True but that is to cover the expenses like rent, office supplies, sm
Posted By: SmallMTSO on 2008-05-31
In Reply to: The financial gurus always say when starting a new - me
manager salaries. That does not include payroll that is based on service.
A good example woould be this: You are starting a book store. You need to plan the original inventory and six months worth of expenses. If you sell that inventory, you use the money from that to buy more books. If you do not sell any at first, you can stay in business for six months while you get noticed.
With transcription or any service business, you need enough in the bank to cover the same expenses, those that can keep you afloat while building your client base. However, you only hire more people as you get more customers. The payroll does not figure into the 6 months as it is based on what you provide, whereas the 6 months takes into account what it takes to get it going even if you do not have 1 employee.
Very, very few companies can have $800,000 lying around. If they did, they probably would need to invest it in equipment or spend it in other ways or the IRS would consider it profit and tax the heck out of it!
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Might be able to rent one from an office supply or office machine repair shop
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Sometimes find decals for this in office supplies. OW, just use Magic Marker. nm
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deduct everything you can think of, electricity, phone, home office if you chose to, supplies, inter
you get the picture. I don't do the home office deduction though because we keep saying we are going to build on a lot we have and things get screwed up with taxes due to this, something with depreciation, not really sure, know someone who had this problem though, owed a lot back. When we do move, then I will take it since I know it won't be an issue then. I write off about $2-$3K a year which helps some. Was paying quartly but have not done it in 2 years as I usually don't owe more than $1200 and my husband has extra taken out of his pay, so that has always, so far, taken care of any taxes I have "owed". -- Check out the IRS website they have plenty of info on the subject.
I also took home office expenses as an employee, but --
You can only get any good out of it if you are also a homeowner with a lot of mortgage interest or have a lot of medical expenses, etc., that would make it higher than the standard deduction.
deducting home office expenses -
For the home office expense - You would measure the amount of space you actually use to work (your desk area) and figure the percentage of that square footage to your total square footage. Then you would use that percentage of your utilities costs, etc., to count on your taxes.
home office expenses are still deductible if you are an employee - nm
x
the USPS supplies boxes and supplies free of charge..but you have to "order" it sm
by phone. I'll see if I can find it. What is sent to soldiers is what is allowed by military protocol..beef jerky would not be allowed in a country that considers beef sacred. They (military) strongly enforce being considerate of the countrys culture. within those guidelines, send anything..if the recipient does not want it..it goes on a public area and free for all to share..they love doing it too.
I deduct all expenses that relate to my home office-% of utilities, taxes, repairs to that room, --s
mortgage (we do not plan to sell our house so this deduction will not affect us)as my office is used only for that purpose, internet, phone, I print out a daily schedule so paper/ink, computer repairs, pens, pencils, tape, staples, file cabinets, storge bins for tax recepts/tax returns,file folders. Anything/everything I use to do my job.
I was using mileage for another account where I pick up tapes every day, but found for me the time it took to keep track of the mileage, write it down, add it up was not worth the effort so I quit doing it this year.
All Chris did was cover the band Live's cover of the song. He
didn't do anything special.
It's for the agencies to buy supplies-- hello!
nm
Webmedx supplies all equipment. They do have a (sm)
pretty high ratio of ESLs, but the QA is really good here. They DO NOT penalize for blanks or sending reports to QA. I don't know about family insurance, but single is very reasonable, BCBS. They also offer dental and vision.
When worked in clinic, Dr. supplies everything
x
Supplies and driving to and from, time printing - no less than .12 cpl.
Why is it that court reports are so well respected and their pay never an issue?
I feel like I am stealing when I ask to be compensated for my knowledge, experience and reliability. It is basically the same work, one is in legal field and one in medical field. What is up with that????
Amphion supplies hardware and software
www.amphionmedical.com
888-400-5777
medcompare.com for supplies, components, equipment,
s
Keep in mind that if gas supplies are low, how will trucks get their loads to the store.
It's a good idea to stock up now. We went to Sam's Club tonight. Bought 25 pounds of sugar, 10 pounds of flour, 10 pounds of beans, 4 large jars of peanut butter, canned tuna and chicken, powdered milk, etc. If those damaged pipelines aren't put back on line fast, there may be shortages.
Just be sure to buy things your family will actually eat. Don't forget to store water. Prep as if you're expecting to be off the grid for a month or more.
To learn more about prepping, Google "survival."
Power supplies are Dell proprietary and must be purchased from
power supply is the same way. I have 3 Dell laptops and a Dell PC and there are indeed a number of items that are proprietary. However, I love all of my Dell products and wouldn't trade them for anything.
This is hard to do when the co. supplies the computer. Got it finally, now is he updating and getti
Unless we are transcribing, we are losing money. This is why a relative decent line rate is not asking for a lot, I believe.
I do think we should all have a savings account though. I have 17 hours of PTO that I am going to cash in.
DOH!
Congrats to Nina P. of NY on winning the scrapbooking supplies courtesy of
/
Ask a tax guy. Since you pay rent, I would think so
ds
MT for rent?
MTSO 1 needs MT but for some reason hasn't been able to fill the position(s) so subcontracts with MTSO 2 to use #2s employees for #1s work. MTSO 2 goes and hires MTs who will remain employees of MTSO 2 but do all their work through MTSO 1's server.
Anyone heard of something like this? They do not disclose the name of MTSO 1 when asked.
I have no expenses except to buy my
computer, desk and chair, which after time becomes a wash and are nominal expenses. All my references are online paid for by the company (all Stedman electronic word books, my free personal subscription to Monthly Prescribing Reference, etc.)
Maybe you can cut your expenses? sm
If you are using telephones for dictation, maybe switch to handheld units? Or use a TASP to save money on calls? Use the Internet more to cut down on expenses. Hope this helps. If you can, keep your clients. They are hard to come by nowadays.
Why? Except for the rent all the rest is the same everywhere.
//
Anyone here rent a computer from MQ? I have a ?...
Did you fill out paperwork before you rented the computer? Did they immediately start deducting the cost from your pay for rental?
I've never filled out any paperwork for my computer, it was just mailed to me. Haven't seen rental deductions either. Did I do something wrong? 
No you didn't. You said you won't rent from him
.
Can you rent a car for about the same amount? sm
That way you could come and go as you pleased!
No rent that I know of, but cheaper to buy used on e-bay. nm
x
Yup! And newbies have to pay the rent and eat, too -
.
Remember that's $40 before all expenses. nm
x
Medical expenses
January, 2000 - DH tore rotator cuff, needed MRI/arthrogram, followed by rotator cuff repair.
January, 2001 - I had foot surgery in podiatrist's office.
January, 2002 - DH had cervical MRI/myelogram, followed by anterior cervical diskectomy with fusion, two levels.
January, 2003 - DH had knee MRI, followed by arthroscopy.
January, 2004 - I had LASIK surgery.
OMYGOSH, it's almost January again! 
Why not just add it to your business expenses? nm
x
You can still deduct your MT expenses if your and IC - sm
regardless of taking the standard deduction. Your write offs for MT are on the Schedule C (not B). My husband and I take the standard deduction as we don't have enough on our Sch. B; then I write off all my IC deductions and report my income on the Sch. C.; putting the bottom line (income minus IC write-offs) on the 1040 line 12. So I am not quite clear on what you are talking about but I know how I do it is how most of us (if not all) do our deductions. You may want to do an amended return.
Tax Deductible Expenses
We ran a business for years from our home. As far as I know, you can take the base rate of your telephone bill as an expense (which includes FCC taxes) and any long distance calls related directly to the business. As for Home Owners Insurance, you can take 7% of the insurance because you use 7% of your home for your business. Also, anything related to the business such as equipment, paper, tapes or special software programs can be taken as well. If you have to travel to deliver the finished reports, I believe the rate is 28 cents a mile. If you travel, you can also deduct any maintenance on your vehicle. Hope this helps. 
Taxes, Expenses
I would have internet anyway; now I get to write it off. I would have long distance anyway; now I get to write it off. Everyone pays taxes and insurance, it is just a matter of who is doing the bookkeeping. Walmart STARTS at $8/hour and then when they pay all that same stuff they are really making $5- $6. You can write off ALL your health insurance, a portion of your utilities and the area you work in, computer, software, and other supplies.....save on gas (this is HUGE right now), work clothes, make up, day care, and and and. There's always more than one way to view something.
Also, are these figures before tax/expenses or after? sm
Some ICs might be quoting their pay before taxes and expense deductions, which isn't their ACTUAL pay for the year. If someone has their own accounts and says they bring in $50K per year, that's possible, but probably not the amount they receive free and clear.
I find it hard to believe anyone makes that much free and clear unless they are working 12 hours a day, every day, and pulling in a significantly high per-line rate. I'm not saying it can't be done, but I base this opinion on the fact that I make a very good line rate, type over 100 wpm for easy accounts I've had for years, and still don't bring in that kind of money free and clear. I come close with my gross income, but after taxes and expenses, it's only about 65% of that! And I work 9-10 hours a day with only one week of vacation per year.
Come to think of it, that's pretty sad when I see it on paper. LOL I'm going to go look for a new line of work now.
How do you rent a car without credit card?
I only use my debit card now. However, how do you rent a rental car without a credit card?
My rent, alone, is $1400. Including sm
utilities and everything else, probably about $3600, and I live alone.
For most the mortgage/rent is the most expensive.
nm
Maybe it's paid for so she doesn't have to pay any rent.
And that's why she kept it. She did say in a post she doesn't earn much doing medical transcription. At least it's a roof over head head. Cut her some slack would ya?
Are there any places that rent C-phones? sm
I don't mean companies that you work for, but some independent company that you could rent one from. I had one for a long time, but then the company I work for went to wav files, and foolishly, I got rid of my C-phone. Now I have an opportunity at another company that requires a C-phone, but they don't supply them or rent them. Before buying something and then finding out the company stinks, I thought it would be nice to rent one. Maybe this is a farfetched idea, but thought I'd ask.
Thanks.
What is the cost of your living expenses? sm
I would really like to know this as mine seem high. My cost for the bare minimum, not including insurance, medical costs or entertainment, is about $1,800.00 per month.
Is that high to most people? TIA.
$350 a month for my share of expenses.
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get a credit card just for your IC expenses
it will keep all your expenses in one place and you won't need to keep receipts, just the credit card statements. Other than that, track mileage, though to be frank most people will just claim an average mileage and then create a mileage journal if audited. Also if you will take the home office deduction, you can claim percentage of heating, etc. but easy enough to do that. Might be worth your while to consult with a CPA if you take the IC job, and then the first year that you do your taxes. He can explain everything you need and then you can take it from there. Just one or two more forms to fill out, nothing earth-shattering.
Poll: Earnings vs Expenses
1. What are your monthly earnings -- just you (no spousal income) -- doesn't matter how many jobs....monthly earnings?
2. Do you work more than one job?
3. What is your base line rate? If you have more than 1 job, list all base rates.
4. Now what is the minimum bring-home pay you need to survive each month? This is your housing, energy, transportation, insurances, food -- what you have to have to make it.
5. What's the difference? Are you in the hole? Got surplus? Breaking even?
My answers:
1. About $3100 each month.
2. One job.
3. $0.095 cpl plus some incentive bonus each month.
4. $2287 gets everything paid. Savings and pocket money not included in that figure.
5. Surplus but not much. Trying to save as much as possible and have a few greenbacks in my wallet each week.
Was told could deduct pet expenses. sm.
If it is a dog and is over 50 pounds, you can claim its food, vet bills, pet insurance, vaccinations all that as long as your business is run from your home. It applies as a guard dog. It does not matter which breed the dog is either. This is the state of Missouri, not sure about other states.
I am gonna try it as we shelled out alot of money over a period of time for a dog that was poisoned. Luckily, he lived.
WORK-AT-HOME EXPENSES JUST AS MUCH - sm
as if I were working outside the home, if not more. The only thing I would spend money on an outside job would be the $4.00 daily bus fare. I have more than enough clothes for work, no problem there, maybe lunch or can brown-bag. The company pays the office space, light, electricity, internet, cable, AIR CONDITIONING in summer (imp.)
On the other hand, even as an employee, I am not reimbursed for my high-speed, HIGH-COST cable/DSL/telephone I need to make these few cents a line, electric costs, lights, AC BILL JUMPS WHEN SITTING AT PC ALL DAY IN SUMMER, buy my own office supplies, books, references.
Just another mind sc---ing they give you by telling you it's cheaper to work at home. (I have no kids). 
Well...let's see. In 4 years rent in our area has increased at least $500/mo.
Health insurance has gone up. Cost of prescription drugs has increased. Food has increased. Gasoline prices are now over $3 a gallon ($2.69 a gallon BEFORE the storm). Now they're saying that we can expect a 20% increase in our electric bills and up to 71% increase in our heating/fuel bills. All these increases and I've had a 40% CUT in pay. You can believe any paper, magazine, TV news show, or politician you want to believe. I believe my paycheck and my bills.
Yes, hound the renters every 5 days and at least get 1/2 of their rent
and then collect again in another 2 weeks.
Also, is the house a done deal? Can you back out of the purchase even if you took a loss? That might be the better way to go.
Lastly, you said your SUV took 30 bucks in gas. Is your SUV paid for and if so, can you sell it to get something more economical on gas? That might be an option until things get better.
Truly, these are just suggestions, meaning no disrespect.
Again, best of luck with everything!
What's *realistic* is that after I've paid my rent, (sm)
my utility bill, my car insurance, my ISP & phone bills, my medical co-payments, dental bill, etc., I usually have a choice between eating or buying gasoline. So currently my car sits in the carport, fuel-less and rarely driven, but insured - just so that I can continue my close relationship with Chef Boy-Ar-Dee and day-old (or older) bread.
If you think you can claim a part of rent as propety tax you can't.
It probably asks if you rent because then there would be no property taxes to claim. If you owned then there would be property taxes. It s/l it is walking you through the steps. You can claim property taxes for vehicles, but you have incurred no property taxes as you don't own your residence. I'm sure property taxes are considered when they decide how much to charge for rent, but who ever owns the property is paying the taxes and not you.
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