You guys, galls and even stinker tax time is upon us all. I thought we could help each other out with what you have found to be a good tax write off. So I will start. I am sure some of these will apply differently to us all. I have a home based office so I will include some of that as well: house interest, vehicle miles, cell phone, phone lines and fax lines, internet, anything you purchase for the use of the company, maintenance of office, marketing, business related lunches and business related trips. I know there is more.........
Tax thread
- Thread starter Gaboon
- Start date
ChrisAZ
Full Access Member
*Clothing you must buy for work as long as you only use it for work.
*Dry cleaning/laundering cost for work clothes.
*If you are a Manager, you can write off incentives (cash bonuses) you pay from your own pocket.
*All health insurance costs out of your own pocket.
I will keep thinking. There are more.
*Dry cleaning/laundering cost for work clothes.
*If you are a Manager, you can write off incentives (cash bonuses) you pay from your own pocket.
*All health insurance costs out of your own pocket.
I will keep thinking. There are more.
LOLOL one up on ya bro
mommas got her own tax biz
mommas got her own tax biz
I dont pay taxes so I dont care.
good one.:rock:Muzzy said:
Annu Kumar
Full Access Member
Gaboon said:
Gaboon go buy a piece of expensive office equipment or finance it. If you finance it you get a 100% Write off according to my CPA. For example Last year I leased a 20,000 copier and I got to write off 100% of that.
belgiumbarry
Full Access Member
write everything off... and see what they reject.In that case you cannot forget something......:rock:
You can also write off vehicle registrations. All maintenance on vehicles used for work too.
Black1
Full Access Member
Brat said:
Dito...
I am a CPA and own my own accounting & tax firm......my advice....talk to a professional before taking deductions you read about.....just because one person can deduct 100% of vehicle expenses (or any expense) does not mean another can....even if that vehicle/expense is used for business purposes....you can not generalize deductions...too many variables..
In my line of work, I write off duct tape and large plastic tarps.
Black1
Full Access Member
joemags54 said:In my line of work, I write off duct tape and large plastic tarps.
Piano wire and bullets too!.....
:vroam:
That is nice to know about vehicles. When I had enough deductions I would write off all my vehicles. At that time I had about 3 junkers I would use for work. When one broke down I drove the other one untill it got fixed. I guess thank god I never got audited.TNVIPER said:
Yes, under the heading Travel and Entertainment.....Black1 said:Piano wire and bullets too!.....
:vroam:
:rock: :rock: :rock: :rock: :rock: :rock:TNVIPER said:
Gaboon said:Bastage
includemeout
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One Big thing to remember is that all Deductions lower the bottom line on your return, sounds good huh??
Maybe Not a good thing unless you own your own business or are an LLC or such, and even worse if you work for someone else and have a small business.
The tax codes Invite you to start a business, , build inventory, buy equipment etc. and Allows you to Write lots of it off ( depreciate it over a set time). Still sounds good huh?
Great if you are a Salaried employee for your LLC, get your check and take your standard and itemized deductions you will probably be OK and when you get hurt on the job (disabled) you will get a good SSD check, because you will most likely still have a good sized bottom line.
Now work for someone while getting your own business up and running.
( Remember you are encouraged to do this by our lovely government)
Use the Write Offs from your business to Reduce your total tax liability.
(The Gov. encourages this,remember, "Small business is the Backbone of America")............. Get hurt and you will get Screwed in the long run
By doing what is Encouraged you take the Deductions ( you now have a Small Bottom line) and after you get Disabled ( and all your Private Disability Insurance is gone) you will be stuck with a Very Small Social Security Disability Check.
This happens due to your Lowered Bottom line as SSD payments are based on a 10 year period ( the highest Bottom line of those 10 years) and because you took the Deductions to get your business off the ground you will have a Small bottom line, and that is what your SSD will be based on.
So watch how you use the Deductions that are offered, the Government
will screw you Big time if you get hurt at the Wrong time.
Found out the hard way about 20 years ago after getting my neck broken for the 3rd time. My SSD (adjusted for inflation) is now a wopping $653.00 a month !!!!!!!!!!( not much considering if I had not taken the Deductions I would be getting 3 times that), and at age 60 that ain't much to help with the Golden years.
This is when I made a six figure income and my adjusted was in the 35K range.
So, watch how you use those Deductions, and buy as much Disability Insurance as you Cannot make a good new start without it. BTW, I did, and it was/ is still a bitch. My .02 cents
Maybe Not a good thing unless you own your own business or are an LLC or such, and even worse if you work for someone else and have a small business.
The tax codes Invite you to start a business, , build inventory, buy equipment etc. and Allows you to Write lots of it off ( depreciate it over a set time). Still sounds good huh?
Great if you are a Salaried employee for your LLC, get your check and take your standard and itemized deductions you will probably be OK and when you get hurt on the job (disabled) you will get a good SSD check, because you will most likely still have a good sized bottom line.
Now work for someone while getting your own business up and running.
( Remember you are encouraged to do this by our lovely government)
Use the Write Offs from your business to Reduce your total tax liability.
(The Gov. encourages this,remember, "Small business is the Backbone of America")............. Get hurt and you will get Screwed in the long run
By doing what is Encouraged you take the Deductions ( you now have a Small Bottom line) and after you get Disabled ( and all your Private Disability Insurance is gone) you will be stuck with a Very Small Social Security Disability Check.
This happens due to your Lowered Bottom line as SSD payments are based on a 10 year period ( the highest Bottom line of those 10 years) and because you took the Deductions to get your business off the ground you will have a Small bottom line, and that is what your SSD will be based on.
So watch how you use the Deductions that are offered, the Government
will screw you Big time if you get hurt at the Wrong time.
Found out the hard way about 20 years ago after getting my neck broken for the 3rd time. My SSD (adjusted for inflation) is now a wopping $653.00 a month !!!!!!!!!!( not much considering if I had not taken the Deductions I would be getting 3 times that), and at age 60 that ain't much to help with the Golden years.
This is when I made a six figure income and my adjusted was in the 35K range.
So, watch how you use those Deductions, and buy as much Disability Insurance as you Cannot make a good new start without it. BTW, I did, and it was/ is still a bitch. My .02 cents
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