
Does anyone know if there are any changes to the tax laws for 2010 tax year that would impact and effect us a live-in B&B SMALL BUSINESS OWNERS?
Pls post, if you have a link, stick that on here too. THX!
 

Don Draper

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If you count yourself as an employee (by paying yourself a salary), I believe starting 2010 you can deduct some of your health care premium costs. We are not employees, so it does not apply to us but we got something to this effect from our accountant. It's worth asking about it.
 

JBloggs

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So does this mean I can toss the stuff 7 years+ old now? I am running out of room, I just spent all morning sorting out my folders/chest where I store all the recpts, folders, files, returns, etc Why do I have truss plans from a house built years ago....oi veigh, this is going to take forever as I sidetrack. I am finding the envelope of news articles, cards etc from guests. Sweet! My kids aren't as cute anymore, since they are teens, so not getting as much cute stuff...haha
That is one thing owning a B&B - you don't store unnecessary stuff, you can't.
back to it and listening to pandora...hotel calif.
 

Breakfast Diva

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So does this mean I can toss the stuff 7 years+ old now? I am running out of room, I just spent all morning sorting out my folders/chest where I store all the recpts, folders, files, returns, etc Why do I have truss plans from a house built years ago....oi veigh, this is going to take forever as I sidetrack. I am finding the envelope of news articles, cards etc from guests. Sweet! My kids aren't as cute anymore, since they are teens, so not getting as much cute stuff...haha
That is one thing owning a B&B - you don't store unnecessary stuff, you can't.
back to it and listening to pandora...hotel calif..
My CPA has told me that we can NEVER throw away receipts and info. Tells me that the same 7 year rule does not apply to a business and to even save them after you sell. That might be a bit extreme, but he's never lead me astray.
 

EmptyNest

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So does this mean I can toss the stuff 7 years+ old now? I am running out of room, I just spent all morning sorting out my folders/chest where I store all the recpts, folders, files, returns, etc Why do I have truss plans from a house built years ago....oi veigh, this is going to take forever as I sidetrack. I am finding the envelope of news articles, cards etc from guests. Sweet! My kids aren't as cute anymore, since they are teens, so not getting as much cute stuff...haha
That is one thing owning a B&B - you don't store unnecessary stuff, you can't.
back to it and listening to pandora...hotel calif..
My CPA has told me that we can NEVER throw away receipts and info. Tells me that the same 7 year rule does not apply to a business and to even save them after you sell. That might be a bit extreme, but he's never lead me astray.
.
Ours said the same thing...if you intend to sell the place as a B&B...keep it all! Having said that...we have just burned everything we had from 1995 to 2001 Boy do we have more space in our basement now.
 

JBloggs

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I won't get rid of any of it. I was just kidding. I am trying to organize better. I did find the title to my car I sold and had to go get a replacement. DOH!
I did see the monthly payments to bedandbreakfast.com I am not paying this year...yeah!! So there is some good and bad found amongst my file folders... I forgot about a few medical incidents that happened last year. I must have a short track mind.
 

EmptyNest

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I won't get rid of any of it. I was just kidding. I am trying to organize better. I did find the title to my car I sold and had to go get a replacement. DOH!
I did see the monthly payments to bedandbreakfast.com I am not paying this year...yeah!! So there is some good and bad found amongst my file folders... I forgot about a few medical incidents that happened last year. I must have a short track mind.
.
In 2010 I kept a "calendar" on my desktop. Every time we spent any money whatsoever that can be claimed as a deduction, I wrote it in on that date. Just did my report for my CPA and it was a breeze to calculate all my deductions. Now I just wish the insurance company would hurry up and pay hospital bills they were sent in Oct. So I know how much I am going to have to pay personally so I can hand it all over to the accountant....and pray I don't owe anything this year.
 

egoodell

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I won't get rid of any of it. I was just kidding. I am trying to organize better. I did find the title to my car I sold and had to go get a replacement. DOH!
I did see the monthly payments to bedandbreakfast.com I am not paying this year...yeah!! So there is some good and bad found amongst my file folders... I forgot about a few medical incidents that happened last year. I must have a short track mind.
.
In 2010 I kept a "calendar" on my desktop. Every time we spent any money whatsoever that can be claimed as a deduction, I wrote it in on that date. Just did my report for my CPA and it was a breeze to calculate all my deductions. Now I just wish the insurance company would hurry up and pay hospital bills they were sent in Oct. So I know how much I am going to have to pay personally so I can hand it all over to the accountant....and pray I don't owe anything this year.
.
catlady said:
In 2010 I kept a "calendar" on my desktop. Every time we spent any money whatsoever that can be claimed as a deduction, I wrote it in on that date. Just did my report for my CPA and it was a breeze to calculate all my deductions. Now I just wish the insurance company would hurry up and pay hospital bills they were sent in Oct. So I know how much I am going to have to pay personally so I can hand it all over to the accountant....and pray I don't owe anything this year.
Ooh Catlady that is a great suggestion!!!!!
RIki
 
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