Kristina, the owner of a catering company, needs business advice. She recently traveled to Massachusetts for a week and spent five days on business and two days to visit his family. While she was gone, one of her food trucks was damaged partially by vandalism and two grills were stolen. She is distraught. She does not know how to report the business expenses from her trip or the loss sustained from the vandalism and stolen grills.
What are the potential tax consequences and what kind of record-keeping do you advise Kristina to maintain?
Were there any components of the Tax Cuts and Jobs Act that impacted this area of the tax law?
Avery has always wanted to own their own business. Last year, they took the leap and opened a pet store in a nearby city. They lease the store. They incurred start-up costs and large inventory costs for buying food in bulk. They had to purchase three large tables and a machine that moves the food to higher shelves for storage. They even hired five people: a groomer, two clerks, a stock person, and a bookkeeper. Unfortunately, the bookkeeper has accounting experience but no tax experience. Now, they are lost.
How do they handle the start-up costs? What kinds of assets can they depreciate?
What kinds of records should they keep?
Donna, the owner of Watt Incorporated, has a building that she bought for $2,500,000. It has depreciated by $350,000. Now Donna wants to sell it for $4,000,000. She has heard about ordinary losses. She has heard about capital losses. Unfortunately, Donna does not know the difference between these two types of losses. To add to the confusion, she does not know what the difference is between a realized and a recognized loss.
How would you explain these concepts to Donna?
What type of advice would you offer to her and did any changes brought about by the Tax Cuts and Jobs Act impact your advice?
Discussion 4 (6-8 requirement)
Who is the best speaker you know, personally or professionally? Describe this speaker’s abilities, including a time when he/she made a strong connection with an audience.
What is the most important thing to remember about making a work presentation? How do you keep yourself from being nervous when you present?
Discussion 5 (5-7 requirement)
List 2-3 obstacles you have faced creating the presentation recording for this class. What is the hardest part about making a recording and the easiest part?