Listener Q&A with Mike Jesowshek CPA (04/12/2023)

Apr 12, 2023

On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now!

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You never know, your question may be on the next Q&A session. Below are today's questions, tune into our Podcast to hear the answers!

Emily: Can I pay my kids (under 18) through my s corp with a w2- paid through my payroll. Or should I set up a family management sole prop. And pay them through that? The 2nd option seems like so much more work. Why not just pay straight through the s-corp?

Michelle: I have a product based business and at times I have to pay for a portion of the shipping, am I able to claim that as a deduction on my taxes? Also can you claim your website fee and app fees for the website as a deduction?  

Linda: I am looking for a way to maximize deductions for a golf team sponsored by my small business. Am I to understand the fees associated with weekly play Are not deductible, but if l supply logos on the t shirts for the team that l can deduct those expenses? Same goes for logos on golf balls and caps? How about if l put a logo on my golf cart? Can l then deduct storage of the cart trail fees and gas and maintenance for the cart? Are there any other things l can deduct?

April: I just discovered your podcast -- great listening so far, thank you! My husband and I both work corporate jobs. Due to the pandemic, he is now 100% remote as his corporate office is now out of state. (He has taken over our home office as his work office). I also started a small side (crafting) business and work out of my basement on the weekends and work corporate job during the weekdays; working 4 days remote in our converted dining room-now-turned-office. How would an office deduction work in our case?. Summary: 1.basement nook 100% side business 2.home office - 100% husband work office during week; weekends utilize for side business AND personal 3.dining room converted to office = 100% remote office, 4 days week -- NOT using space as dining room but it is a pass-through Thank you!

Brooks: Is it okay to pay my federal and state taxes via the business bank account? Single member LLC filed a 1040 with Schedule C. Also, any suggestions on how to code it in QBO would be much appreciated.

Jordan: I run a food truck and we pay a lot of event application fees. Would this be a tax deductible expense?

Tam: First time selecting S-corp treatment so hoping to get some guidance on the below questions.

  1. If I submit the paperwork for the s-corp selection by March 15 for 2023 deadline, can I start paying myself through payroll even though the IRS may not approve my selection until 1,2 months later?
  2. If I want to pay myself via payroll monthly starting from 3/31, do I need to make an off-cycle payroll for January and February?
  3. Can I also pay myself a low amount to cover living expenses only, and catch up with higher amounts at year-end to meet reasonable salary? 

Kyle:  What documentation do you need to pay your child in your business? Any recommendations for where to get the paperwork/software? I know I need time sheets and form FMC just don’t know the specifics of how to do it and what paperwork to keep track of. Anyone have samples of contracts, duties, FMC, time sheets, etc?

Matt: I run my business out of my home. We are looking to buy a new house, with one of the major requirements being a bigger office space. Can I deduct miles for going to showings and meeting with realtor? I am LLC taxed as a sole proprietor.

Paul: I accidentally used my business debit card for a large personal expense then personally reimbursed the business when I found out. How would I categorize these in my books?



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