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vikrantkakade4071
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FIQA-llama-qa-v2-10K

input stringlengths 15 147	output stringlengths 3 9.31k	formatted dict
Does U.S. tax code call for small business owners to count business purchases as personal income?	I am going to keep things very simple and explain the common-sense reason why the accountant is right: Also, my sister in law owns a small restaurant, where they claim their accountant informed them of the same thing, where a portion of their business purchases had to be counted as taxable personal income. In this case...	{ "input": "", "instruction": "Does U.S. tax code call for small business owners to count business purchases as personal income?", "output": "I am going to keep things very simple and explain the common-sense reason why the accountant is right: Also, my sister in law owns a small restaurant, where they claim thei...
What are 'business fundamentals'?	From http://financial-dictionary.thefreedictionary.com/Business+Fundamentals The facts that affect a company's underlying value. Examples of business fundamentals include debt, cash flow, supply of and demand for the company's products, and so forth. For instance, if a company does not have a sufficient sup...	{ "input": "", "instruction": "What are 'business fundamentals'?", "output": "From http://financial-dictionary.thefreedictionary.com/Business+Fundamentals The facts that affect a company's underlying value. Examples of business fundamentals include debt, cash flow, supply of and demand for the company's p...
Business Investment Loss from prior year	You need to give specific dates! In the United States, you have three years to file an amended tax return. https://www.irs.gov/uac/Newsroom/Ten-Facts-about-Amended-Tax-Returns Did the restaurant fail in 2012? If so, that's probably the year to take the loss. If you need to amend your 2012 return, which you filed in 201...	{ "input": "", "instruction": "Business Investment Loss from prior year", "output": "You need to give specific dates! In the United States, you have three years to file an amended tax return. https://www.irs.gov/uac/Newsroom/Ten-Facts-about-Amended-Tax-Returns Did the restaurant fail in 2012? If so, that's probab...
Would the purchase of a car for a business through the use of a business loan be considered a business expense?	You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business purposes, you NEVER use it to drive to the grocery store or to your fri...	{ "input": "", "instruction": "Would the purchase of a car for a business through the use of a business loan be considered a business expense?", "output": "You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.ir...
Why is “cheque cashing” a legitimate business?	In my experience (in the US), the main draw of check-cashing businesses (like "CheckN2Cash" is that they will hold your check for a certain period of time. This is also known as a "payday loan". Rather than bringing them a check someone else has written you, you write them a check yourself, postdated, and they pay yo...	{ "input": "", "instruction": "Why is “cheque cashing” a legitimate business?", "output": "In my experience (in the US), the main draw of check-cashing businesses (like \"CheckN2Cash\" is that they will hold your check for a certain period of time. This is also known as a \"payday loan\". Rather than bringing t...
Valuing a small business to invest in	It should be pretty obvious that without knowing what sort of assets the company owns, and what sort of net earnings are being generated it's impossible to say what a $20k equity investment should get you in terms of ownership percentage. With that said, you want to look at a few to several years of books, look for t...	{ "input": "", "instruction": "Valuing a small business to invest in ", "output": "It should be pretty obvious that without knowing what sort of assets the company owns, and what sort of net earnings are being generated it's impossible to say what a $20k equity investment should get you in terms of ownership perc...
Borrow money to invest in a business venture with equity?	It's clearly a risk, but is it any different than investing in your own business? Yes, it is different. If you own a business, you determine the path of the business. You determine how much risk the business takes. You can put in extra effort to try to make the business work. You can choose to liquidate to preserve...	{ "input": "", "instruction": "Borrow money to invest in a business venture with equity?", "output": "It's clearly a risk, but is it any different than investing in your own business? Yes, it is different. If you own a business, you determine the path of the business. You determine how much risk the business ta...
Why can't online transactions be completed outside of business hours?	Generally, unless you're doing a wire transfer, bank transactions are processed in batches overnight. So the credit card company won't be able to confirm your transfer until the next business day (it may take even longer for them to actually receive the money).	{ "input": "", "instruction": "Why can't online transactions be completed outside of business hours?", "output": "Generally, unless you're doing a wire transfer, bank transactions are processed in batches overnight. So the credit card company won't be able to confirm your transfer until the next business day (it ...
Full-time work + running small side business: Best business structure for taxes?	A tax return is a document you sign and file with the government to self-report your tax obligations. A tax refund is the payment you receive from the government if your payments into the tax system exceeded your obligations. As others have mentioned, if an extra $2K in income generated $5K in taxes, chances are your ...	{ "input": "", "instruction": "Full-time work + running small side business: Best business structure for taxes?", "output": "A tax return is a document you sign and file with the government to self-report your tax obligations. A tax refund is the payment you receive from the government if your payments into the t...
New vending route business, not sure how to determine taxes	You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just like costs of goods sold or interest on a loan. Then, depending on how you structure the business, the net income of the business just hits you personally and you pay income taxes. You can wor...	{ "input": "", "instruction": "New vending route business, not sure how to determine taxes", "output": "You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just like costs of goods sold or interest on a loan. Then, depending on how you structur...
How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?	Alright, IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses Business and personal use. If you use your car for both business and personal purposes, you must divide your expenses between business and personal use. You can divide your expense based on the miles driven for each purpose. Example. Yo...	{ "input": "", "instruction": "How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?", "output": "Alright, IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses Business and personal use. If you use your car for both business and personal purposes, you ...
Can a business refuse to take credit cards?	Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards they accept by posting some stickers at their door. When your credit card isn't among them and you don't have enough cash with you, ask about your card before you order. If a bus...	{ "input": "", "instruction": "Can a business refuse to take credit cards?", "output": "Businesses are free to decide what payment methods they accept for their goods and services. Businesses sometimes advertise what credit cards they accept by posting some stickers at their door. When your credit card isn't amon...
Get a loan with low interest rate on small business	I am going to assume your location is the US. From what I am seeing it is unlikely you will get a loan other than some government backed thing. You are a poor risk. At 7k/month, you have above average household income. The fact that all of your income "is being washed off somewhere" is a behavior problem, not a mathe...	{ "input": "", "instruction": "Get a loan with low interest rate on small business", "output": "I am going to assume your location is the US. From what I am seeing it is unlikely you will get a loan other than some government backed thing. You are a poor risk. At 7k/month, you have above average household income...
Using cash back rewards from business credit card	A C-Corp is not a pass-through entity, any applicable taxes would be paid by the Corporation, which is a separate legal entity from yourself. If you use the points to purchase something for yourself, that would constitute "income" to you, and would be taxable on your personal income tax.	{ "input": "", "instruction": "Using cash back rewards from business credit card", "output": "A C-Corp is not a pass-through entity, any applicable taxes would be paid by the Corporation, which is a separate legal entity from yourself. If you use the points to purchase something for yourself, that would constitut...
Moving a personal business to a LLC accounting in California	You can move money in and out of the business at will, just keep track of every transaction. Ideally you'd use an accounting software like QuickBooks or similar. Create a Capital Contributions account and every time you put money into the business checking account record it as a Capital Contribution. Likewise, if you t...	{ "input": "", "instruction": "Moving a personal business to a LLC accounting in California", "output": "You can move money in and out of the business at will, just keep track of every transaction. Ideally you'd use an accounting software like QuickBooks or similar. Create a Capital Contributions account and ever...
US Double Taxation - Business Trips and the Foreign Tax Credit	If you're a US citizen, money earned while in the US is sourced to the US. So you can't apply FTC/FEIE to the amounts attributable to the periods of your work while in the US even if it is a short business trip. Tax treaties may affect this. Most tax treaties have explicit provisions to exclude short trips from the sou...	{ "input": "", "instruction": "US Double Taxation - Business Trips and the Foreign Tax Credit", "output": "If you're a US citizen, money earned while in the US is sourced to the US. So you can't apply FTC/FEIE to the amounts attributable to the periods of your work while in the US even if it is a short business t...
Can I use my Roth IRA to start a business?	Read the Forbes article titled IRA Adventures. While it's not the detailed regulations you certainly need, the article gives some great detail and caution. You may be able to do what you wish, but it must be structured to adhere to specific rules to avoid self dealing. Those rules would be known by the custodians who w...	{ "input": "", "instruction": "Can I use my Roth IRA to start a business?", "output": "Read the Forbes article titled IRA Adventures. While it's not the detailed regulations you certainly need, the article gives some great detail and caution. You may be able to do what you wish, but it must be structured to adher...
Really have to use business credit card for personal expenses	I really have to use the business card for personal expenses, please assume that in your answer. This is very hard to believe. You must do that? Why not just have the company pay you $1600 each month? Then you can use that money for whatever you want. Why can't you do this? (I cannot think of a legitimate reason...) Ho...	{ "input": "", "instruction": "Really have to use business credit card for personal expenses ", "output": "I really have to use the business card for personal expenses, please assume that in your answer. This is very hard to believe. You must do that? Why not just have the company pay you $1600 each month? Then y...
Using credit card points to pay for tax deductible business expenses	For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The reason is most personal purchases are made with after tax dollars; you typically aren't deducting the cost of what you...	{ "input": "", "instruction": "Using credit card points to pay for tax deductible business expenses", "output": "For simplicity, let's start by just considering cash back. In general, cash back from credit cards for personal use is not taxable, but for business use it is taxable (sort of, I'll explain later). The...
How to account for money earned and spent prior to establishing business bank accounts?	Funds earned and spent before opening a dedicated business account should be classified according to their origination. For example, if your business received income, where did that money go? If you took the money personally, it would be considered either a 'distribution' or a 'loan' to you. It is up to you which of ...	{ "input": "", "instruction": "How to account for money earned and spent prior to establishing business bank accounts?", "output": "Funds earned and spent before opening a dedicated business account should be classified according to their origination. For example, if your business received income, where did that ...
Do I need a Like-Kind Exchange when selling a personal vehicle for a company car	You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property. Since you said that you traded in your personal car - no like-kind exchange is possible. Also, since the new car doesn't belong to you - you didn't actually perform any exchange. You sold your old car, but you d...	{ "input": "", "instruction": "Do I need a Like-Kind Exchange when selling a personal vehicle for a company car", "output": "You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property. Since you said that you traded in your personal car - no like-kind exchange is p...
Can I Accept Gold?	Of course you can accept gold as payment. Would anyone pay in gold? Would it have tax consequences on your federal taxes? These additional questions are off-topic on this site about personal finance.	{ "input": "", "instruction": "Can I Accept Gold?", "output": "Of course you can accept gold as payment. Would anyone pay in gold? Would it have tax consequences on your federal taxes? These additional questions are off-topic on this site about personal finance." }
How to deduct operational loss from my personal income tax?	I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a sole-proprietorship, you'd complete a Schedule C for the business, and you'd end up with a loss at the end. If the investment you made in the business is considered to be entirely or partial...	{ "input": "", "instruction": "How to deduct operational loss from my personal income tax?", "output": "I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a sole-proprietorship, you'd complete a Schedule C for the business, and you'd end ...
Can my company buy my personal debt?	When your debt is forgiven, you have to consider the amount written off as an ordinary income item (with the exclusion of the debt originated from the purchase of primary home). If you're trying to write the debt off from your taxes - then it won't work. Even if you can expense the debt forgiveness, you will incur tax ...	{ "input": "", "instruction": "Can my company buy my personal debt?", "output": "When your debt is forgiven, you have to consider the amount written off as an ordinary income item (with the exclusion of the debt originated from the purchase of primary home). If you're trying to write the debt off from your taxes ...
What is the difference between a bond and a debenture?	Investopedia has definitions for both: Debenture: A type of debt instrument that is not secured by physical asset or collateral. Bond: A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate. Wikipedia's ent...	{ "input": "", "instruction": "What is the difference between a bond and a debenture?", "output": "Investopedia has definitions for both: Debenture: A type of debt instrument that is not secured by physical asset or collateral. Bond: A debt investment in which an investor loans money to an entity (corporate or go...
How to have a small capital investment in US if I am out of the country?	For $100 you better just hold it in Mexico. The cost of opening an account could eat 10% or more of your capital easily, and that won't be able to buy enough shares of an ETF or similar investment to make it worthwhile.	{ "input": "", "instruction": "How to have a small capital investment in US if I am out of the country?", "output": "For $100 you better just hold it in Mexico. The cost of opening an account could eat 10% or more of your capital easily, and that won't be able to buy enough shares of an ETF or similar investment...
Do I owe taxes if my deductions are higher than my income?	No, it's not possible. Even if you had no deduction or credits, your federal tax on $16,604 would be: $9075 @ 10% = $907.50 + $7529 @ 15% = $1129.35 = $2036.85 That assumes you are filing as single. There must be more to the story. Typo in your income numbers? Also, what do you mean by a self-employment tax deductio...	{ "input": "", "instruction": "Do I owe taxes if my deductions are higher than my income?", "output": "No, it's not possible. Even if you had no deduction or credits, your federal tax on $16,604 would be: $9075 @ 10% = $907.50 + $7529 @ 15% = $1129.35 = $2036.85 That assumes you are filing as single. There must ...
What increases your chance of being audited?	Here is an article that claims to know something about it. Here are a selection of quotes: The IRS says there are several ways a return can be selected for audit and the first is via the agency's computer-scoring system known as Discriminant Information Function, or DIF. The IRS evaluates tax returns based on IRS formu...	{ "input": "", "instruction": "What increases your chance of being audited?", "output": "Here is an article that claims to know something about it. Here are a selection of quotes: The IRS says there are several ways a return can be selected for audit and the first is via the agency's computer-scoring system known...
If I invest in a company that goes bankrupt, is that a gain or a loss?	I'll give the credit to @Quid in the comments section of the question. You put out $10k, you got back $20k, that's a cash gain of $10k, how the asset was valued between your purchase and sale isn't relevant. From an accounting perspective, the company is the only party that is realizing the loss (as they have sold the...	{ "input": "", "instruction": "If I invest in a company that goes bankrupt, is that a gain or a loss?", "output": "I'll give the credit to @Quid in the comments section of the question. You put out $10k, you got back $20k, that's a cash gain of $10k, how the asset was valued between your purchase and sale isn't ...
Privacy preferences on creditworthiness data	See the first item in the list: For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Note that there's no option for you to limit this sharing. Credit reporting is the business need of the b...	{ "input": "", "instruction": "Privacy preferences on creditworthiness data", "output": "See the first item in the list: For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Note that ...
When should I start an LLC for my side work?	An LLC is overkill for 99% of 1 man small businesses. Side-businesses should remain as sole proprieterships until they get much larger and need the benefits of the LLC laws. You can still bill through a company name if you want to start building a brand: And set aside 25% of your gross income for Uncle Sam. He wants yo...	{ "input": "", "instruction": "When should I start an LLC for my side work?", "output": "An LLC is overkill for 99% of 1 man small businesses. Side-businesses should remain as sole proprieterships until they get much larger and need the benefits of the LLC laws. You can still bill through a company name if you wa...
Why are bank transactions not instant?	If you want your bank to pay $1 to a beneficiary Bob, then the service (no matter how implemented) needs to result in Bob's bank saying to Bob "Hey, I owe you $1". The usual way how this is done consists of two parts - your bank needs to somehow tell Bob's bank "hey guys, do us a favor and please give Bob $1 with a ...	{ "input": "", "instruction": "Why are bank transactions not instant?", "output": "If you want your bank to pay $1 to a beneficiary Bob, then the service (no matter how implemented) needs to result in Bob's bank saying to Bob \"Hey, I owe you $1\". The usual way how this is done consists of two parts - your ba...
Excessive Credit Check from Comcast	In general, it is unusual for a credit check to occur when you are terminating a contract, since you are no longer requesting credit. If the credit check was a "hard pull" it will stay on your credit report for 2 years, but will only have an impact on your credit score for up to 12 months. If the check is a "soft pull"...	{ "input": "", "instruction": "Excessive Credit Check from Comcast", "output": "In general, it is unusual for a credit check to occur when you are terminating a contract, since you are no longer requesting credit. If the credit check was a \"hard pull\" it will stay on your credit report for 2 years, but will onl...
why if change manufacturing of a product not change the price for the buyer?	In highly developed and competitive industries companies tread a continuous and very fine line between maximising shareholder profits by keeping prices up while making products as cheaply as possible, vs competitors lowering prices when they work out a way to make equivalents cheaper. In the short run you will quite of...	{ "input": "", "instruction": "why if change manufacturing of a product not change the price for the buyer? ", "output": "In highly developed and competitive industries companies tread a continuous and very fine line between maximising shareholder profits by keeping prices up while making products as cheaply as p...
I'm self-employed with my own LLC. How should I pay myself, given my situation?	You're conflating LLC with Corporation. They're different animals. LLC does not have "S" or "C" designations, those are just for corporations. I think what you're thinking about is electing pass through status with the IRS. This is the easiest way to go. The company can pay you at irregular intervals in irregular amoun...	{ "input": "", "instruction": "I'm self-employed with my own LLC. How should I pay myself, given my situation?", "output": "You're conflating LLC with Corporation. They're different animals. LLC does not have \"S\" or \"C\" designations, those are just for corporations. I think what you're thinking about is elect...
Tax planning for Indian TDS on international payments	I am an Israeli based citizen who represents and Indian company who sells its products in Israel. As an agent I am entitled to commission on sales on behalf the Indian company who advised that. Any commission paid to you will be applicable to TDS at 20.9% of the commission amount, the tax will be paid and a Tax paid ce...	{ "input": "", "instruction": "Tax planning for Indian TDS on international payments", "output": "I am an Israeli based citizen who represents and Indian company who sells its products in Israel. As an agent I am entitled to commission on sales on behalf the Indian company who advised that. Any commission paid to...
What percentage of my company should I have if I only put money?	Question (which you need to ask yourself): How well are your friends paid for their work? What would happen if you just took your money and bought a garage, and hired two car mechanics? How would that be different from what you are doing? The money that you put into the company, is that paid in capital, or is it a loa...	{ "input": "", "instruction": "What percentage of my company should I have if I only put money?", "output": "Question (which you need to ask yourself): How well are your friends paid for their work? What would happen if you just took your money and bought a garage, and hired two car mechanics? How would that be d...
Is the repayment of monies loaned to my company considered income?	I'm a Finance major in Finland and here is how it would go here. As you loan money to the company, the company has no income, but gains an asset and a liability. When the company then uses the money to pay the bills it does have expenses that accumulate to the end of the accounting period where they have to be declared...	{ "input": "", "instruction": "Is the repayment of monies loaned to my company considered income?", "output": "I'm a Finance major in Finland and here is how it would go here. As you loan money to the company, the company has no income, but gains an asset and a liability. When the company then uses the money to p...
UK companies house - what can I glean from an abbreviated balance sheet?	What this abbreviated balance sheet tells you is that this company has negative equity. The liabilities are greater than the value of the assets. The obvious problem for the company who wants to do business with you is that they are going to have a real hard time accessing credit to pay off any debts that they incur ...	{ "input": "", "instruction": "UK companies house - what can I glean from an abbreviated balance sheet?", "output": "What this abbreviated balance sheet tells you is that this company has negative equity. The liabilities are greater than the value of the assets. The obvious problem for the company who wants to ...
US Self-Employment Tax: Do expenses stack with the 50% SE deduction?	Business expenses reduce business income. The SE tax is paid on business income. The credit for 1/2 the SE tax is based on the amount of SE tax paid. So:	{ "input": "", "instruction": "US Self-Employment Tax: Do expenses stack with the 50% SE deduction?", "output": "Business expenses reduce business income. The SE tax is paid on business income. The credit for 1/2 the SE tax is based on the amount of SE tax paid. So:" }